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Nick Roussanov and Mike Kane talk about how Wharton’s Private Wealth Management programme has helped families become chief executives of their wealth for the past 25 years.

The Chinese proverb “Wealth never survives three generations” has an equivalent in many cultures and has appeared in writing over centuries. The international notion that the first generation builds wealth, the second spends and otherwise mismanages it, and the third is left with nothing, isn’t just a platitude, though says Wharton finance professor Richard Marston.

One of the world’s finest boarding schools, the Institut auf dem Rosenberg has long instilled entrepreneurial skills and attitudes in its students.

It’s an issue that often comes up in conversation with family business clients: the enthusiasm of the next generation to be involved in running the business may be waning says KPMG partner Ian Beaumont.

A prominent young, next-gen woman who is safeguarding her family’s wealth while carving her own niche as the head of an impact investment company, Melissa Sesana Grajales is undoubtedly one to watch.