Banks Run Free Classes For Rich Kids On How To Be Super-Rich

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(Cavale Doom)

Being a young adult who will inherit billions of dollars isn’t all fabulous parties, designer clothes, and supercars. It also means learning responsibility: at minimum, you’ll be responsible for caring for your own billions, and you could also end up running the family business or a foundation. There’s no degree, not even in business administration, that can prepare you for life as a billionaire, but some banks would really like to help.

Banks? Yes, banks all over the world have classes like these for young scions of the .01%, because even growing up with wealth and a good education doesn’t necessarily mean that you know how to, say, invest your money responsibly so you’ll have billions to leave to your own children.

Banks, of course, would really like to hold on to the business of the world’s wealthiest families, and one thing that might help with that is offering classes that are relevant to their actual lives.

For example, a Bloomberg reporter sat in one one of Citibank’s classes, about investing in the art market. Sure, art is a thing that you hang on your wall, but it’s also a long-term investment…if you choose well. Students had an imaginary $100,000 to spend at an imaginary auction of real artworks that had sold recently.

They chose poorly, spending most of the fake money on a tapestry of model Kate Moss, but one hopes that they learned some important things that they’ll remember when buying artworks for their own mansions one day.

by Laura Northrup via Consumerist