There is no magic formula to prepare children for the responsibility of wealth, but the parents interviewed all agreed that the lifestyle they chose was the most influential lesson their children would receive.
Like Mrs. Astor, she embraced the responsibilities of her wealth and position in a manner that was almost feudal.
His parents, who are still involved in the business though not in day-to-day management, had been encouraging him for years to attend HSBC Private Bank's Legacy Program, a four-day event that teaches participants the responsibilities of managing family wealth.
Merrill Lynch, for one, recently instituted a "financial parenting" program geared toward children to "heighten awareness of wealth's responsibilities," said Scott Cooper, a senior client relationship manager.
Frehner said: "The Board of Trustees and Directors of Kunstmuseum Bern are surprised and delighted, but at the same time do not wish to conceal the fact that this magnificent bequest brings with it a considerable burden of responsibility and a wealth of questions of the most difficult and sensitive kind, and questions in particular of a legal and ethical nature".
It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those unable to avail themselves of the minimal provisions for a good life.
But the wider story matters too, for the age he describes saw the making of Europe as we know it, and with it the development of many of our current instincts and anxieties around the compatibility of wealth and social responsibility.
The Bible is filled with warnings about the dangers of wealth and the responsibility to take care of the widow, the orphan and the stranger in the community.
They are intentionally divisive, emphasizing "disparities of wealth, ideology and social responsibility," in the words of the curator, David Kiehl.
On the balance between market forces and fairness, the platform says: "We believe in the fair distribution of wealth and we embrace responsibility for its creation.
