Wealth transfer intentions, family decision-making style and sustainable investing: The case of millionaires

• Millionaires have a longstanding history of philanthropy. • Philanthropy and sustainable investing are closely linked. • The vast majority of millionaires invest or intend to invest sustainably. • Family decision-making style influences sustainable investments. • Society-orientation and democratic decision-making underpin sustainable investing. With an abundance of wealth and a long-standing tradition of philanthropic giving, millionaires are well-positioned to aid the transition towards sustainable finance. Yet, little is known about how the wealthy make sustainable investment decisions. Using unique survey data from 402 millionaires, we document the importance of future wealth transfer intentions and family decision-making style. Funds are more likely to be channeled towards sustainable causes in society-oriented families that adopt democratic decision-making styles compared to families whose decision-making style is autocratic and where the intention is for future family generations to inherit wealth.