Generational wealth is often squandered within a couple generations. The first generation can often times keep it together, but the generation after that and beyond have no connection to the origins. If Elizabeth Holmes’s parents were upset at their loss of wealth, it’s because they had no special abilities that would make them good capital allocators.

It’s quite interesting and can be both. Many well-of friends have a period of rejecting their heritage and end up abusing all kinds of things, only to later fall back into the lane so to speak. Some lose it completely tho.