One of my theories about our increasingly useless upper classes goes something like this:
The father ran the business and made the money.
The son knew enough to hire smart people to run the business after taking over.
The useless grandson then took over and hired his useless buddies and things did not go well from then on!
Or, alternatively, you don't actually know how to do anything, but you have to be smart enough to hire the people who do.
I don't think this precisely describes Nick's biography, because instead of running the family business he went off to New York to start a career of (checks archives) buying prostitutes in Cambodia.
But the basic idea applies.