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Pepperdine University School of Law

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Tuesday, January 11, 2005

The Problems of the Super Rich

As Mark Twain said in Tom Sawyer:  "Being rich ain't what it's cracked up to be. It's just worry and worry, and sweat and sweat, and a-wishing you was dead all the time."  A new survey commissioned by PNC Advisors finds that of those with more than $10 million of assets:

  • 29% say "having a lot of money brings more problems than it solves"
  • 19% "worry they will not have enough money to support the lifestyle they want to have in retirement"
  • 37% do not have a will, trust, or health care durable power of attorney

The survey also reveals that people feel they need to double their wealth in order "to feel financially secure":

  • Those with $1 million say they need $2.4 million
  • Those with $5 million say they need $10.4 million
  • Those with $10 million say they need $18.1 million   

For press coverage, see the Wall Street Journal.

http://taxprof.typepad.com/taxprof_blog/2005/01/the_problems_of.html

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01.11.05
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» Outtakes
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Comments

A rich man is either a scoundrel or the heir of a scoundrel.
-Proverb

The name my parents gave me— Jozef Imrich! — is loaded with irony. The purpose of life is not to have a car number plate with my surname on it ...(smile)

In the context of your summary, Fred Allen (as quoted in John Dunning, On the Air: The Encyclopedia of Old-Time Radio) might ben proven right one judgmental day: I don't want to own anything that won't fit in my coffin.
Fred Allen

Posted by: Jozef Imrich | Jan 12, 2005 11:19:37 AM