Tips for avoiding ‘affluenza’

The term “affluenza” — adverse social effects resulting from the obsessive pursuit of money and possessions — was coined in the 1970s, decades before defense attorneys for 16-year-old Texan Ethan Couch successfully used it to spare him jail time for a 2013 drunk-driving accident that killed four people. Wealthy parents fearful of spoiling their kids grew extra vigilant as the international media railed against Couch, his parents and his legal team.

The Rowntree family of Toronto has made a concerted effort to teach their next-generation members to be responsible stewards of wealth and develop an immunity to affluenza. Rowntree Enterprises has completed a transition out of its original business — car dealerships — to focus on real estate and private equity investing.

Already a subscriber? Sign In

About the Author(s)

Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.