Heir conditioning: how not to blow the family fortune
It’s a story as old as time, but one that’s on constant repeat. Family makes a pile of money that’s inherited by offspring. Then in a generation or two the cash has slipped through the offspring’s fingers and disappeared into bad business decisions, family feuds, fast women and slow horses. All that’s left are some rich family legends and a bunch of bewildered great-great grandchildren wondering where all the money went. To avoid this disagreeable state of affairs, ‘billionaire boot camps’ are springing up all over the world to help educate the young heirs of the wealthy about how to spend, and more importantly, hold on to their inheritance. With Credit Suisse estimating US$41 trillion will be passed to sons and daughters by 2053, it’s easy to understand why they have become so popular. To read the full story by Andy click on the images above.