An article by CNBC's Robert Frank
Forget investment returns, spending rates or divorce. What really keeps the rich up at night? The fear of ruining their kids with wealth.
A new survey by law firm Withers LLP and Scorpio Partnership asked 3,000 families around the world about their greatest fears regarding their wealth and family future. Among families worth $10 million or more, health was their biggest fear. But ranking second was, "My children will lack the drive and ambition to get ahead."
The spoiled kid issue ranked ahead of "my investments," "I or members of my family will overspend" and "marital breakdown."
"For parents, the main concern is that great wealth will scotch the individual ambition in their children," the study said. "Meanwhile, it is perhaps not surprising that children may feel somewhat inadequate in matching up to expectations when you consider the great heights of achievement their parents have scaled."
The study didn't provide any solutions and suggested that no matter what rich parents try to do, large wealth can strain the family.