rise of “venture philanthropists” in Britain will
mean children of wealthy parents can expect to enjoy less
of their inheritance, says one researcher.
Wealthy individuals are following in the footsteps of some
entrepreneurs who have withheld large sums of their legacies
in an attempt to instill a work ethic in their children.
Research by Richard Harris, founder of online will writing
service, totallyFREEwills.co.uk, found 62 per cent of people
with liquid assets of more than £250,000 are planning
to spend their money or sink their wealth into charitable
Harris said: “Wealthy philanthropists, in particular
self made multi-millionaires, are adamant their children
are given the incentive to work hard by limiting their inheritance.
Parents don’t want to take away their children’s
ambition and instead are passing on the majority of their
fortune to charitable causes they feel passionate about.
"They are placing more emphasis on leaving a legacy
that will benefit society. Only ten years ago, seventy five
per cent of The Sunday Times Rich List was inherited wealth,
today that figure is completely reversed.”