How Inheritance Ruins a Kid
Thinking through the impact of generational wealth on productivity and happiness.
When my family lived near the Cavalier Country Club in Virginia Beach, we were the token middle class family in the neighborhood. Many of the houses had hedged bushes, carefully carved into eccentric geometric shapes, and sports cars sitting unashamed in their driveway, announcing their owner’s achievements to all.
And despite this clear class divide, I got along great with the boys around me. Some were only 10, but had fathers that were entirely grey haired, and mothers who looked barely out of high school. I noticed the peculiarity of it, but never connected the dots on what these unions meant.
Some of these boys were well adjusted and great. Others were quite spoiled, and I often wonder what came of them. They were agitated and disobedient in school, often getting into fights on the playground.
Had wealth bestowed a sense of privilege upon them? Did they already feel exempt from the rules and any acts of discipline?
Per the Global Health Report for 2023, the United States has 22.7 million millionaires (38.2% of the global total, with China in second at 10.2%). Many of these people are well past one million, and cruising into eight and nine figures of net…
