This atomization only increases with members of the fourth affluent generation, who may have very little in common with the various cousins, aunts, uncles and other denizens of the extended family, with whom they may only be connected through a framework of trusts and a family name. The stories told to and by this generation have, more often than not, lost their power to motivate and unify.

Yet, not all family narratives end this way. The stories that the Fords and Hearsts tell—despite numerous very colorful digressions—continue to inform and motivate successive generations to grow and protect their assets and names. Countless others have written new, inspiring chapters in their family sagas that unify multiple generations around foundations that do good works, or around shared business and financial goals.

In this issue, Worth examines the challenges that different family generations face as they write, revise and interpret their own family narratives. We consider the doubts that the first generation of wealth creators may harbor about their heirs, and how these doubts can fuel crippling intergenerational conflict. We examine the stories that members of the second affluent generation tell—stories of self-doubt, appreciation, loyalty and, in some cases, of fierce determination to make a unique imprint on the world. In upcoming issues, we will illuminate the stories of the third and fourth affluent generations, those for whom the family narrative is a haunting palimpsest that concurrently inspires and confounds. Finally, we will assess the impact that the experiences of each generation may have on succession planning, and on our sometimes-bittersweet efforts to make the stories that we tell ourselves end happily.

Photograph by Robert Sebree.

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