Wealthy Millennials Plan to Keep Working After Inheritance, Survey Finds

Sixty-eight percent of ultra-high-net-worth heirs under 40 expect to maintain careers even after receiving significant wealth, according to Morgan Stanley Private Wealth Management and Campden Wealth.

By the Family Office Real Estate Daily Desk·Thursday, September 3, 2026·2 min read

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Do ultra-wealthy millennial heirs plan to keep working after inheriting significant wealth?

A Morgan Stanley Private Wealth Management and Campden Wealth survey of 87 ultra-high-net-worth individuals under 40 found that 68% expect to continue working even after inheriting significant wealth. The survey covered families with a minimum net worth of $25 million, with over half reporting family net worth above $100 million. Findings challenge the stereotype of wealthy heirs as idle rich.

Key facts

Morgan Stanley Private Wealth Management and Campden Wealth surveyed 87 ultra-high-net-worth individuals under the age of 40, from families with a minimum wealth of $25 million.
68% of survey respondents expect to continue working even after they inherit significant wealth, according to the Morgan Stanley Private Wealth Management and Campden Wealth survey.
81% of the wealthy next generation believe it is extremely or very important to have a successful career, according to the Morgan Stanley Private Wealth Management and Campden Wealth survey.
63% of millennials in the survey view themselves as stewards of their wealth for future generations, compared with 46% of older siblings.
Only 11% of millennials surveyed said they are willing to undertake substantial risk for the possibility of substantial gain, compared with 33% among inheritors aged 30-40.
Douglas J. Ketterer, Head of Strategy and Client Management for Morgan Stanley Wealth Management, said the myth of the idle rich is 'just that – a myth.'

Wealthy Millennials Plan to Keep Working After Inheritance, Survey Finds — Image: editorial illustration · Story sourced from fundssociety.com

Ultra-wealthy millennials born between 1982 and 2000 plan to work even after inheriting significant family wealth, challenging assumptions about the spending habits of young heirs. Sixty-eight percent of next-generation wealthy expect to continue working after inheritance, and 81% believe having a successful career is extremely or very important, according to a survey by Morgan Stanley Private Wealth Management and Campden Wealth.

The survey polled 87 individuals under age 40 from families with at least $25 million in net worth. More than half came from families worth over $100 million. Millennials in the group showed stronger conviction about wealth stewardship than their older siblings, with 63% viewing themselves as stewards for future generations compared with 46% of older inheritors.

Fifty-eight percent of millennials see their wealth as a vehicle to help the community, versus 38% of older inheritors. Seventy-four percent view wealth as empowerment to pursue what matters most, compared with 54% of the older generation. Despite these differences in outlook, 95% said they recognize what is important to their families, and 64% believe their values align with their parents. Only 6% reported belief systems that differ significantly from their parents.

"A generation that stands to inherit considerable wealth tells us that the myth of the idle rich is just that — a myth," said Douglas Ketterer, head of strategy and client management for Morgan Stanley Wealth Management. "While they may use social media to connect in their personal lives, today's next-gen wealthy say they prefer to manage their wealth in face-to-face meetings with an advisor."

Millennials proved the most risk-averse segment of wealthy heirs. Only 11% said they are willing to undertake substantial risk for the possibility of substantial gain, compared with 33% among inheritors aged 30 to 40. In borrowing decisions, 67% believe it is extremely or very appropriate to borrow for education, 63% for a primary residence, and a majority for business opportunities. Only 7% believe borrowing to buy personal luxuries is somewhat appropriate.

"The next generation members of ultra-affluent families are seeking to define their place in the family and find their voices," said Mindy Rosenthal, president of the Institute for Private Investors and author of the study. "Education and opportunities will be central to their success. Areas such as philanthropy, values-based investing and entrepreneurism have high appeal with this group and present strong opportunities for engagement."

Sixty-three percent of next-generation wealthy believe working with advisors is necessary to make sound financial decisions, and half said they are extremely or very likely to continue working with their parents' advisors. Eighty-two percent want more in-person engagement with financial advisors, 74% want more phone contact, and 68% want more email communication. Only 15% want more social media interaction, and 5% want more communication via internet video.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

Family offices should structure next-generation engagement around career support and values-aligned investment rather than lifestyle spending. The survey data indicates 81% of heirs prioritize career success and 68% plan to keep working post-inheritance, which means capital deployment should accommodate business formation, human capital investment, and entrepreneurial co-investment rather than pure consumption or passive wealth transfer.

The risk aversion among millennial heirs — only 11% willing to take substantial risk versus 33% of their 30-to-40-year-old counterparts — suggests a higher allocation to core real estate, infrastructure, and cash-flowing assets rather than speculative development or venture-stage projects. Families should price in longer hold periods and lower leverage tolerance when underwriting with next-generation input, particularly for acquisitions that will transition to younger family members within five to seven years.

The preference for in-person advisor interaction (82%) over digital channels creates an opportunity for family offices to differentiate through high-touch service and education. Offices serving multi-generational families should allocate time for separate next-generation meetings and educational sessions on underwriting, tax structuring, and impact measurement. The 63% figure for continuing with parents' advisors suggests retention is achievable if the office demonstrates fluency in philanthropy, values-based investing, and entrepreneurial capital — the three areas Rosenthal identified as high-appeal.

Borrowing attitudes reveal underwriting discipline that aligns with institutional best practice. The 67% approval for education debt, 63% for primary residence purchases, and majority support for business opportunities — versus 7% for personal luxuries — indicates next-generation heirs will support leverage for cash-flowing assets and human capital but resist consumption-driven borrowing. Family offices should frame loan facilities around education, property acquisition, and business formation rather than lifestyle financing, and should expect pushback on personal credit lines or luxury goods financing even when balance sheets support it.

Questions this story answers

01Do ultra-wealthy millennials plan to keep working after receiving an inheritance?

According to a Morgan Stanley Private Wealth Management and Campden Wealth survey of 87 ultra-high-net-worth individuals under 40, 68% expect to continue working even after they inherit significant wealth. Additionally, 81% of the wealthy next generation — irrespective of age — believe it is extremely or very important to have a successful career.

02How risk tolerant are ultra-wealthy millennials compared to older heirs?

The Morgan Stanley Private Wealth Management and Campden Wealth survey found that only 11% of millennials say they are willing to undertake substantial risk for the possibility of substantial gain, compared with 33% among inheritors aged 30-40, making millennials the most risk averse among next-generation wealthy respondents.

03How aligned are ultra-wealthy millennials with their parents' values?

According to the Morgan Stanley Private Wealth Management and Campden Wealth survey, 64% of respondents believe their values are highly aligned with those of their parents, 95% say they recognize what is important to their families, and only 6% said they have belief systems that differ significantly from their parents.

04How do ultra-wealthy next-generation heirs prefer to communicate with financial advisors?

The Morgan Stanley Private Wealth Management and Campden Wealth survey found that 82% of next-generation wealthy want more in-person engagement with their financial advisors, 74% want to do more business via phone, and only 15% want more social media interaction. Just 5% want more communication via internet video or Skype.

05What are ultra-wealthy millennials' views on philanthropy and community impact?

According to the Morgan Stanley Private Wealth Management and Campden Wealth survey, 58% of millennials view their wealth as a vehicle to help the community, compared with 38% of older inheritors, and 63% view themselves as stewards of their wealth for future generations, compared with 46% of older siblings.

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