But one AFR Rich Lister warns not talking openly about wealth can end badly for relatives left behind.
David Werdiger, the son of Nathan Werdiger, said this can be unhealthy.The vast majority of Australia’s rich want to conceal their true wealth from family and friends, according to a new survey of family offices – but it’s a practice that one Rich Lister warns can end badly for the relatives left in the dark.
“Wealth and money are sensitive and sometimes taboo issues to talk about socially,” said Richard Milroy, PWN’s founder and executive director. “It’s not socially acceptable to talk about challenges, positive or negative, relating to very significant wealth. It’s uncomfortable. It can be awkward for people, it can be isolating.”
Mr Werdiger said such attitudes were common because of the impact wealth could have on children. “It makes it a hell of a lot harder to raise your kids with a decent attitude, that’s for sure,” he said. “[It’s a question of] how can I instil my child with a sense of purpose and mission and perhaps ambition? And even though they never have to work a day in their lives.”
Instead, families needed to find a middle ground. “The more families are open, the more they can create an environment of trust ... and allow that wealth to be a force for good in the family,” Mr Werdiger said. Eighty-three per cent of respondents said they felt a duty to society as a result of becoming wealthy.
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