Billionaires worried their Gen Z kids won’t be able to keep a job: US wealth managers

According to an American wealth manager, parents with net worths ranging from $100 million to over $1 billion are watching their 22‑ to 35‑year‑old children struggle to secure and hold onto jobs once considered stable — in fields like technology, law and health care. (AI-generated image)

Even the wealthiest families in America are increasingly worried about whether their Gen Z children will be able to secure and keep stable jobs in an economy reshaped by AI, slower entry‑level hiring, and intense competition.

Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management with US Bank, said billionaires “have the financial resources to support their children, but they sometimes struggle to determine what else is needed for their children to succeed.” Speaking to Fortune, he added that, despite their immense wealth, many are facing the same fears as middle‑ and low‑income families: whether their children will cope in a workforce that offers fewer guaranteed career paths.

‘Not the same game’ as before

CNBC reported that wealth manager Patrick Dwyer, managing director at Aligned by NewEdge Wealth, said ultra‑high‑net‑worth families are “recognising this is not the same game they had to play.” According to Dwyer, parents with net worths ranging from $100 million to over $1 billion are watching their 22‑ to 35‑year‑old children struggle to secure and hold onto jobs once considered stable — in fields like technology, law and health care. As AI takes over tasks historically handled by young hires, even these prestigious industries are no longer providing reliable footing.

This, Dwyer said, is forcing wealthy families to rethink what long‑term support means. Instead of focusing exclusively on inheritance strategy, some parents are preparing for scenarios in which their adult children may need retraining at mid‑career — or may not become financially self‑sustaining at all.

Passing on more to preserve ‘agency’

Dwyer told CNBC that many parents now believe they must pass on more meaningful wealth earlier because, without it, their children may have less “agency” over their lives than previous generations. Thiegs echoed this sentiment, noting that while billionaires may seem insulated from economic shifts, their concerns are rooted in a universal parental desire: ensuring their children can build fulfilling, independent futures.