Inside the Lives of Wealthy Children

Nine in 10 of children of very wealthy parents say the most important thing they will inherit is their parents’ values, not their wealth, and 84 percent want to build on their family’s legacy. That's according to a national survey of slightly more than 1,000 young people aged 16 to 26, focused on the children of parents whose net worth ranged from $1 million to over $10 million, conducted by Wells Fargo Private Bank.

Some of the study's other findings:

• Just 1 in 3 report having a formal meeting to discuss finances and 90 percent said they don’t meet regularly on the topic, though 60 percent of them would find that valuable.
• Half of those who do meet regularly with their family on finances say there are ground rules for the discussion such as confidentiality and taking turns.
• While most support their family’s charitable giving, 40 percent say they want to have a stronger voice in their family’s philanthropy and 44 percent don’t discern a specific giving strategy.
• 65 percent express confidence in their ability to manage the family wealth.