Last Wednesday, the US Labor Department released the January jobs report, surprising many. Only 181,000 jobs were added after 2025, up 132,000 in January alone, the Labor Department said.
representative.The number was surprising as many complained of difficulty finding employment in the current market. Their concerns show that the real job market may be more complex than statistics alone describe. In fact, a Fortune report recently noted that billionaire wealth managers say their ultra-wealthy clients are worried about their children’s employment.
Also read: US wages rise in January; The unemployment rate fell to 4.3%
Fortune journalist Sidney Lake’s report cites multiple wealth managers who say billionaire parents are concerned that their children, who are between the ages of 25 and 35, are finding it harder to get and keep jobs. This concern has initiated a trend where such parents are planning to pass more wealth to their children through inheritance.
Wealth managers explain why this is a ‘very real’ concernAccording to wealth managers cited in the Fortune report, the concern of billionaire parents comes from several factors. Tom Thigs, managing director of US Bank’s wealth management division, said the ultra-wealthy’s concern about their children’s job security is more about “financial security” than how the “job market will affect their children’s sense of purpose, identity and confidence.” He says: “They also worry that significant wealth will reduce their drive or desire to work.”
Patrick Dwyer, managing director of a Miami-based boutique wealth management firm, explains how the fears of the current job market affect millionaire parents. Dwyer says they realize the current market is not like their time. “We’re not talking about spoiling your kids. We’re talking about: What if your kid needs retraining at age 33?” He said
Thiegs acknowledges, however, that the anxiety stems, at least in part, from the normal concern that parents usually have for their children.
“On the surface, this may sound absurd: ‘Why would any billionaire care about their child getting a job?’ Thiegs told Fortune. “But in reality, no matter how much money you have, parents still want their children to succeed and live fulfilling lives.”
