THE SUPER RICH ARE CHOOSING NETWORK OVER WEALTH AS INHERITANCE FOR THEIR CHILDREN

I read this article last week and it resonated with me. A couple of weeks ago we discussed children as retirement plan in Nigeria, and I agreed that children should not be their parents retirement plan. And that instead parents should make plans for themselves and leave a leverage for their offspring.

When it comes to the super rich and wealthy, this leverage could mean hundreds of millions or even billions of dollars. An enormous fortune that would remain in their family for generations to come.

However you'll be surprised to learn that some of the richest people in the world are planning to leave less than 1% of their wealth to their children and donate the rest to various charities after their death. Their reason for that? Children need to learn the value of money and hard work. 

Do I agree? Yes, I do.

While none of these kids will ever go hungry or lack a luxurious lifestyle, and some will still end up with trust funds worth millions, their most valuable inheritance will be the luck of having been raised by highly motivated and successful parents. Their wealth is not in their money, rather it is in their vast network. These kids would really have to put in a lot of effort to become poor after their parents death. They are set to inherit a legacy that cannot be bought, if I may say.

Think of the Kardashians-Jenners. All together they are worth over a billion, however they do not have the kind of network that Gates and Zuckerberg have.

North West with an inheritance of $400M will always be less rich than Phoebe Gates with just $10M, for the sole fact that Bill and Melinda have reached heights, places and formed connections that Kanye and Kim could never dream of.

This is what true parenting is all about. Trusting yourself to have raised sound minded children who won't need your billion dollar empire to succeed.

If I had kids, I'd do the same. I wouldn't leave all my money to them. Instead I'd leave what they need to be comfortable and a capital to start their own path. 

Right now, my parents are very much alive, but I'm already trying to make do with what I earn through my jobs. I plan to reach financial bliss before my dad passes away.

The privilege of being an EU passport holder, and having a family that do not need my money to survive are my leverage to succeeding in this life. And I too would have to make some pretty bad choices to end up living below a certain level of comfort. 

But let me read your opinions. Do you agree with these millionaires and billionaires that children ought to be given just what they need to build their own fortune? Or do you believe that whatever a parent owns should be passed on to the child?