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This is true, but at the end of the day most wealth created in the US at least is first generational. It's not uncommon for a family fortune to be lost in 2-3 g

• yardie 8y ago
  I can think of not a single family who started out wealthy and lost it all. What's far more common is dilution of wealth. Start out with $100mm, split that 10 ways through inheritance, then split that again, and again. The Rockefellers, Carnegies, Mellons and Westinghouses still exist, just under many different surnames.
  • jumbopapa 8y ago
    Most families never reach that level of wealth. It's obviously going to be different for the top .001% of wealth.
    • yardie 8y ago
      If you start out even with $100k inheritance you're pretty far ahead already. That's enough to get an education, buy a home, or start a business. If you can turn that $100k into $1mm you can draw off $35k for the rest of your life without lifting a finger. Having modest savings and being in good health makes you much closer to wealth than if you were further down the economic chain.
  • logfromblammo 8y ago
    Or the Waltons and Pritzkers, who can split the fortune 12 different ways and still have multiple billionaire scions.