Multi-millionaires who continue to work

[Isthatananpple]

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?

I think I actually find that quite depressing given that I'd assume it's quite a high pressured job with lots of hours. If it were me, I would love the power and mental stimulation but I'd want to be on the board and only doing a few hours maximum a week

Perhaps it gives them purpose? If I came into money, after the initial excitement and a blow out holiday I would really struggle. That’s not to say I’d carry on full time in my current job, i really like the idea of volunteering a couple of days a week.

I have a friend who is a multi millionaire.

He never stops working. To the point where I feel he doesn't enjoy life as he should. Too busy working!

His marriage ended as they drifted apart due to his constant working.

It baffles me. Then again I'm poor and can't even imagine what it would be like to have his wealth!

They want to maintain the wealth,
they want to accumulate even more wealth and they want to maintain control of that wealth.

Well, if you don't look after your wealth, it will eventually disappear down the line.

I think it gets to a point where you don't want the money wasted by subsequent generations and don't want to be the one who wasted it.

£100m may last me a thousand years, but if you're used to a lifestyle that costs even £5m a year then 20 years of money just for you and it's all gone. Nothing for the kids etc.

So you keep building on it.

It's about meaning and purpose in life, don't you find it motivating/exciting when you're rocking it in some area of your life? When you get to enjoy the fruits of your labour it's sweeter. Plus, going on holiday sure it's fun, partly because of the contrast from the every day. Life without structure, no purpose, nothing to achieve, would be hella boring. Success makes people feel good, that's why they work so hard to achieve it.

My uncle still works at 85 and earns £80k a year from it. Certainly keeps his brain going strong. In his words. “What would I do all day Sat at home? Watch endless repeats of bargain hunt?” He has a point.

Well OP, surely they have worked hard to get a private bank up to 100 million, but as a bank, it is yet in its infancy. There is a whole many more digits it can grow into. It would be madness to sit down and chill now! Also, they do have the skills and knowledge needed, so they can pass it down. I would encourage my children to join the business too, it makes sense, to give them a stable and good prospect in life, and to secure the business in motivated hands. Also, we do say that we would love a life of leisure, but in reality, no challenge = no sense of achievement, and we will wilter. I would never force them to join the bank though. If it is not their thing, better to let them do what they like.
Regarding taking expensive trips, well, they have the funds. Your examples do not ring any alarm bells with me. If you tell me that they stay in whole hotel floors for £250,000 the night or similar, then it would be a different story. Also, you mentioned she has a modelling job? So she can pay for it herself? Which is the issue with that?

You're not of the same mindset. They understand that work gives purpose. Money does not. That's how wealthy generations stay sane and people who win the lottery don't!

“We try to remember that medicine is for the patient. It is not for the profits. The profits follow, and if we have remembered that, they have never failed to appear.”
George Merck

Wealth is, and has always been, a by product of something else.

Indeed. We have all see the cautionary tales of rudderless aristocrats who inherit millions and burn through the family fortune in a generation.

People need a purpose.

To keep it in the family & protect & generate wealth for future generations.

They probably looked at the uber rich people who ' let their kids go their own way' and saw what wastes of space they are. It is good that they are instilling a work ethic into their children and giving them a sense of purpose rather than leaving them to party the night and day away, with no responsibilities.

My dad is/was a successful business man and always spoke about refusing to pass down the business to his children as he had seen far too many brands fail after being passed down to feckless children who had gotten used to being wealthy but not making the wealth and failed to inherit the drive of their parent.

Dad was always keen that we make our own way and we all had fairly ordinary upbringing and schooling despite likely being able to afford private school etc. He didn't really believe in it as a self taught man.

He eventually changed his mind and tried to get my much younger half brother groomed to be his successor at 19 years old but dB is not at all interested and the rest of us were annoyed at the double standard.

We grew up knowing it wouldn't go to us and indeed he sold off his biggest business to live out his other work ambitions.

He later expressed regret that non of his kids went into his field (especially me as I came closest to his technical field and even considered it as a degree) and I pissed off because a) he was so work focussed that we barely knew what he did as he was constantly away. b) he never spoke about his work or engaged us with his interest. c) he had made it clear he wouldn't help us by including us in the business

I think that it’s two sides of the same idea - wanting your children to do as well as they can.

If you don’t have a lot of money you are keen to support your child as much as possible because you know that eg money towards a house deposit and support through uni will make their lives better. They learn motivation themselves from wanting to have a better life themselves

If you have plenty of money then your focus is on ensuring that your children are still productive, motivated members of society even though they don’t need to earn. Some people do this with family business, others with charity work, others with political campaigns etc.

Some people love their work. It’s part of their identity. I also love to work and I love my job. Even if I won the euro millions I wouldn’t give it up, and I hate the thought of retiring.

Maybe it's not the money that drives them?

It wouldn't ve healthy for the kids to never work; far greater risk of addiction issues from boredom. The joy in work is easier if you don't HAVE to work, but as much as I want him to have life easy, I can't imagine wanting to raise DS to be a lazy layabout.

To get where they are they've worked hard, they are do-ers. I imagine it's difficult to stop and it probably isn't to do with making more money. If you enjoy the adrenaline of this kind of industry you're not going to be content with a cuppa in front of loose women.

TBH I think living off money is lazy. Good on them for not letting their kids do that.

One of my uncles is worth millions and he’s worked every day since he was 14 and will until he dies. He’s 80. All his kids work. His grandchildren all work.

Not having a work ethic is, IMO, an unattractive quality in anyone.

They love money. They are very driven to accumulate more of it, often so much that you would faint. They are Private Bankers fgs, that's their whole schtick! The kids will have been primed to act like the parents and they probably went to a very academic school.
If it was me I'd blatantly retire, but I guess I would never have the plutocratic inclination necessary to ever get such vast sums! It must be very addictive as well, they get a buzz of moving money around and increasing it. It's like a drug for these lot.

They’re workaholics. I remember listening to an interview with a psychologist who worked for WEF. She said the highest achieving people are undoubtedly the least happy and the most damaged. They’re trying to fill a hole inside themselves, but they’ll never succeed. Nothing brings them satisfaction, they just keep pushing to achieve the next goal until they’re dead.

I’d agree with the workaholic thing. I genuinely know someone who is worth several hundred million, and he’s nearing 70 and I think will work to the day he drops.

I would imagine their outgoings need to be maintained like ours do. Sure, they can afford superbowl/F1 trips but they will have relevant bills to their income. I wouldn't want my wealth to just depreciate while I do nothing! Future proofing as well - lots of grandchildren/great grandchildren to think of.