Forget stealth wealth and quiet luxury—now Gen Z nepo babies are bragging about their generational wealth on TikTok
In an era when billionaires are becoming increasingly flashy, so too are their children. Welcome to 'Holy Airball'. TikTok's latest trend has Gen Z nepo babies flaunting what their wealthy family do for a living—from Reese Witherspoon's daughter to an Airbnb mogul's kid.
The days of stealth wealth and quiet luxury are well and truly over. Instead, the wealthiest kids on the block are proudly boasting about what their billionaire parents did to get rich.
The latest TikTok videos all follow the same formula: A person shares a statement, the next slide is a misconception often leveled at them, and follow-up slides reveal the more impressive truth. Or rather, the 'holy airball' moment—a basketball term for when someone takes a shot and misses the basket.
Take Reese Witherspoon's daughter, Ava. The 25-year-old just posted about the movie that made her mum famous.
'I told him my mum's a lawyer, and he said, 'Oh what firm does she work at?'' she wrote. Then she cut to a behind-the-scenes photo of her and her Oscar-winning mum on the set of Legally Blonde, where Witherspoon plays a lawyer and wrote 'Holy-fricking air ball'.
The video's now received 2 million views and counting.
The offspring of Hollywood legend Martin Scorsese and rapper Akon also jumped on the chance to shout out about their family legacies.
And it's not just celebrity's kids that are getting in on the action: Kids of successful executives and founders are humble bragging their parents corporate gigs too, including the daughter of the My Super Sweet 16 show creator, an Airbnb mogul's daughter, an Anthropologie candle designer's kid, the heir to the A list drumming company, Zildjian and more.
But there's a catch: Many TikTok accounts are capitalizing off their welll-known last names, but some aren't legitimately linked to the famous brands. The supposed 'heirs' of the Buc-ee's convenience store, Marriott and Folgers have come out of the woodwork.
TikTok accounts for both Greyson Abercrombie and Gracie Abercrombie have separately claimed their parents own Abercrombie. However, whether or not they're related to the brand's brainchild, the founder, David Abercrombie, sold the company in 1907. An Abigail McDonald, similarly jokingly claimed her family owns McDonald's.
Gen Zers bragging about their parents' wealth may be better off forging their own path to one day brag about. That's because despite expecting to come into an $84 trillion wealth transfer in the coming decades, actually, a rising number of ultra-wealthy retirees are opting to take their wealth to the grave.
It's not that the generation has just forgotten about their young loved ones. Research from financial services company Northwestern Mutual shows that 60% do have a will in place—but their children and grandchildren are more likely to find funeral instructions in it than cash or the deed to their family home.
In fact, over half of the boomers are explicitly planning not to leave an inheritance behind. And just one-fifth of baby boomers expect to leave anything behind.
It comes as a growing cohort of people are trying to die with zero—essentially, enjoy all their wealth while they are alive and die with $0 in their bank account. Sting famously told his six kids he plans to spend his millions instead of leaving it to them.
Celebrity chef Gordan Ramsay has echoed that he's 'definitely' not leaving his fortune to his six children; the most they will get out of him is a 25% deposit towards a flat—which is similar to many middle class Gen Z and millennial home owners today.
Likewise, Laurene Powell Jobs, wife of the late Apple founder Steve Jobs, said the billions she inherited from her husband won't be passed on to the three children they shared. Jobs, estimated to have been worth approximately $7 billion when he died in 2011.
His wife told the New York Times: 'If I live long enough, it ends with me.'
This story was originally featured on Fortune.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
13 minutes ago
- Associated Press
Asian markets rise as US stock indexes near records amid easing trade tensions
Shares rose early Tuesday in Asia after U.S. stock indexes drifted closer to records, while oil prices extended gains. Beijing and Washington dialed back trade friction as the U.S. extended exemptions for tariffs on some Chinese goods, including solar manufacturing equipment, that U.S. industries rely on for their own production. The U.S. Trade Representative extended those exemptions, which were due to expire on May 31, by three months through Aug. 31. Still, China criticized the U.S. on Monday over moves it alleged harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas. Hong Kong's Hang Seng gained 1.1% to 23,417.39, while the Shanghai Composite index added 0.3% to 3,356.36. In Tokyo, the Nikkei 225 advanced 0.6% to 37,683.19. South Korean markets were closed for a snap presidential election triggered by the ouster of Yoon Suk Yeol, a conservative who now faces an explosive trial on rebellion charges over his short-lived imposition of martial law in December. Australia's S&P/ASX 200 was up 0.7% to 8,475.50. In Taiwan, the Taiex gained 1.4%. On Monday, U.S. stock indexes drifted closer to their records following a stellar May, Wall Street's best month since 2023. The S&P 500 rose 0.4% to 5,935.94 after erasing an early loss from the morning. The Dow Jones Industrial Average added 0.1% to 42,305.48. The Nasdaq composite climbed 0.7% to 19,242.61. Indexes had fallen close to 1% in the morning following some discouraging updates on U.S. manufacturing. President Donald Trump has been warning that U.S. businesses and households could feel some pain as he tries to use tariffs to bring more manufacturing jobs back to the country, and their on-and-off rollout has created lots of uncertainty. But stocks rallied back as the day progressed. Nvidia climbed 1.7%, and Meta Platforms rose 3.6%, for example. Oil prices have gained as attacks by Ukraine in Russia raise uncertainty about the flow of oil and gas around the world. Early Tuesday, U.S. benchmark crude oil was up 62 cents at $63.14 per barrel. Brent crude, the international standard, picked up 57 cents to $65.19 per barrel. Markets took in stride fresh salvos between the world's two largest economies, just a few weeks after the United States and China had agreed to pause many of their tariffs that had threatened to drag the economy into a recession. That followed President Donald Trump's accusation at the end of last week, where he said China was not living up to its end of the agreement that paused their tariffs against each other. Trump on Friday told Pennsylvania steelworkers he's doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. That helped stocks of U.S. steelmakers climb. Nucor jumped 10.1%, and Steel Dynamics rallied 10.3%. On the losing side of Wall Street were automakers and other heavy users of steel and aluminum. Ford fell 3.9%, and General Motors reversed by 3.9%. Lyra Therapeutics soared nearly 311% for one of the market's biggest gains after reporting positive late-stage trial results of an implant to treat chronic sinus inflammation in some patients. In the bond market, Treasury yields rose as worries continue about how much debt the U.S. government will pile on due to plans to cut taxes and increase the deficit. The yield on the 10-year Treasury climbed to 4.44% from 4.41% late Friday and from just 4.01% roughly two months ago. That's a notable move for the bond market. Besides making it more expensive for U.S. households and businesses to borrow money, such increases in Treasury yields can deter investors from paying high prices for stocks and other investments. Yields had dipped briefly in the morning, before rallying back, following the updates on manufacturing, which suggested that effects of Trump's tariffs are taking root in the economy. A report from S&P Global on manufacturing came in better than expected, though uncertainty caused by tariffs has worries high about supplier delays and rising prices. Also early Tuesday, the dollar rose to 143.10 Japanese yen from 142.71 yen. The euro slipped to $1.1438 from $1.1443. ___ AP Business Writers Stan Choe and Matt Ott contributed.
CBS News
13 minutes ago
- CBS News
Why are car insurance rates up in Maryland?
Why are car insurance rates up in Maryland? Why are car insurance rates up in Maryland? Why are car insurance rates up in Maryland? One thing everyone is noticing these days is rising costs, and that includes your car insurance. Viewers have asked WJZ why their auto insurance rates are increasing in Maryland. WJZ Anchor Rick Ritter tracked down the answer for this segment of Question Everything. Why is car insurance so expensive? Rick Ritter sat down with Marie Grant, who is Maryland's insurance commissioner. Marie Grant: "Typically in urban environments, we do see higher rates of auto insurance based on experience on what happens to a car in a city. Grant: "What we're seeing here in Maryland and what consumers are feeling are, unfortunately, national trends that consumers in other states are feeling, as well." Data released this year from Insurify shows car insurance costs surged nationally by 15% in 2024. Maryland drivers pay the most for car insurance, according to the website. On average, Marylanders are paying more than $4,000 a year, which is a 53% increase from 2023. Grant: "Maryland, historically, has been in the top quarter of states for auto insurance rates, and that's due in part to the nature of our state." "We tend to drive a lot, with longer commuting distances and a lot of congestion on roads. With pretty heavy traffic and accident rates higher than other states, it all contributes." While congestion and traffic-related incidents play a role, high repair costs are also to blame. AAA A found that today's advanced technology in cars can cost twice as much to repair, and now the threat of tariffs could complicate things even more. Grant: "During the pandemic, costs went down, folks weren't driving as much, and there weren't as many accidents. As Marylanders got back on the road, as well as inflation, the cost of cars then increased." Rick Ritter: "With so much talk about the escalating trade war and the president's tariffs, will it help contribute to rising car insurance rates?" Grant: "Unfortunately, the answer is yes. We haven't seen evidence of that with current rate filings, but if you asked me a month ago without tariffs on the horizon, I would've said trends are looking positive." Climate and crime can be contributing factors to higher costs of insurance, as well. Maryland has seen stolen vehicle claims surge over the last few years, according to the National Insurance Crime Bureau. If you live in an area with more frequent severe weather, like flooding or wildfires, it can impact your premiums, too. What can Marylanders do to save? Grant says to shop around for several insurers. Most think two or three, but five to 10 is what's recommended. Search for discounts, like safety features or bundling policies, which can help keep costs down. Consider a telematics program that monitors how safe you're driving. Then can bring down rates for you, as well. When in doubt, the insurance commissioner's office lines are always open. The office receives dozens of calls daily from Marylanders inquiring about their rates. "I love hearing from Marylanders. Consumers should definitely reach out to us," Grant said. "Fresh eyes never hurt, so we do want to make sure we are asking tough questions of our insurers to make sure they are putting their best foot forward, and that's what we do." Car insurance adds to a budget From the escalating trade war to inflation, it feels like the cost of everything is going up these days. "It's horrible, from car insurance to groceries," a Baltimore resident said. "Everything feels so expensive," said Yaniv Ezra, an Uber driver and student in the city. "I'm a DoorDash and Uber Eats driver, and you can see that barely anyone is buying anything." The rising prices for utilities, food, and gas, mixed in with skyrocketing car insurance, make things tough. "It's very high," Ezra said. "I'm paying $200 a month now just because I moved to the city."
CNN
17 minutes ago
- CNN
‘We have to take what we can get right now": House Republican chair on budget package
House Republican Chairwoman and Michigan Rep. Lisa McClain joined "The Situation Room" to discuss Trump's spending bill, which the House has passed and the Senate is taking up starting this week.
