Yves here. I hope you had your coffee before you read this piece, very little in the way of real information about the super rich. But this is not surprising when you read the conflict statement included at the end. There is an obvious problem with this “study” because it was intended to be longitudinal. So further access to courses, even before reaching their most privileged status, will depend on playing well with them. The fact that one of the two writers was working at the institution where these students were studying means that he was well placed. Most readers are well aware that the government often forces journalists to agree to join the front line or close to the military because journalists (almost inevitably) end up joining the military because of close ties.
Admittedly, the very best often have trouble finding purpose in their lives, which is why drug abuse is common. That’s why some billionaire parents leave their children alone enough to ensure that they won’t have to worry about money if they don’t go down a dirty spending path. If any of these super rich kids are trained for important roles by their parents without joining the family business (like Joe Kennedy did for example), there is no detail about that below.
By Karen Lillie, Senior Researcher, Max Planck Institute for the Study of Societies and Claire Maxwell, Professor of Sociology, University of Copenhagen. Originally published on The Conversation
While rich kids make great TV subjects, their real lives, opinions and aspirations are often shielded from society. To learn more about them, we interviewed students from the most expensive high schools in the world, where fees are up to 120,000 Swiss Francs (about €125,000) a year – and followed up with them after five years.
We began our research while these young people studied together in the Swiss Alps, observing and interviewing them over the course of 15 months. We asked about their background, their views on the school environment, and their plans for the future. After five years we asked them about what happened since they graduated, their daily lives, and their aspirations. By then, many had completed their university studies and were starting their careers.
Our findings, which we discuss here, have been published in several articles.
Certain characteristics were universal – these young people came from extremely wealthy families in their countries, and their parents had pressured them to study abroad, learn English and live a global life. However, their paths to the ranks of the world’s richest varied depending on where they came from and what they wanted to do with their lives.
Citizens of the Earth?
Their special Swiss school promised to turn its students into “citizens of the world”, but these Gen Zers’ friendship groups were in fact often determined by their ethnic background or language – partly because they shared references and cultures, and partly because of pressure. compatibility. As one student told us, “If I want to hang out with other friends, [my national group] it would be like, ‘Are you mad at us?’
Even when they started working abroad, these rich young people did not completely cut off their ties with their countries. Living abroad can “feel lonely”, they told us, while home offers “more resources and more support … family and friends”.
However, these young people also knew that meeting wealthy peers from around the world at school could lead to global business opportunities on the ground. As one explained, “There are definitely benefits to making friends from all over the world, no doubt. The general student profile here is that of high-class students from high-class families so, regardless, you will be making powerful and rich friends and that helps.”
“I don’t fly commercial”
Like teenagers, these Gen Zers have embraced conspicuous consumption. They stayed in five-star hotels and bought luxury items, and one even donated a lightly used Louis Vuitton backpack to local refugees. They did not, according to one student, “fly by sales”.
Their families’ financial resources made these practices possible, but the practices themselves were the result of boredom: “I’m just chasing something when I want that thing, you know? I’m looking forward to it. I need it. Like, I’ll move mountains to have it. But if I really have it … it doesn’t mean anything to me,” said one young woman. Shopping for things and experiences provided temporary relief from boredom, but the things that were easily bought only made these young people bored.
However, as young adults, they find purpose in finding jobs and living within their means, although they often have family money and connections to fall back on if needed. Nevertheless, these young people were proud of their self-sufficiency, which they associated with “growth”, “character” and “self-respect”.
Although one of our subjects of conversation still drives an Aston Martin, the comfortable, richly imagined life from their youth seemed less important as they grew older.
Racism and State Politics: Leaving the Residential School Bubble
At their boarding school, wealth was the norm – a few scholarship students were left out of the community – and this defined many of these young people in society. As one Russian youth explained, “The kind of people who come here, they’re really rich, aren’t they? Therefore, people here tend to see Russians as really rich people. I don’t know – it’s weird but it’s worth it.”
However, when they transitioned to university, their privilege was challenged by political realities and racism. This intensified over time.
For example, Geopolitics meant that a wealthy Ukrainian student had to think about “more important things … than just, whatever things I want.”
Racism meant that a young Chinese man who had moved to the US was rethinking his decision: “In fact, going back to China means, Oh, I can be white. I can be the white male in the room. And wouldn’t that be great? … I don’t want to live in a place where people think I have no personality, or … where people tell me … you have a glass ceiling up.”
Unlimited Possibilities Make for an Uncertain Future
One question for these young people is what they want to be. Some know them – an artist, an entrepreneur or, in many cases, the owner of their family business – while others understand it.
Another question was where they wanted to be. These young people weighed whether to return home and live abroad, whether to put down roots or continue to travel.
Some of these wealthy Gen Zers aimed to join the world’s richest, while others wanted to remain part of the wealthy in their countries of origin. Others embrace the adventure of the unknown. Others feel anxious about the uncertainty. Despite similar starting points and opportunities, their methods and goals differed greatly.
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Disclosure statement
This research received funding from the ESRC. Karen Lillie was working at the school that was the subject of this article’s interviews when she conducted research there.
Claire Maxwell does not work for, communicate with, own shares in or receive financial support from any company or organization that may benefit from this article, and has not disclosed relevant organizations other than her academic nomination.
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