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A groundbreaking 20-year study conducted by wealth consultancy, The Williams Group, involved over 3,200 families and found that seven in 10 families tend to los
by jarsin 2y ago
A groundbreaking 20-year study conducted by wealth consultancy, The Williams Group, involved over 3,200 families and found that seven in 10 families tend to lose their fortune by the second generation, while nine in 10 lose it by the third generation.
This study matches my anecdotal experiences. Second and third generations of wealth don't respect money and this manifest in all kinds of bad behavior that leads to wealth destruction.
- Etheryte 2y agoThis is an interesting concept that in its abstract form applies to far more than inheritance. For example, it's a pretty thoroughly studied phenomenon that if a part of an immigration population becomes radicalized, it's usually the third generation. The reasoning if I recall correctly off the top of my head is similar to your reasoning.
- scotty79 2y agoSeems like people saying "kids are dumb" for millennia, were actually right every time. Who knew?
- cle 2y agoWe’re increasingly protecting rich folks from the consequences of bad investments, I wonder how much this moral hazard impacts mobility?