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Millionaire Millennials Are Still Inheriting Wealth

News that Sting won't be leaving much of his fortune to his children prompted widespread agreement around the web. Wealth is bad for kids, commentators and pundits said. Earned success is the American way. But a study released Wednesday shows that today's wealthy are still leaving plenty of money to their kids especially to millennials. The U.S. Trust Insights on Wealth and Worth surveyed 680 people with investible assets of $3 million or more, two-thirds of whom have more than $5 million in investible assets. The study found that 6 in 10 respondents think it's important to leave a financial inheritance to the next generation, and that millennials may be the biggest beneficiaries. Six in 10 millennials who responded to the survey grew up in households that were wealthy or upper middle class, and nearly half have received financial inheritances.

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-Robert Frank, CNBC.com