Earlier quoted context omitted.
Wrong. Keeping wealth long term is difficult. 1. Advisors and accountants do not own the wealth - you set the goals. If you want to spend it or mismanage it, they are not going to stop you. 2. The wealthier you are, the more difficult it is to maintain the real value of your wealth, in general. 3. If you have 3 children, they have 3 children and so on, and you split your wealth equally among your children, even a bil…
While this was quite common (money being squandered after several generations), it's not necessarily as common today among the ultra-rich. Among the upper middle class, yes, it's common to happen. E.g. maintaining the "real value" is not as much of problem for people having tens of billions (as we increasingly see today). Even if the value drops, they're still multi-billionaires. And diversification strategies today…
2. If, on the other hand, there is some survivorship bias going on there and wealth rotates a lot, and some members of wealthy families keep their wealth, that is not as good an outcome but it is still not so bad, as it suggests that as a family's culture degrades their wealth will likely degrade as well.