A surprise move into a new apartment can be jarring, especially when it’s a sudden change for someone who previously lived on a tight budget. A friend of mine who thought they were “broke” was shocked to find out their wealthy parents had bought the place. This scenario is not unique in New York City, where parent money often plays a significant role in shaping culture and society.
While it may seem like an anomaly, the source of this wealth is often rooted in family connections and inheritance. Wealthy individuals under 50 who can afford luxury items, travel, and high-end lifestyles are likely influenced by their parents’ financial backing. This phenomenon, known as “parent money,” has a profound impact on the city’s culture.
From restaurants and fashion lines to art galleries and media outlets, parent money is everywhere in New York. It’s evident in the privileged lifestyles of those who benefit from it, often at the expense of less fortunate individuals. The recipients of this wealth can choose their own path, unencumbered by traditional industry loyalty or financial constraints.
In some cases, parent money can be tied to family histories and business interests. For instance, I knew someone whose owner was a wealthy businessman with connections to munitions. These family ties create an unfair advantage, perpetuating social and economic disparities in the city.
Source: https://nymag.com/intelligencer/article/boomer-generation-wealth-nyc-how-do-people-afford-to-live.html