In his latest appearance on a high-profile television show, David Rubenstein, chair of the Board of Trustees, discussed why it can be difficult for children of wealthy parents to gain a sense of independence.
Rubenstein, Trinity '70, appeared on "Wall Street Week" Sunday, speaking with Skybridge Capital founder Anthony Scaramucci about his background in law and politics before he launched his private equity firm, The Carlyle Group, which now manages more than $200 billion. In addition to explaining his professional experience, Rubenstein discussed different aspects of his personal life, including his childhood, definition of success and thoughts on parenting.
One of the many compelling portions of the conversation came when Rubenstein, a father of three, explained why he feels it can be harder for children in wealthy families to feel independent.
“When you grow up in a wealthy family, it’s much, much harder to feel that what you’ve achieved is on your own," he said. "And it’s much harder for people to think that what you’ve achieved is on your own, so my children have a bit of a disadvantage—yes, they have money and they have a good education and so forth—but they have to achieve things on their own. And it’s a much harder thing for them to do that.”
A native of Baltimore, Rubenstein has made sizable donations back to his alma mater, including contributions to the Sanford School of Public Policy, athletics, Jewish life and the special collections library that bears his name.
His appearance on the show that informs viewers about investments and wealth creation came almost two months after he talked about his passion for funding the preservation of historic U.S. monuments on "60 Minutes."
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