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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 ...
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 ...
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 ...
The richest heirs and heiresses in the world span from hardworking retail owners to royalty, and the businesses they run vary just as much.
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.
Bernard Lafferty (14 April 1945 – 4 November 1996) was an Irish butler and heir to American tobacco heiress and philanthropist, Doris Duke.Duke hired Lafferty in 1987 and named him the executor of her $1.2 billion estate six months prior to her death in October 1993.
Family name Notable members Combined wealth in US$ billions (estimated) Source of wealth Country or region Walton [5] [6]: Jim Walton, S. Robson Walton, Alice Walton, Lukas Walton, Christy Walton, Nancy Walton Laurie, Ann Walton Kroenke (Sam Walton, Bud Walton)
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.