Billionaire Afraid To Leave Boatloads Of Money To KidsBy: Lee Hester - March 15, 2012
Gina Rinehart is a Billionaire. She inherited an Australian mining empire from her father. Unfortunately, she doesn’t think her kids are fit to handle the fortune they are likely to inherit from her some day. Evidently Rinehart is not alone. According to surveys, 75% of millionaires didn’t inherit their wealth. So these self made millionaires didn’t grow up with money but interestingly enough, they want their kids to have the same values they did.
How can you blame the kids though? If you ever watched the show, “My Super Sweet Sixteen,” on MTV, you were probably horrified to see kids that couldn’t even drive yet (and probably won’t ever have to) getting a brand new Lexus or Mercedes for their birthday and acting disappointed. Although it’s hard to be sympathetic with the kids, it seems like it would be up to the wealthy parents to teach their kids about a work ethic and give them an opportunity to work if they want them to have one. So it’s no surprise that Rinehart’s kids are fighting her back to prove they deserve and can handle their boatloads of money.
Billionaire, Gina Rinehart is currently in the middle of a court battle in Australia that has brought this issue to the news. Rinehart is convinced that her three children aren’t fit for their fortunes and so she’s cut them out of ownership stakes in the family mining business and trust. She claims none of her kids have ever had a real job other than a family one. Court documents state,”None of her children has the requisite capacity or skill, nor the knowledge, experience, judgement or responsible work ethic to administer a trust in the nature of the trust in particular as part of the growing HPPL Group.”