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My guess is the opposite. The top people are the owners of very large, very often inherited, fortunes. Few people leave that group and few people enter it.
by Ma8ee 7y ago
My guess is the opposite. The top people are the owners of very large, very often inherited, fortunes. Few people leave that group and few people enter it.
- wyldfire 7y ago> very large, very often inherited, fortunes The article addresses inherited wealth: > On the 2016 rich list, two-thirds were self-made and one-third had inherited at least part of their fortune. More than 10 percent were immigrants to the US.
- cmdshiftf4 7y ago>More than 10 percent were immigrants to the US. I wonder what portion of that 10% fits into the inherited wealth bracket also. Anecdotally I've met a lot of rich Indian and Chinese immigrants in tech, however they came over with family money, with strong family power networks, attended top schools and then parlayed their wealth + connections into something even greater. It feels as though we throw "immigrants" out there to be synonymous with "broke" and "powerless".
- refurb 7y agoThat’s wealth, not income. And if you own a large company, you have no income (beyond a salary) unless you sell equity. There are probably people worth $1B+ who aren’t in the top 0.01% because they’re money stays invested and they don’t pull income from selling.
- Ma8ee 7y agoNo, I’m talking about income. I’m certain you have heard of things like interests and dividends. Capital do in general pay better than work.