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Around 50 members of Generation Z from ultra-wealthy families traveled to New York in July to take part in a two-week Goldman Sachs intensive focused on managing vast family fortunes. The young heirs were taught everything from budgeting and reading financial news to buying luxury watches and investing in sports teams, according to the New York Post.

The third annual Goldman Sachs course, called the NextGS Investment Intensive, brought together participants between the ages of 18 and 23. Many of them are children of clients of the bank’s Private Wealth Management division. The program is designed for members of families whose average account size exceeds $90 million, with total family fortunes ranging from $10 million to more than $1 billion.

The training, however, went far beyond the usual lessons on how to buy stocks and bonds.

The curriculum included sessions on fixed income and diversified portfolios, as well as lectures on luxury watches, jewelry, designer handbags, real estate, infrastructure and the economics of owning sports teams.

The young heirs also studied private markets, cryptocurrency and artificial intelligence. According to Brittany Boals Mueller, a senior leader at Goldman Sachs Private Wealth, AI was a topic that came up in one form or another in virtually every session.

Yet the future billion-dollar fortune managers started with the basics.

Participants were taught what a credit score is and how to create a personal budget. They spent nearly an hour learning how to read articles in The Wall Street Journal and identify information that could potentially affect financial markets.

The young heirs also visited Goldman Sachs trading floors, where they were introduced to stock trading, hedge funds and the principles of building an investment portfolio.

But that was where traditional financial education ended — and the territory that is far less accessible to ordinary investors began.

Experts from Christie’s held a special session for the participants on luxury watches, jewelry and designer handbags. Other lectures focused on art and collectibles, real estate, infrastructure and investments in sports teams.

According to Boals Mueller, private markets and alternative investments generated particularly strong interest among the young participants.

Goldman Sachs, however, decided to prepare the heirs for more than just managing money.

One eight-hour training day was devoted entirely to communication, leadership skills and the ability to make the right impression. Under the guidance of Bill Hoogterp, head of the coaching company LifeHikes, participants took part in role-playing exercises, simulated job interviews and completed group assignments.

In other words, the future owners of multimillion- and billion-dollar fortunes were taught not only where to put their money, but also how to behave once they already have it.

Goldman Sachs does not disclose details of the selection process, the cost of participation, the percentage of applicants accepted, the full course curriculum or the names of its alumni.

Such educational programs may also have long-term strategic value for the bank. Goldman Sachs has an opportunity to build relationships with members of families who could eventually have significant influence over the management of their family fortunes.

Goldman Sachs does not officially describe this as a goal of the program. However, the course content closely overlaps with services the bank already provides to wealthy families, including alternative investments, family wealth management, art and collectible assets, as well as specialized advice for family offices.

Goldman Sachs is not the only private bank seeking to prepare young heirs in advance for their future roles as stewards of family empires. Similar programs for heirs and successors of family businesses are also offered by other major financial institutions.

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