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The vast majority of wealthy families lose it within three generations. Growing your wealth requires taking on risk: your investments may not turn out well.
by pitaj 8y ago
The vast majority of wealthy families lose it within three generations.
Growing your wealth requires taking on risk: your investments may not turn out well.
- scandox 8y agoWhere does that info come from? I went to school with people whose wealth can be traced back more than 20 generations. They didn't seem to getting poorer.
- aaomidi 8y agoExactly this. It's extremely difficult to lose your money at that stage.
- lprubin 8y agoHere is some data showing 70% by the second generation and 90% by the third: https://www.google.com/amp/amp.timeinc.net/time/money/3925308/rich-families-lose-wealth https://www.google.com/amp/amp.timeinc.net/time/money/392530... Perhaps you just met some of the exceptions.
- monocasa 8y agoDo you have data that isn't a blatant ad campaign consisting of pithy statements from a wealth management company trying to scare people into letting them manage their money?
- robocat 8y ago"The richest families in Florence in 1427 are still the richest families in Florence" https://qz.com/694340/the-richest-families-in-florence-in-1427-are-still-the-richest-families-in-florence/ https://qz.com/694340/the-richest-families-in-florence-in-14...
- jhayward 8y agoSomething like 65% of all land in the UK is owned by the same families that owned it in the Norman conquest. 0.3% of the population today. Since 1066-1100. The stat you quote may apply to some broader definition of “wealthy”, but for the true 0.1% - 0.01% it is truly eternal, and accelerating.