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(0% of families dissipate their wealth within three generations. This suggests that there is a constant up welling of people who accumulate wealth. The proposit
by wang_li 10y ago
(0% of families dissipate their wealth within three generations. This suggests that there is a constant up welling of people who accumulate wealth. The proposition that there is some fixed group of rich people sitting at the top is absurd.
http://www.wsj.com/articles/SB10001424127887324662404578334663271139552 http://www.wsj.com/articles/SB100014241278873246624045783346...
- yoha 10y agoEdit: the actual figure is 90% For other people struggling to read this comment: "(" is on the same key as "5" on Azerty keyboards.
- wang_li 10y agoIt's also a capital 9. I'm so ashamed. The number is supposedly 90%.
- yoha 10y agoOh, my bad, I got confused with the brackets (which are not on a digit key). I really should have checked. See, we all make mistakes!
- gbersac 10y agoDid you know you can edit your post? I think yours deserve it.
- wang_li 10y agoIt appears that after a certain amount of time the edit capability is unavailable.
- bobjordan 10y agoThere is a force not unlike gravity, constantly pulling on all outliers, reverting them to the mean over time. However, that does not imply the outliers do not "sit at the top" and heavily impact whatever group in which they are the outliers.
- imtringued 10y agoThe median inheritance is $50k. Is it possible that very large inheritances are more likely to keep accumulating?
- rbanffy 10y agoThere are many exceptions http://blogs.wsj.com/economics/2016/05/19/the-wealthy-in-florence-today-are-the-same-families-as-600-years-ago/ http://blogs.wsj.com/economics/2016/05/19/the-wealthy-in-flo...
- contingencies 10y agoThe Chinese proverb for this is 富不過三代 which literally means "wealth does not pass three generations". It's allegedly ancient.
- deleted 10y ago[deleted]