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It's kind of the modern standard barometer for substantial wealth.
I've worked with a lot of people and families with wealth (net worth) ranging from a few million to around $300 million, and I've seen a lot of their kids grow up. With varying results. Some have been hard workers, most have not. The ones that have not been particularly hard workers have turned out fine, as long as the family has substantial generational wealth, and owns a business that they can work in, and the kids are not total flakes.
The worst situation is where the family has modest wealth ($1-$5 million), but raises the kid as though they have real, generational wealth. Particularly where the family money comes from a "working professional" (Dr., lawyer, exec. at big company, etc., i.e., something that requires the skill of the parent and cannot be passed on to the kids), rather than from the ownership of a large, successful family business.
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