The fourth-generation entrepreneur and second-generation angel investor talks about his reasons for not applying an ESG mandate, next-gen impetus and a tax on polluting industries.

The Chinese proverb “Wealth never survives three generations” has an equivalent in many cultures and has appeared in writing over centuries. The international notion that the first generation builds wealth, the second spends and otherwise mismanages it, and the third is left with nothing, isn’t just a platitude, though says Wharton finance professor Richard Marston.