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> His argument is that dynastic wealth doesn’t persist in the United States. America doesn't really have people who've been billionaires for 7 generations. Bu
by fiblye 6y ago
> His argument is that dynastic wealth doesn’t persist in the United States.
America doesn't really have people who've been billionaires for 7 generations.
But America does have people who were born into enough money to never have to worry about finances ever, had children with the same benefit, and had grandchildren in similar circumstances. Plenty of people in politics are the son or grandson of a line of rich politicians. Plenty of comfortable millionaires got their start from a lineage of inherited wealth.
It's not enough money to rank on Forbes 400 and build private castles that'll last centuries, but it's definitely wealth and status being passed down. It's safe money. Many people who became billionaires aren't there through safe, steady, risk-free financial management.
- chordalkeyboard 6y agoHow are families preserving wealth for generations, if they aren’t engaging in safe, steady, low risk management of their wealth? Even if you ignored inflation, how much cash would someone have to accumulate in order to sustain a middle-class lifestyle for their family for multiple generations, if they weren’t investing and managing those investments?
- babesh 6y ago- Investing in their kid’s education in a broad sense (attitude, career). - Marrying well i.e. marrying smart and successful people so that your progeny’s genes are the best they can be. The British aristocracy was famous for doing this. Marrying old blood to new blood. However, many cultures do the same. That is why marriage was so often a negotiated affair.
- chordalkeyboard 6y agoThis is true. They invest in the education and socialization of their children so their children can go get good jobs and earn big paychecks in a well-paying, low-risk industry. However that is not the same as living on accumulated wealth for generations.
- babesh 6y agoTrue but the above compounds over time.
- babesh 6y agoTrue but that is by definition NOT dynastic wealth. Wealth is actually present throughout the society. In fact there are many forms of wealth throughout society: culture, connections, skills.
- babesh 6y agoAnother interesting thing is that power is often relative. The presence of the billionaires blunts the power of the multimillionaires.