This is the Secret of the "Rockefeller" Jewish Family of Wealth Having Seven Derivatives

Photo:David Rockefeller

Sunday,31 May 2020

UPDATimes - You must often hear the term rich seven generations. Surely everyone wants to be rich seven generations. Unfortunately, wealth can only last up to 3 generations. For this reason, it is important to instill the concept of success in children.

The Rockefeller Jewish family is an example of a seven-family rich family. Based on Forbes data, his fortune reached USD 11 billion in 2016. This wealth has accumulated after 100 years John D. Rockefeller became America's first billionaire after establishing the Standard Oil Company at the end of the 19th century.

There are now more than 250 family members who are direct descendants of John D. Rockefeller and his wife, Laura Spelman Rockefeller. In addition, the number of Rockefeller's heirs reached 170 people.

What is the secret of Rockefeller to preserve his wealth from generation to generation?

Reported by CNBC Make It, Chair of Rockefeller & Co., David Rockefeller Jr. said the family had developed a system of values, traditions and institutions that had helped families stay together and maintain their wealth. In addition, all family members also try to raise children with good financial values.

Photo:David Rockefeller is discussing his company

He explained, there were 4 main components to maintain the wealth. First, regular family meetings.

"We meet as family twice a year, up to 100 of us in the same room for Christmas lunch for example. We have something called a family forum. When you are 21 years old, you are invited to these meetings, "David said.

During the meeting, they discussed various things, ranging from life goals, projects, new family members, to careers.

dispute

However, the wealth of the Rockefeller family is inseparable from problems. Usually, many people in rich families start businesses. Who should run it, how to run it, and who will benefit.

Rockefeller has not had a family business up for grabs since 1911, the compilation of Standard Oil was broken down by the government into a public company because of new antitrust laws.

With that one blow, Rockefeller's wealth was changed from one giant company into several public companies. Combined with a series of well-written trusts, shares and financial ownership are more easily passed on to future generations and are less subject to financial battles.

"Wealth in our family, of course, goes out of the oil business, from Standard Oil. But the business does not keep us together and there are many separate families, frankly. Coincidentally, I think, we are fortunate that we do not have a business that separates us. Wealth is passed down from generation to generation and spread through more and more people, but it is still maintained. But we don't have a core business. "

Do good deeds

The strongest glue that unites the Rockefeller family is family values, especially generosity. Various family foundations, including the Rockefeller Foundation, the Rockefeller Brothers Fund and the David Rockefeller Fund have a combined endowment of more than USD 5 billion.

Family members support involvement in the Foundation, according to the values ​​instilled by John Rockefeller. "Because every right implies responsibility; every opportunity, challenge; every ownership, assignment."

David Rockefeller Jr. remember giving charity with his first salary at the age of 10 years. He will get his salary on Sunday and give part of his salary to the church. Just like John D. Rockefeller did.

So I think the family has tried their best to live those values, to whom much is given, much is expected. "

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