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Yes, I couldn't agree more. Generational passing-down of wealth (largely a result of rents that can extracted from resources kept within one's family) is compl
by bufordsharkley 11y ago
Yes, I couldn't agree more.
Generational passing-down of wealth (largely a result of rents that can extracted from resources kept within one's family) is completely elided in the article.
- pc86 11y agoIntergenerational wealth transfer accounts for almost none of today's inequality. The vast majority of it is gone within a generation or two.[0] [0] http://time.com/money/3925308/rich-families-lose-wealth/ http://time.com/money/3925308/rich-families-lose-wealth/
- richmarr 11y agoIt's not contradictory for a majority of wealthy people to be wealthy because of their parents, and for 70% of wealth to be lost by the 2nd generation, even if both sets of stats were accurate and comparable. What is contradictory is your assertion that the 1st generation wealth, and the remaining 30% at the 2nd generation, translates to "almost none".
- jhundal 11y agoI see this figure around a lot, does anyone have a pointer to the actual study? I got as far as a book called "Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values", no detail on the actual study.