How the other half fear: Super-rich worry that their wealth is killing drive and ambition in their children

With millions of pounds in the bank, you might have thought the world’s super-rich wouldn’t have a care in the world.

But a new survey has revealed the top fears of the world’s wealthiest people, and one of the most common is that their money is their children’s ambition and drive to do well.

For the most successful – defined as those with fortunes of $10million (£5.9million) and above – worries about children’s motivation came second only to worries about their own health.

According to the study, by law firm Withersworldwide, fears over children’s ambition come above worries about investments failing, inability to provide for the family, and even divorce.

Among those with a fortune of less than $10million the fear still ranked highly, but came in fourth place, behind health troubles and worries over income.

The study found that, wealthy families have the most to fear from third generation family members when it comes to losing the family millions.

Sara Cormack, a partner at Wither’s, said: ‘If the first generation are wealth creators then the second generation tend to be wealth preservers, but it is the third generation that families are most worried about.

‘If they have had everything put on a plate for them without seeing any of the hard graft that goes into creating that wealth, then they can lose track of how best to use that wealth and how ifficult it was to build up in the first place.’

Former Police lead singer and musician Sting has today said he will not be passing on any of his £180million fortune to his children because he wants them to earn their money themselves.

He said: ‘I told them there won’t be much money left because we are spending it! We have a lot of commitments. What comes in, we spend, and there isn’t much left.

Nigella Lawson also spoke out against inheritance, saying that not having to earn their own money ‘ruins people’

‘I certainly don’t want to leave them trust funds that are albatrosses round their necks.

‘They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate.

‘Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have the work ethic that makes them want to succeed on their own merit.’

Celebrity chef Nigella Lawson also said that her children will not be passed any of her own fortune, adding that ‘it ruins people not having to earn their own money.’

According to reports, Brooklyn Beckham recently got a job in a West London coffee shop earning £2.68 an hour after being encouraged to do it by parents David and Victoria, who are worth an estimated £165million.

The data, a rare insight into the minds of the world’s most powerful, was based on surveys of more than 4,500 and interviews with 16 very wealthy families from Europe, Asia and North America.

Families interviewed said they were using charitable donations or setting up a new business to give the family a renewed sense of direction.

Some even said they had drawn up a family statement, similar to a business statement, in order to give the next generation a purpose and something to achieve.

Read more: http://www.dailymail.co.uk/news/article-2665103/How-half-fear-Super-rich-worry-wealth-killing-drive-ambition-children.html#ixzz35QMiBhWl
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