English-style horseback riding lessons? Fine. Summers split between five different country houses? Also fine.
But, how about enforced wealth education for the next generation? As in, teaching the kids how different types of investments actually work and how to enjoy the family fortune without instantly frittering it away? Now that smacks of pretension, especially for the kids, who are used to spending the 'rents riches without having to think too hard about the dirty green stuff itself.
“Wealth education for my kids? Well that seems pretty pretentious,” said Wells Fargo Family Wealth managing director of family dynamics Keith Whitaker, describing the feelings of some of his ultra-rich clients at the Reuters Global Wealth Management Summit in Boston.
“There’s still that inner feeling ‘Am I doing something that’s pretentious? Is this somehow elitist of me?’”
“People will spend money on wonderful, elite things . . . but the focus on making your children into better wealth holders? It frankly feels undemocratic,” he said.