Hmmm, interesting. Any citation for that number? I've heard numbers like that thrown around, but I don't know where they come from.
http://amp.timeinc.net/time/money/3925308/rich-families-lose...
>Indeed, 70% of wealthy families lose their wealth by the second generation, and a stunning 90% by the third, according to the Williams Group wealth consultancy.
I love this "factoid" though:
>“It takes the average recipient of an inheritance 19 days until they buy a new car.”
Anecdotally, I personally have two friends who got inhertences, both immediately spent it on cosmetic surgery.