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Billionaire Says Her Kids Aren’t Fit For Money

March 14, 2012 by staff 

Billionaire Says Her Kids Aren’t Fit For Money, If you ask the rich about the biggest problem created from their wealth, they will usually say their kids. Most of today’s self-made rich didn’t grow up with money (surveys show 75% of millionaires didn’t inherit their wealth). And today’s rich parents expect their kids to grow up with middle-class values– just as they did.

It’s a noble goal. But when those parents are flying the kids around on a private jet or giving them a Mercedes for their Sweet 16, it should come as no surprise that their kids lack the same work ethic and hustle as a middle-class kid.

And so wealthy parents today face an inevitable choice: leaving boatloads of money to kids who aren’t good with money.

Gina Rinehart, the Australian mining billionaire, has cracked open the debate with a strange court battle winding its way through the Australian legal system. In short, Ms. Rinehart inherited a mining empire from her dad. Her three kids were also left with a stake in the family trust. Yet Ms. Rinehart shut them out of their ownership stakes, and now the kids are fighting back.

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