FAMILY FORTUNES: PHILIPPE J WEIL EXPLORES THE CHALLENGES FACING AFFLUENT FAMILIES IN HIS NEW BOOK

 

A new book finds out why so many wealthy families do not transfer their assets properly to the next generation. Philippe J Weil, author and family office principal, says the answer to this question is fascinating, and doesn’t necessarily have to do with finance.

CampdenFB: What inspired you to write Woes of the Rich: Seeing Beyond the Money?

Philippe J Weil: Many professional books about issues of the affluent families have been written. Most are written for the professionals servicing such families. I thought I would write a book that is specifically written for the families themselves. In my book you can learn much about what money does to families. It can be read by the parents, siblings, children and relatives as well as friends.

I am dealing with wealth and families for over 30 years in various tasks and, since 2001, as the owner of a multifamily office. More and more I found that the wealthy have very particular issues and I wanted to help them to understand that they are not alone in their woes and that their issues are similar with other families.

Being a member of an affluent family can be very lonely. Rich people have issues that they cannot discuss with anyone. Society looks at the rich with a mixture of jealousy and admiration. The tabloids write about the rich only when they have an economic windfall, such as a sale of business or exit, or when there are intrigues or extravaganza. Rich people are supposed to live a happy life and be ever most thankful