Millionaire Millennials Are Still Inheriting Wealth

News that Sting won't be leaving much of his fortune to his children prompted widespread agreement around the web. Wealth is bad for kids, commentators and pundits said. Earned success is the American way. But a study released Wednesday shows that today's wealthy are still leaving plenty of money to their kids — especially to millennials. The U.S. Trust Insights on Wealth and Worth surveyed 680 people with investible assets of $3 million or more, two-thirds of whom have more than $5 million in investible assets. The study found that 6 in 10 respondents think it's important to leave a financial inheritance to the next generation, and that millennials may be the biggest beneficiaries. Six in 10 millennials who responded to the survey grew up in households that were wealthy or upper middle class, and nearly half have received financial inheritances.

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IN-DEPTH

Wealthy Parents' Big Fear? Raising Spoiled Poor Little Rich Kids

Sting Says He Won't Leave His Kids a Big Inheritance

For Subscribers

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

Millionaires Become the 'Family Bank,' with Strings Attached

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-Robert Frank, CNBC.com