Wealth Distribution & Inheritance

On & off I've been listening to BBC radio 4 "Tony Hawks is Giving Nothing Away" https://www.bbc.co.uk/programmes/m002fl03  It is very interesting & fits with what I have thought for years. I simply don't believe in inherited wealth for many reasons which are explored in the programme better than I can. 

In simple terms inherited wealth perpetuates wealth & land ownership in the hands of a select few. If the inheritance is substantial it can change the life of the inheritor, who did nothing to earn the money & land & will never need to work. On the other hand if the money & land is given to charity for example it can do so much good & benefit far more people. 

I have seen situations where offspring feel that their parents money is their right & due. I have also seen situations where one child is substantially better off than another & isn't prepared for the parent to give more to the less wealthy child. Inheritance does not breed altruism.

So I made the decision years ago that my only child would not inherit everything I leave behind. I am fortunate financially, but my husband & I earned everything we have through a combination of having good jobs, working hard to get senior positions & living fairly frugally. 

I think the really important thing about inheritance is that parents are open about what they intend to do & discuss it with their children. The reasons behind the decision are really important. After my mother died I discovered that she had cut me out of her will. Although there wasn't much to inherit I was devastated. It had a hugely emotional impact even though we had a difficult relationship all my life. I was an only child. It was a slap in the face.

My daughter has known what my will would be since before I wrote it. We discussed it & I have written a letter to her expressing my love & pride in the person she is with the will. She will inherit what I consider a reasonable amount, but the rest will be distributed to several charities. I think she understands & is happy with the decision. While I am alive I try to be generous both to my small family & to charities. I'm alive to see the benefit of doing that.

So I do not have any understanding whatsoever of the very wealthy who seemingly are only interested in amassing even more money & possessions for themselves. The net worth of individual multi billionaires eclipses the GDP or national income of small to mid sized nations - e.g. Elon Musk or Jeff Bezos hold personal net worth figures surpassing the nominal GDP of countries such as Hungary, New Zealand, or multiple smaller developing economies.

https://fortune.com/2025/04/02/world-record-number-of-billionaires-wealth-higher-than-most-gdp-despite-stock-market-bloodbath/  

Money can do so much good. It should not be concentrated in the hands of a few. Our relationship to wealth has become completely unbalanced. How have we reached the point where so few have so much wealth & therefore power? I would love the very wealthy to discover the joys of philanthropy. It's good for the soul.