Rich Heirs Care More About Profit Than Their Bankers Realize
- Millennials no more interested in green causes than parents
- Many prefer philanthropy to environmental, social investing
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As private bankers to the super-rich tailor their services to what they expected to be a new globally conscious generation, it turns out that wealthy millennials aren’t much more green or altruistic than their parents.
That’s the finding of UBS Group AG’s survey of 121 family offices, including some of the world’s wealthiest. The incoming heirs of dynasties prioritize financial returns over sustainable, do-good strategies just as much as the previous generation did, according to the survey. A majority prefer to keep investments just as they are.