The psychology of wealth is emerging as a distinct area of
academic study and research. With aging baby boomers, and the
trillion dollar wealth transfer that is now beginning to take
place, we need to know more about wealth, how it impacts families,
and how to successfully transition wealth.
The reality is that most of those who have wealth are new to it.
It has been estimated that of wealth holders, 75%-85% are self-made
and only 10% -15% are inheritors.1
One of the biggest challenges families face is successfully
transitioning their wealth so it benefits their family members and
is an advantage to them, and does not harm or even destroy them.
Whether it be a large business empire or, on a smaller scale, the
family cottage, many of the underlying issues in transferring
wealth can be the same, notwithstanding how many zeros there are,
often centering on power and control. Witness the recent events
involving the Stronach family which has catapulted into
