This is only part of the story- and by no means represents all wealthy people. There are still substantial numbers of multi-generational wealthy families in the US where the kids are well educated, encouraged to become social workers, teachers, religious leaders, program managers at the family philanthropy/foundation, or academics of all stripes. The issue of “downward social mobility” is irrelevant to them. The kids are raised to give back; are told the story of the founder’s journey frequently; are bred to become contributing members of society without regard to how lucrative or prestigious their jobs might be.
The money is irrelevant. They have a family office managed by professionals who will invest/spend their resources efficiently ad infinitum. There are numerous non-profit organizations devoted to helping the children, grandchildren, and greats of “mega wealth” figure out a meaningful life’s path since paying their rent is not problematic.
You are describing the nouveau riche…. not the multi-generational wealthy for whom upward/downward is not even a concept. When there is a wing at MOMA with your name on it, and an entire cancer center paid for by grandpa, you aren’t standing on line at a career fair to get an interview at Citibank.