- Food Network star Guy Fieri would rather give up his nine-figure wealth when he dies than pass it down to his Gen Z kids. While he will consider a course reversal when they learn the “tools of life” and obtain two degrees, it is part of a larger trend that Gen Z and Millennials’ hope for a Great Wealth Transfer may be more complicated than they expect.
Guy Fieri may be one of the richest personalities in food television history, but for his two children, who may be eyeing a stake in his Flavortown wealth, it’ll mean nothing unless they put in the work.
Borrowing a line from NBA basketball star Shaquille O’Neal, Fieri told his sons, who are in their 20s: “If you want any of this cheese, you’ve gotta get two degrees.”
“None of this, that I’ve been building, are you gonna get unless you come and take it from me,” Fieri added in an interview with Fox News.
Fieri’s sons are well on their way to meet the chef’s expectations. His eldest son, 28-year-old Hunter, is set to graduate with an MBA from the University of Miami this year. His younger, 19-year-old Ryder is in his first year as an undergraduate at San Diego State University—and is already angling for a sweeter deal.
“He’s like, ‘Dad, come on, give me a break. How about if I get great grades the whole time?'” Guy Fieri recalled.
While Fieri’s ultimatum may seem harsh considering his vast empire he’s built, including a $100 million Food Network contract and dozens of Flavortown restaurants, the 57-year-old told Business Insider that his policy is grounded in what his father instilled in him at a young age.
“He said, ‘When I die, I’m leaving you nothing except a funeral bill,'” Fieri said.
“It’s a joke because my dad already gave me everything. My dad gave me an education. My dad gave me awareness. My dad gave me the tools of life. It was very clear at a very young age that I was going to have to go make it on my own.”
The wealthy are not so quick to leave all their money to their children
The bleach-blond, spiked-haired Fieri is not the first ultra-wealthy individual, or even food personality, to have strong feelings about their inheritance.
Celebrity chef Gordon Ramsay, who is known for his tough demeanor, said his now-$220 million fortune is “definitely not going” to his kids: “And that’s not in a mean way; it’s to not spoil them.”
And Bill Gates, whose net worth totals some $160 billion, also holds the philosophy that he would rather his children find their own success, rather than inherit it.
“In my case, my kids got a great upbringing and education, but less than 1% of the total wealth because I decided it wouldn’t be a favor to them,” he said on a podcast last month.
A growing number of millionaires and billionaires are preferring to spend or donate their hard-earned wealth in part as a way to teach their children about the true value of wealth.
“You can die with zero—you just have to be smart about it,” Elena Nuñez Cooper, the founder of a public relations firm, told Fortune. “You should’ve trained your grandchildren, children, nieces, and nephews, to use money wisely so they’re not relying on a payout.”
Gen Z and Millennials are banking on trillions in windfall, but it may never come
Even those without upper-class family members are hoping that, as their baby boomer parents and grandparents pass away, they will see financial gain. While this promised Great Wealth Transfer is expected to total some $84 trillion, some Gen Zers and Millennials may not see as much money as initially anticipated.
One study found that only 20% of baby boomers are expected to leave an inheritance behind for their younger family members, opting instead to spend the money retiring with financial security and comfort.
This news may be especially frustrating for Gen Z, who have found today’s economy to be an uphill battle, with out-of-reach housing prices, mounds of student loan debt, and unrelenting inflation.
However, not all may be lost; according to Bank of America, Gen Z will be the largest and richest economic force by 2035, likely enabling them to eat out at Guy Fieri’s Flavortown restaurants as often as they can dream.
This story was originally featured on Fortune.com
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