It is quite pathetic seeing once glorious and amazing kids on the streets with nothing at all to their names. Who exactly is to be blamed for this, their parents or the kids themselves? I think parents have a lot of role to play as it concerns their children and their general wellbeing. Granting them access to a luxurious lifestyle is not just enough, what happens in the longrun?
These kids who have been privileged to be born in the midst of wealth should also be taught how to make money too from their early years. They should also be taught the saving culture. If they want the luxury lifestyle, they should know the right things to do in order to sustain the lifestyle.
These kids get stranded and homeless along the line because they were taught nothing at all aside reckless spending and when they get hit by a tragedy, they become confused on what to do until they go broke totally. Good parenting is a big project and will definitely reflect on the kids if done well.
I feel like if you are wealthy enough, then there is no excuse that you allow your children to grow up with proper supervision. That doesn't mean you have to be there at all times, I understand a wealthy person could be very busy with life, and even though it is advised to spend as much time as you can with your kids when they are growing up, a business person may find those times very rarely and that's understandable.
But that is also not an excuse for finding someone decent to raise them, it could be nanny, it could be grandmother, I do not care who it is, there must be someone who you can afford that could raise that kid. Hire an etiquette teacher if you have to, hire life coach, hire anyone you can afford to raise them well enough.