January's job report that the US Department of Labor released on Wednesday surprised many. After 2025 saw the addition of just 181,000 jobs, January alone racked up 132,000 jobs, the Labor Department said.
The numbers came as a surprise as many complained of difficulties in finding employment in the current market. Their concerns show that the real job market might be more complex than what the figures alone describe. In fact, a report by Fortune has recently pointed out that wealth managers for billionaires say that their ultra-wealthy clients are worried about their children's employment.
Also read: US payrolls surge in January; unemployment rate drops to 4.3%
The report by Fortune journalist Sydney Lake cited multiple wealth managers who said billionaire parents are concerned that their children, aged between 25 and 35, are finding it hard to get and hold on to jobs. This concern has triggered a trend where such parents are planning to pass on more wealth to their children through inheritance.
Wealth Managers Explain Why It's A 'Very Real' Concern
The concern of billionaire parents comes from a number of different factors, according to the wealth managers cited in the Fortune report. Tom Thiegs, managing director of U.S. Bank's wealth management division, said that the worry of the ultra-rich about their children's job security comes more from how the "job market will impact their child’s sense of purpose, identity, and confidence” than it is about their "financial security." He says: "They also worry that significant wealth will dampen their drive or desire to work.”
{{/usCountry}}The concern of billionaire parents comes from a number of different factors, according to the wealth managers cited in the Fortune report. Tom Thiegs, managing director of U.S. Bank's wealth management division, said that the worry of the ultra-rich about their children's job security comes more from how the "job market will impact their child’s sense of purpose, identity, and confidence” than it is about their "financial security." He says: "They also worry that significant wealth will dampen their drive or desire to work.”
{{/usCountry}}Patrick Dwyer, the managing director of a Miami-based boutique wealth management firm explained how the fear of the current job market affect billionaire parents. Dwyer says that they realize the current market is not the same as their time. "We’re not talking about spoiling your kids. We’re talking about: What if your kid needs retraining at 33?” he said.
Thiegs, however, acknowledged that the concern, at least in part, also stems from the natural worry that parents generally tend to have for their children.
“On the surface, it can sound irrational: ‘Why would a billionaire worry about their child getting a job?’ Thiegs told Fortune. "But realistically, no matter how much money you have, parents still want their children to succeed and lead fulfilled lives.”