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Fortunes can fade fast and, for some people, lavish spending, poor investments and an extravagant lifestyle can lead them to lose sums of money that others may only dream of obtaining. More From ...
Old money is "the inherited wealth of established upper-class families (i.e. gentry, patriciate)" or "a person, family, or lineage possessing inherited wealth". [1] It is a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established ...
Some built upon their inherited fortune to create companies that far exceed those of their parents or spouses -- like the Koch Brothers or L'Oreal's Liliane Bettencourt -- while others, such as ...
The richest heirs and heiresses in the world span from hardworking retail owners to royalty, and the businesses they run vary just as much.
In the 32nd annual Forbes list of the world's billionaires, the aggregate wealth of the top 20 richest people on Earth amounted to about 13 percent of all billionaires' fortunes combined. [16] A record of 2,208 billionaires were in the ranking and the total wealth was $9.1 trillion, up 18% since 2017.
Open discussions about family legacy and financial literacy/education play a significant role in preparing the next generation to responsibly handle inherited wealth. [ 2 ] [ 4 ] Tax planning tools such as trusts and gifting are recommended for households with no prior experience with inheritances to protect and maximize the use of their assets.
Having rich and famous parents comes with its perks -- which can include a sizable inheritance. But some business people and celebrities aren't looking to pass on their riches to their kids.
Ultimogeniture might also be considered appropriate for the estates of elderly rulers and property owners, whose children were likely to be mature adults. Those who stand to gain from ignoring the stipulation under ultimogeniture are more likely to have the facility to do so, when compared to other succession laws.