Downwardly mobile
They Inherited Billions From Their Parents. They Don't Want It
They only had one weekend to give away $100 million of their inheritance. But first, karaoke.
·
The Lede
Unlike most rich clients, who seek out financial advisors in the hope of getting even richer, the 18- to 35-year-olds at the Making Money Make Change conference in Nashville are here to do the opposite. As the children of millionaires and billionaires, they are among the heirs to the greatest wealth transfer in American history — some $16 trillion that will be passed down in the next decade alone. And they don't want it.
Key Details
- Their rejection of the money they're entitled to stems from the deeply held beliefs of many Gen Zers and millennials — a sense that wealth should serve a greater good.
- That's where Making Money Make Change comes in. The conference is designed to help wealthy young heirs redistribute their money to causes like housing and climate justice.
- The heirs, most of whom asked to remain anonymous, grew up in an era of unprecedented income inequality. As their families got richer, the rest of America became poorer.
