Rich Parents Want Their Kids To Be Rich — But Not Too Rich

Photographed by Raven Ishak.
Good news! It turns out that extremely wealthy people worry about the prospect of giving their children too much money in inheritance. The bad news is that their definition of "too much money" is $63 million.

If you’d managed to stop being angry at the Rich Kids of Instagram, a new survey released by Merrill Lynch is here to give you some more fodder. The bank asked 206 people with more than $5 million in assets questions about their feelings about financial matters, and the findings reported by Bloomberg Business are truly a look at how the other half lives. 

According to the survey, $63 million was thought to be too much money to leave to one child (from a family pot of $100 million), lest the nest egg discourage the heir from working hard. But, these family scions won't necessarily be forced to join the paycheck-earning masses — an inheritance of $26 million was seen as too little.

And, a lot of wealthy kids will be raking in those big bucks: A whopping 91% of respondents said they wanted to give most of their money to their families. 

Mostly, though, the opinions of these 206 people tilted heavily toward keeping what they had; 86% said they would do everything within the law to pay as little in taxes as possible. 

The results may not be shocking, but they do add some context to what kind of funds those #yachtlife kids are working with.
Advertisement

More from Politics

Watch

R29 Original Series

Watch Now
Documentary
Five love stories behind diverse, multicultural marriages.
Watch Now
Lifestyle
Life experiments, 5 days at a time.
Watch Now
Fashion
The style of subculture.
Watch Now
Beauty
Viral trends, tried and tested.
Watch Now
Documentary
From vibrators to lipstick, learn how your favorite products are made.
Watch Now
Documentary
Extraordinary, one-of-a-kind individuals
Watch Now
Documentary
The latest stories to watch.
Watch Now
Lifestyle
Inside the homes of millennial women — & what they paid for them
Watch Now
Comedy
Let's talk about sex, baby.
Watch Now
Documentary
Female artisans around the world
Watch Now
Politics
Made by and for smart, opinionated women.
Watch Now
Film
We helped 12 female directors claim their power.