The "shirtsleeves to shirtsleeves in three generations"-* is already a well-established pattern (if it was newer, we'd call it a meme, but this concept is older than that word).
* - The general inability of grandchildren to effectively manage the wealth passed down to them from their grandparents and parents. This is made even worse when it's an operating business.
Along these lines, what's fun is to look at property sale records.
A shocking number of large properties in the US have not been sold in multiple generations. A lot of old money "just" owns land and extracts rents for that ownership. Many of those people have jobs, so they do not necessarily look like the idle rich. But they have a somewhat easier time because they receive some portion of the ongoing value of land (this could be rents, timber sales, mining rights, etc.).
* - The general inability of grandchildren to effectively manage the wealth passed down to them from their grandparents and parents. This is made even worse when it's an operating business.