More than half of ultra-rich Americans have not revealed their full wealth to their children, according to a new survey.

Taking the pulse nationwide of the rich with $3 million or more in assets a survey by US Trust released by Bank of America found that “surprisingly few of those surveyed have well-developed plans to preserve and pass on their assets to either their children or charity”.

Many of the 457 people surveyed are Baby Boomers and are self-made, first-generation rich and have “a distinct generational mindset”.

Fifty-two per cent of parents surveyed have not fully disclosed their wealth to their children, and 15 per cent have disclosed nothing about the family wealth. One in three parents said they had never thought to do it, while 24 per cent said they feared their children would become lazy. Twenty per cent said they would make poor decisions or squander money, and 13 per cent worried other people would take advantage of their children.