Handling great wealth requires skill, and most modern folks are not up to the task.
In the “old days” this issue was addressed by families who gave the children of wealth “tough love” to develop the necessary discipline.
That means that such children should have _less_ freedom than other children, _less_ discretionary income than other children. That means that drug/alcohol use and youth sexual activities must be strictly banned with the rules strictly enforced.
That means that such children must do _hard_ work, including _hard_ physical work.
Then as adults they will be prepared to reach whatever potential they may have—despite the great wealth.
“That means that such children must do _hard_ work, including _hard_ physical work.”
Even the British Royals send their young men into the military to get their minds right. American “royalty” not so much.
In the old days they drank themselves to death, too.
In my studies of 19th century entrepreneurs who made fantastic fortunes, none came up to the level of the founder fathers, and only William Vanderbilt even showed significant business talent.
Yes. According to the article linked in reply 11, his father sold Getty Oil to Texaco for $10 billion in 1984 yet the family fortune is only worth $5.4 billion as of 2015. That is extremely poor management to say the least!