Understanding the Immigrants and Natives Analogy

An article from the Journal of Wealth Management in 2007 is the first detailed explanation by Jim Grubman and Dennis Jaffe of the major differences in life experience, outlook, needs, and goals for those who acquire wealth versus those who grow up with wealth. It is a comprehensive review of the literature on the psychology of wealth up to that time, with an extensive list of references. It also contains the initial allusion to the now-accepted “immigrants and natives” metaphor. This article’s depth and detail were later significantly expanded in Jim’s 2013 book, Strangers in Paradise: How Families Adapt to Wealth Across Generations.

Dennis T. Jaffe and James A. Grubman. Acquirers’ and Inheritors’ Dilemma: Discovering Life Purpose and Building Personal Identity in the Presence of Wealth. Journal of Wealth Management, 2007, Fall, pp. 1 – 26.