I’m not convinced that most rich kids hate their parents, but there are presumably some who do. I also know many non-rich kids who don’t get along with their parents. Franco Lombardo says many rich kids hate their parents in his new book, “The Great White Elephant: Why Rich Kids Hate Their Parents.” Lombardo bases his claim on the failure of 70% of rich families to pass their wealth-making ability onto the next generation intact. This reminds me of a proverb:
The first generation in a family makes money (goes from rags to riches); the second generation holds or keeps the money; and the third generation squanders or loses the money (and so goes back to rags).
In this report by CNBC, he gives three reasons:
First, wealthy parents don’t say “no” enough. “A child grows up with a sense that they get whatever they want,” Lombardo says. “When they go out into the world and the world tells them ‘no,” they’re angry. And they resent their parents.” The second cause is time. Wealthy parents are often absent parents, and the kids feel abandoned. . . . The third reason is society , , , makes fun of rich kids. So parents tell their kids at an early age to hide their wealth. When the kids grow up, they feel that a big part of their identity has to remain hidden – and they blame their parents.
These reasons make some sense to me, but I like to see some numbers quantifying this supposed hate. I’d like to know who we “know” that rich kids hate the parents any more than non-rich kids hate their parents.