FU bu guo san dai (Wealth does not last beyond three generations).
While the Chinese adage has almost become a cliché, similar phrases exist in other cultures, from the Japanese to the Spanish. The wealth curse is real and universal, and the statistics bear this out. In a seminal study conducted over 2 decades that observed 3,200 families, succession planning consultancy The Williams Group found that 7 in 10 lost their fortune by the second generation. By the third, only a paltry one in 10 retained their money.
The Covid-19 pandemic, which has driven unprecedented affluence towards the one-percenters, has once again thrust the intergenerational wealth transfer and preservation conversation into...
Keyword added to your list