“Shirtsleeves to shirtsleeves in three generations.”
That maxim haunts wealthy matriarchs and patriarchs around the world: describing the risk that hard-won entrepreneurial riches end up being squandered after they pass to grandchildren. And research shows that there is truth in it: 70 per cent of families that create wealth have lost it by the second generation, and 90 per cent lose it by the third generation, according to a 20-year research project by US-based consultancy Williams Group.
All too often, matriarchs or patriarchs simply fail to think beyond tax planning and end up with no infrastructure for a successful wealth transfer. Consequently, nest eggs get devoured by lawyers as siblings squabble — and end up back in shirtsleeves.
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