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 wouldn't necessarily say damaged or least happy just a different mindset and view on life.

Many people see pursuit of happiness as the main goal- the whole "you only live once" approach.

However once you have got beyond a certain level of wealth (ie out of poverty) where you can afford a home, food, car and say an occasional holiday then the rest is spent on things to make you happy.
The problem with this is that if you were to buy a jacket that you have always wanted then it will bring you happiness for say a few days (or depending on how long you have been wanting it maybe longer). But if you then quickly follow it up with some shoes you wanted or a nice meal etc then the amount of happiness you get will get will diminish. Plus when you shuffle off there is nothing really to show for your life other than you enjoyed it.

Whereas others have a mindset that life is about achievement whether that be in business or sports or academia and that these achievements give an enduring sense of pride and yes happiness as well some form of legacy to your life. The counter argument of course is that it less fun.

But ultimately it is different strokes for different folks.

I've worked for 3 family businesses over the years and the dynamics are fascinating.
The parent owner is proud to pass on their precious baby that they toiled for and made successful to the next generation. In my experience they've only had 1 child to avoid business squabbles and because they are often not around a lot to be the doting father / mother.
The child grows up in the business and is shaped towards it all their life despite them often wanting to do something else, they decide to do a couple of years in the business for experience before moving on. Before they know it, they've been there decades and their parent is retiring. They want to make their own mark and change things up dramatically.

Out of the 3 businesses I've worked for, only 1 new owner made it successful, the 2 other businesses went under despite trying everything (not always legally) to save it. 1 of those has set up again from scratch.

So I would think it's a mix of pride to be able to pass on a successful business to their child and parental pressure to not sit back and be lazy and to have the drive that they had.

The people or families who build such businesses are very ambitious and at that stage they don't work for money. It's more about building something great and meaningful.
The wealth is in the form of equity in the business and not necessarily cash. Hence, the business needs to do well for the wealth to increase and retain.

DH's family owned a large multimillion business and he went to uni, passed, worked in other companies before going back to the family company and working in a role that was relevant to his degree, but the plan was also for him to eventually take over from his cousin as the CEO (but they sold the company before that happened)
The family all had shares in the company and so received payment from the sale. They have almost all continued to work because people spend within their means. And often have increased outgoings in terms of mortgages, utilities and school fees, etc. even having multi millions won't last long through the generations if one generation stops working and just spends it all

I’m hugely inspired by Dame Helena Morrissey who at the age of 57 still works every day, travelling around the country/world attending events and giving speeches. She is apparently worth tens of millions (the huge house in Notting Hill speaks for itself).

I would love to have her energy (and wardrobe) when I’m 57!

Owning a business is very different to working in one. Massive stress, massive rewards. Actually quite addictive. Also, the more you earn the higher your expectations, there is always a little stretch to 'just' get to the next level. As others have said, there is a difference between being 'worth' millions and having millions in ready cash. Small business owners are often millionaires but all their cash is tied up in the business and the business is so dependent on them they cant sell. 5th Generation private bank owners are now in if for the money buy creating dynasty's generational wealth for their families. Many will feel they are caretakers, desperate to keep it going for future generations.

@Crushed23 you know 57 isn't decrepit right? I'm 57 and run every day!

I have some connections in these brackets. These families tend to be very competitive, anyone not doing well in their own right is looked down upon, everyone wants to do better than everyone else. It must be exhausting!

As many PPs have said - the mind set that makes you a gajillionaire is not the mindset that would retire as soon as they hit 7 figures.

Also it is a very rare young person that inherits a lot with zero expectations and doesn’t get absolutely destroyed by it.

In fact - Irrespective of the level of wealth - people having zero expectations of themselves and their children generally has pretty terrible outcomes.

People need purpose. Without it we disintegrate psychologically.

I think it’s unimaginative / un-philanthropic to keep trucking away at the same money machine for generations. But I get it.

Edited for spag

Negatively, it can be the eternal pursuit / addiction to more power and money.

But actually, working, regardless of economics is fundamental to good mental health and happiness.

There's a lot of research that kids who are handed everything in rich families, not expected to achieve anything for themselves, tend to go off the rails, be depressed, have addictions etc.

And perhaps these people have a real sense of purpose about their bank, the responsibilities of taking care of people's money, etc....

They do have the privilege of work not needing to be a stress about paying the bills, but that doesn't take away from the fulfilment of being active, having ambitions, purpose, building and using skills etc....

The part I don't understand is when people are into their seventies or eighties and still pursuing power or working when they are rich.... that strikes me as an addiction - surely by that point in life, you would just want to rest, relax and enjoy the fruits of your labour!

If they're fourth/fifth generation, they probably feel responsibility to keep the business in the family.

Also - you have to be pretty driven to have these kinds of jobs / earn these huge sums. You can't just turn that 'off' IMO.

I know it’s not decrepit, but most 57 year-olds don’t have 9 children (4 of which are still under 19/living at home), a strict diet and fitness regime to maintain a size 6 figure (she does pilates everyday), and aren’t doing business trips on a weekly basis.

I want her energy when I’m pushing 60, that’s for sure!

They have a good work ethic and I guess want to instil it into their children knowing that very wealthy children can go seriously off the rails without care. Plenty of extremely wealthy people have a policy of not helping their children too much (yes pay for an excellent education, pay for university in full, perhaps a decent car, though not a sports car! a house even but not too big, but make them work for a living. Of course it's not a level playing field if you have seriously wealthy parents but I respect those who limit the hand outs, and they tend to have children who are more grounded in adulthood

Working isn’t just about money, especially if you are rich. It can also be about purpose and interest. I know several people who inherited wealth and don’t work and frankly they are not that happy. I know others who inherited similar wealth, who work and they are much happier as a result. When you don’t have to work for money, you can choose to do something you are really interested in, which is in and of itself a form of privilege.

Of the people you speak about there is also likely a sense of family obligation, duty and pride, rather than simply earning more money.

Most people look up in terms of finances. Millionaires look up to multi millionaires, multi millionaires to billionaires etc. Not many have it in them to feel satisfied with their lot. Like when you look at houses just above your price bracket on Rightmove. They're just that bit nicer.

My dad is retiring, but doesn't like to call it that. He's just becoming an unpaid historian.

I intend to retire at 50ish to write full time, and manage my finances accordingly.

They obviously enjoy the work they do, the vast money they make - why would they stop working. They live a certain lifestyle, that is expensive

But the honest truth is that wealthy people who work can still do all those things if they want to. They do their holidays, learn whatever they want with whatever teachers they want, can start their own charities if they want, have as many degrees as they want to. So working and keeping the family business going doesn't lose you any opportunities and opens a lot more.

The wealthy people I know who don't work (and are on a lot more than 100k a year) are very aimless, and desperately looking for purpose in their life. Many are alcoholics/have drug issues too.

Work gives you a structure and a discipline which actually makes for a better life if you can choose what you work in and set your terms.

These are not minimum wage jobs in abusive environments.

I can completely understand people who are wealthy not wanting to give up on their job entirely as so much of their identity is often wrapped up in it, and I can completely understand why people don’t want their kids to have no work ethic and inherit huge sums of money. That’s pretty toxic.

What I don’t understand is when people in these situations don’t use their wealth as an opportunity for greater freedom - to go part time and also pursue hobbies / interests, or to retire and move into a voluntary sector that motivates them, or encourage their kids to pursue their dreams, even if those aren’t great financial decisions. Like if your kid is suited and motivated toward a career in something low paid but valuable, support them in that direction rather than pushing them into pursuing a family business, because that’s where the money is.

There are lots of ways to keep your life structured and support a work ethic in your kids without making them, or you, unhappy, by the relentless pursuit of greater wealth.

I’m not talking about the OP’s example as there isn’t enough information to judge them, or presume they’re not happy in their choices - more members of my extended family and others I know who make themselves or their offspring miserable by continuing to flog away at jobs they don’t enough because they will never feel they have “enough”.

Work is about so much more than just money for me.

I'd work in some form no matter how wealthy I was. It's who I am, it's how I help define myself and give my life structure and meaning.

I'd be absolutely gutted if my kids just went to live off their inheritance lazing on a beach or similar. They have so much to offer the world, rather than just taking from it.

If you meet rich people who have never worked then you would see why they work.

Living life on a trust fund where your only interest in life is beaches, yoga, being slim, your handbag collection and how great your hair looks is not good for your mental health.

I preferred the working ones a lot.

Generational wealth.

They love their work. They are skilled and see the business they built as part of their family. They like to see it successful and healthy.
They like to contribute, pay tax and for their children to be productive, skilled and worthwhile too.
Many rejoice in having the funds to be generous to charity and family.

I don’t see that it’s hard to get why people would work at that level

If one of my clients (or the lottery, I'm not fussy) gave me a million quid tomorrow, I'd be having a lie in on Monday - no more work for me!

It is incredibly difficult to break out of a poverty trap if you or your children are born into a poor household.

To have somehow managed to do this by becoming wealthy and to then be able to break that poverty circle/ trap for your children and grandchildren children is rare.

But to instead choose to use that wealth for your own enjoyment rather than break the poverty trap for your children and grandchildren seems somewhat selfish.