Keeping It in the Family: 10 Crazy Huge Inheritances
In the last few years, investment advisors have begun to see a new trend among Gen X-ers and Millennials. Young people who may not have been able to afford the down payment on a house, or were not able to take a luxury vacation are suddenly taking on these projects in larger numbers than ever. Experts point to the fact that since their parents are aging, the younger generation is simply coming into their inheritance, and are using it for projects that they otherwise wouldn’t be able to afford.
Research now suggests that more than $16 trillion dollars in family wealth will be passed on to the younger generation in the next 30 years, as baby boomers begin to start handing over their affairs to their children. Hundreds of billions of that amount will pass from North American parents to their children. And, of course, there will be some families with more to pass on than others.
Here are a few stories about the largest inheritances ever, including some upcoming inheritances that haven’t actually happened yet.
Delphine Arnault is the daughter of Bernard Arnault, one of the richest men on the planet, who currently serves as the CEO for LVMH (Moët Hennessy Louis Vuitton), a luxury goods conglomerate. Delphine has served on the Management Board of LVMH since 2003, and although she has inherited about $4 billion from her father, sources say that she isn’t just content to enjoy her money at home.
She has been a vital and active part of the company since she joined in 2000. During her time at LVMH, she helped to found an award called the LVMH Prize, which is given every year to an up-and-coming young fashion designer to help jumpstart their career.
Ariana and Camilla Rockefeller
Anyone who visits New York can’t help but notice the name Rockefeller everywhere they go. A wealthy family since the late 1800s, they are able to claim responsibility for building many of the most iconic landmarks in New York City, including the Rockefeller Center, the Museum of Modern Art, The Cloisters, and Lincoln Center, just to name a few.
As of July 2004, David Rockefeller is the oldest living member of the family, and on his death is set to pass on his billions to his grandchildren, Ariana and Camilla.
Jennifer, Phoebe, and Rory Gates
Bill and Melinda Gates are dedicated philanthropists who have already signed a pledge promising to donate 95% of their personal wealth to charity. Although this may seem like an extreme plan which leaves his own three children out in the cold, the three young Gateses really have nothing to worry about. Their dad has stated that he plans to leave them each $10 million, but considering that the rest of his $66 billion empire will be given to various charities and causes around the world, the young Gates children probably won’t ever have a problem finding a job, especially in the non-profit sector.