This is exactly what the 1% are teaching their children about money.
Ultra wealthy families want to impart values to their younger generations that will ensure their fortunes last.John D Rockefeller Jr. and his five sons David, Nelson, Winthrop, Lawrence S. And John D. IIIYou may think ultrahigh net worth individuals have nothing to worry about when it comes to money.Those with ultrahigh net worth are defined as households with at least $5 million excluding their primary residence, according to Spectrem Group, a wealth management research organization.
To combat those fears, many of those families are teaching their younger generations how to treat money so it lasts.This chart shows the number of ultrahigh net worth individuals in the U.S., excluding their primary residence. Communicating those values means de-emphasizing the amount of wealth the family has. For ultrahigh net worth families, that often means not telling children the family's total net worth until the time is right.head of family and philanthropy advisory, UBS
It also means having them learn the value of a hard-earned dollar and a hard day's work, even though the family does not necessarily need the money.
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