More than half of rich Americans have not shown their full wealth to their children, a new survey showed last Tuesday.
More
than
half
of
rich
Americans
have
not
shown
their
full
wealth
to
their
children
,
a
new
survey
showed
last
Tuesday
.
The survey, published by the Bank of America, studied the rich with $3 million or more in possessions.
The
survey
,
published
by
the
Bank
of
America
,
studied
the
rich
with
$
3
million
or
more
in
possessions
.
It found that "surprisingly few of those surveyed have well-developed plans to preserve and pass on their possessions to their children".
It
found
that
``
surprisingly
few
of
those
surveyed
have
well-developed
plans
to
preserve
and
pass
on
their
possessions
to
their
children
''
.
The majority of the 457 people surveyed are self-made, first-generation rich.
The
majority
of
the
457
people
surveyed
are
self-made
,
first-generation
rich
.
Fifty-two percent of parents have not chosen not to tell their children just how wealthy they are, and 15 percent have given away nothing about the family wealth.
Fifty-two
percent
of
parents
have
not
chosen
not
to
tell
their
children
just
how
wealthy
they
are
,
and
15
percent
have
given
away
nothing
about
the
family
wealth
.
One in three parents said they had never thought to do it.
One
in
three
parents
said
they
had
never
thought
to
do
it
.
They are worried that their children would become lazy, spend money freely, make bad decisions and even become a target for attractive women who use their looks to get money from rich men.
They
are
worried
that
their
children
would
become
lazy
,
spend
money
freely
,
make
bad
decisions
and
even
become
a
target
for
attractive
women
who
use
their
looks
to
get
money
from
rich
men
.
Only 34 percent strongly agreed that their children would be able to handle any inheritance they plan to leave them.
Only
34
percent
strongly
agreed
that
their
children
would
be
able
to
handle
any
inheritance
they
plan
to
leave
them
.
"There is an expectation about the wealthy parents that they have a responsibility to pass down their fortune to the next generation," said Sallie Krawcheck, president of the Global Wealth and Investment Management of the Bank of America.
``
There
is
an
expectation
about
the
wealthy
parents
that
they
have
a
responsibility
to
pass
down
their
fortune
to
the
next
generation
,
''
said
Sallie
Krawcheck
,
president
of
the
Global
Wealth
and
Investment
Management
of
the
Bank
of
America
.
"Our research, however, uncovered changing views of what one generation owes the next."
``
Our
research
,
however
,
uncovered
changing
views
of
what
one
generation
owes
the
next
.
''
The trend is led by the world's richest man Bill Gates, who promised in 2008 that he would leave his $58 billion fortune to the charity started by him and his wife, the Bill and Melinda Gates Foundation, and not to his children.
The
trend
is
led
by
the
world
's
richest
man
Bill
Gates
,
who
promised
in
2008
that
he
would
leave
his
$
58
billion
fortune
to
the
charity
started
by
him
and
his
wife
,
the
Bill
and
Melinda
Gates
Foundation
,
and
not
to
his
children
.
"We want to give it back to society in the way that it will have the most positive effect," he said.
``
We
want
to
give
it
back
to
society
in
the
way
that
it
will
have
the
most
positive
effect
,
''
he
said
.
Of his plans for his children, Gates said: "I will give the kids some money but not a meaningful percentage...they will need to work but they will feel reasonably taken care of."
Of
his
plans
for
his
children
,
Gates
said
:
``
I
will
give
the
kids
some
money
but
not
a
meaningful
percentage
...
they
will
need
to
work
but
they
will
feel
reasonably
taken
care
of
.
''
More than half of rich Americans have not shown their full wealth to their children, a new survey showed last Tuesday.  The survey, published by the Bank of America, studied the rich with $3 million or more in possessions. It found that "surprisingly few of those surveyed have well-developed plans to preserve and pass on their possessions to their children".  The majority of the 457 people surveyed are self-made, first-generation rich. Fifty-two percent of parents have not chosen not to tell their children just how wealthy they are, and 15 percent have given away nothing about the family wealth. One in three parents said they had never thought to do it.  They are worried that their children would become lazy, spend money freely, make bad decisions and even become a target for attractive women who use their looks to get money from rich men.  Only 34 percent strongly agreed that their children would be able to handle any inheritance they plan to leave them.  "There is an expectation about the wealthy parents that they have a responsibility to pass down their fortune to the next generation," said Sallie Krawcheck, president of the Global Wealth and Investment Management of the Bank of America. "Our research, however, uncovered changing views of what one generation owes the next."  The trend is led by the world's richest man Bill Gates, who promised in 2008 that he would leave his $58 billion fortune to the charity started by him and his wife, the Bill and Melinda Gates Foundation, and not to his children.  "We want to give it back to society in the way that it will have the most positive effect," he said.  Of his plans for his children, Gates said: "I will give the kids some money but not a meaningful percentage...they will need to work but they will feel reasonably taken care of."