The Legacy of Inherited Wealth: Interviews with Heirs

Graham Adams, Jr., is a professor of American history at Mount Allison University in New Brunswick.

“The very rich,” F. Scott Fitzgerald once observed, “are different
from you and me.” The 17 interviews that make up this book demonstrate
that heirs do indeed suffer unique problems.

Inherited capital may bring financial security and independence, but it
also creates difficulties for the beneficiaries. Several of these
interviewees declare that they have experienced feelings of “guilt,
apology, and separateness.” A number exhibit surprising ignorance
about the nature of their wealth: “I’m quite unclear where the money
actually comes from,” one confesses. “It is very fuzzy and hazy to
me.” “I never balanced a checkbook,” another states. “I never
paid a bill, I never did anything connected with the financial part of
my life.” As heirs, they have not been able to find meaningful work or
even learn how to take the first steps toward a satisfying vocation.
They remain in constant doubt as to whether they are loved or liked for
themselves or for their money. With a few exceptions, they appear
confused, weak, floundering, inert, and distrustful.

The book raises several questions. How does one explain the fact that
immensely wealthy families, such as the Rockefellers, Fords, Harrimans,
Duponts, and Kennedys, have generated scions who have pursued active,
productive, and well-focused careers in such fields as law, business,
diplomacy, and politics? Why is it that so few of those interviewed ever
seem to have considered the possibility that their own troubles may have
arisen because powerful corporations and their political spokespersons
have promoted profit-making and material acquisition as the dominant
goals of society? The editors suggest conferences, group therapy,
newsletters, and books as steps toward alleviating the distress
associated with inherited wealth. These tools may prove helpful to
individuals, but they do not attack the root causes of the problem.
These reside in the nature of the social-economic system itself.