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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Multi-millionaires who continue to work

101 replies

Isthatananpple · 15/02/2024 22:51

Now I know it’s none of my business at all but I’m curious as to if anyone can shed some light.
I work for a private bank, the owners/shareholders are rumoured to be worth 100 million plus. It’s 2 brothers who between them have 4 kids (this is already the 5th generation I think).
The 4 kids are all being primed to take on roles within the company and eventually take over. Why? Surely with 100 million plus you just walk away?
The are earlier 20s, 2 work at massive banks
I would guess for experience? One is at uni and one is at uni but models and seems fo
make a fair bit on her own.
This is all triggered by having been for dinner with one of them tonight and he was talking about how his daughter had gone to the Super Bowl, a little research suggests that would be bloody expensive?!

They also seems to always have boxes at the F1 etc.

AIBU to wonder why at this point they still prime their kids to take over the business rather than moving on?

OP posts:
mynameiscalypso · 15/02/2024 22:53

Rich people generally like to get richer.

Minfilia · 15/02/2024 22:53

I know someone in the £100m+ bracket (through work).

Business genuinely gives him an adrenaline rush. He would never be capable of giving it up.

I’d happily retire in a heartbeat at the £1m mark, personally 😂

malmi · 15/02/2024 22:54

The attitude that gets them to that level doesn't suddenly flip into "let's quit while we're ahead". It's not in their nature to consider their children could just live fecklessly off the proceeds.

WannabeMathematician · 15/02/2024 22:54

I’ve always imagined that work would be more fun when you could choose to do it rather than have to. Running a bank does sound like it could be fun if you knew it didn’t really matter as you’re already wealthy.

Original poster
Isthatananpple · 15/02/2024 22:56

Minfilia · 15/02/2024 22:53

I know someone in the £100m+ bracket (through work).

Business genuinely gives him an adrenaline rush. He would never be capable of giving it up.

I’d happily retire in a heartbeat at the £1m mark, personally 😂

Hahah me too!! I don’t get it but good for them, just had me wondering I guess!

OP posts:
Onabench · 15/02/2024 22:56

Some people like to work. It gives you purpose, routine and enjoyment for many. I can’t say I always love my job but I do respect how it forces me to have some structure to my life.

BrightLightTonight · 15/02/2024 22:56

People who have worked that hard just can’t let go. The work defines them

Fraudornot · 15/02/2024 22:58

Running a business especially when successful is a bit like a game though - I can understand the thrill of it would keep someone engaged even when they didn’t need the money. Successful businesses also attract really interesting people so the social aspect could keep people on as well.

Neolara · 15/02/2024 23:00

Ooooh. Real life Succession! (Just finished series 4).

Xyz1234567 · 15/02/2024 23:01

My wealthy dad worked well past retirement age because he loved his business.
He was also very concerned that my brother and I did not grow up spoilt and lazy. He was much stricter than other parents whilst we were growing up and we had fewer material possessions than our friends. He consistently told us that, 'Money does not grow on trees and you will not be inheriting a penny from me.'
Ultimately, he was very generous to us as we got older- help with a house deposit but not buying us a whole house even though he easily could have.
I think he was right!

Original poster
Isthatananpple · 15/02/2024 23:02

Neolara · 15/02/2024 23:00

Ooooh. Real life Succession! (Just finished series 4).

Ohh interesting. Haven’t seen, should I watch?

OP posts:
Noideawwhatsoccuring · 15/02/2024 23:03

I know someone in the 100 mil plus bracket. Infact its a lot higher than 100 mil.

He thrives on work. The money itself isn't that important. He is buolidmg a business and wants ro sell it for record amounts. He is 60 and stressing himself out, seems quite unhappy. I don't see the point.

A few people I work with are millionaires. Though not 100 mil Bracket. Only one is planning in retiring soon, which will be his late 50s.

All of them seem to need work. If I be ame a millionaire this weekend, I absolutley wouldnt be working.

Original poster
Isthatananpple · 15/02/2024 23:03

Xyz1234567 · 15/02/2024 23:01

My wealthy dad worked well past retirement age because he loved his business.
He was also very concerned that my brother and I did not grow up spoilt and lazy. He was much stricter than other parents whilst we were growing up and we had fewer material possessions than our friends. He consistently told us that, 'Money does not grow on trees and you will not be inheriting a penny from me.'
Ultimately, he was very generous to us as we got older- help with a house deposit but not buying us a whole house even though he easily could have.
I think he was right!

See they absolutely aren’t like this, their kids went to expensive schools, all have had flags bought for them (one of them lives in Mayfair - her flat must be worth 4/5 million at least!). Even the daughter who’s a model is still studying finance at uni!

OP posts:
Ursulla · 15/02/2024 23:04

Christ knows what motivates these dynastic types. Not the same as the rest of us for sure. I doubt that it feels like work as most of us understand it either. I mean it's wealth gathering and shoring isn't it. Not work as in something you do to keep yourself alive/busy.

1dayatatime · 15/02/2024 23:05

So this private bank has been established and built up to a multi million pound business over 5 generations.

I can absolutely see that if you were worth £100m then there is a massive attraction to just enjoy the wealth on some Caribbean island/ yacht and avoid the stress, responsibility and long hours of running a multi million pound bank.

However that would mean that you are enjoying the benefits of the stress, sacrifices and long hours of previous generations and not just your own.

It would also mark you down as the generation that spent the "family" wealth rather than increasing it or at the very least keeping it the same.

But inevitably as the "rags to rags in three generations" saying predicts there will eventually come along a generation or generations that blow this family wealth.

aitchteeaitch · 15/02/2024 23:08

It's 2 brothers who between them have 4 kids (this is already the 5th generation I think). The 4 kids are all being primed to take on roles within the company and eventually take over. Why?

Why? Because you don't kill the goose that lays the golden eggs, that's why.

Original poster
Isthatananpple · 15/02/2024 23:09

1dayatatime · 15/02/2024 23:05

So this private bank has been established and built up to a multi million pound business over 5 generations.

I can absolutely see that if you were worth £100m then there is a massive attraction to just enjoy the wealth on some Caribbean island/ yacht and avoid the stress, responsibility and long hours of running a multi million pound bank.

However that would mean that you are enjoying the benefits of the stress, sacrifices and long hours of previous generations and not just your own.

It would also mark you down as the generation that spent the "family" wealth rather than increasing it or at the very least keeping it the same.

But inevitably as the "rags to rags in three generations" saying predicts there will eventually come along a generation or generations that blow this family wealth.

That’s an interesting point, who wants to be the one that gives up 5 generations of work!
I wonder what’s happened to the other siblings over the years if we only have 2 brothers now - I’d imagine the had cousins or their parents had siblings etc.
Fascinates me this (considering my life couldn’t be further from it!)

OP posts:
Hollowgast · 15/02/2024 23:12

There'll also be an element of wanting to nurture and grow the business their family created / NOT wanting to be the one whose actions ruined a generationally successful business. The money is irrelevant.

BrokenBonesStixStones · 15/02/2024 23:14

My DF is a self made multi millionaire (but not 100million plus), he’ll never retire - he’s in 70s. He loves working & just can’t sit still. Plus it’s a pride thing. He’s a simple man though, does not live a lavish lifestyle. He is extremely generous though.

Yazo · 15/02/2024 23:16

Because you're never rich enough and secondly you're never really rich enough to not have a shed loads of debt or liabilities. Sensible people rarely end up with massive amounts of money. I recommend you watch succession!

TizerorFizz · 15/02/2024 23:20

@Isthatananpple They wish to retain control. Thats why they do it.

Plus they would not spend everything that 5 generations had earned if they stepped back. They would sell their shares and the business would continue, but they would not control it. That’s a very standard scenario. They can retain shares and they won’t run out of money. Has anyone heard of investment? The money just gets diverted elsewhere but they would rather shape their own destiny. What does Richard Branson or the Sainsbury family actually run now?

BirdIsland · 15/02/2024 23:28

There is a huge amount of 'custodianship' attitudes wrapped up in family businesses (which is what this is - I'm assuming Roger and Johnny??). The money isn't for cashing out, it's to take care of and preserve the work of the generations before.

I advise family businesses, and the dynamics around the wealth is so interesting!!

Mothership4two · 16/02/2024 06:03

Because you are looking at it from your perspective not theirs. To them it's their normal life and that's what you do.

BobnLen · 16/02/2024 06:09

They probably have quite interesting jobs, I doubt they are packing in a warehouse

WandaWonder · 16/02/2024 06:12

Unless someone won the lottery I presume a lot of the time their money grew from work they did so they have the mindset to work so it would be natural for them

I don't get this 'well you have this so you have to act like this' people think differently to others, it cant be that hard to understand why people may choose to work I would presume people who think this have lived very sheltered lives