The Vanderbilts. The Mellons. The Morgans.
A century ago, these names signified wealth, luxury and privilege, but a new group of names like Musk, Bezos and Gates have taken over the billionaires list.
With these new names come new heirs and heiresses who are growing up with and standing to inherit vast amounts of wealth. Many of the children of the tech generation are beginning to make their mark in ways that aren’t the same as the descendants of oil barons and banking magnates of the past.
“People are definitely more open to discussing financial issues with their peers and online communities,” Ashley Fell, a social researcher at generational research firm McCrindle, told Business Insider. “Perhaps this is influenced by the culture of transparency on social media and the fact that people thrive online by being more authentic and sharing.”
Many of today’s heirs are starting out doing what they’ve been doing for generations – working in the family business.
While Steve Ballmer’s sons have led relatively normal lives, they have certainly benefited from their father’s Microsoft fortune: Sam, the eldest, works for the family’s Ballmer Group and is focused on directing philanthropic strategies at the climate crisis, while the five Arnault sons now appear to be tackling a much more approachable version of “succession,” taking the helm of the family company that owns LVMH, which includes Louis Vuitton and Sephora.
Some choose to speak out for certain issues or causes, using their financial position to become a voice for young philanthropists.
“Families know that planning is really important when it comes to their family’s well-being,” Maya Imberg, head of thought leadership and analytics at data firm Altrata, told Business Insider. “Increasingly, they’re engaging their children, grandparents and grandchildren in the overall idea of how they want to leave a legacy, not just in terms of wealth preservation but also in terms of philanthropy.”
Bill and Melinda French Gates’ children, Jennifer, Rory and Phoebe Gates, receive charitable allowances to use for charities of their choice, PAC magazine reported earlier this year.
The Gateses’ daughters, Jennifer and Phoebe, have been outspoken voices on public health and reproductive rights, respectively: Jennifer is a pediatrician who has traveled to Kenya with a focus on public health, while Phoebe graduated from Stanford in three years and launched a climate-friendly fashion tech platform. Though quiet on social media, the Gateses’ son, Rory, has become a magnet for Washingtonians seeking philanthropic dollars, especially for Democratic causes.
We’ve taken a look at the richest people in the world who have children aged 18 to 40, according to Forbes’ latest calculations. Here’s what we know about them, and what they might do with the billions of dollars they may earn in the future.