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Most wealthy families actually lose their wealth within two generations.
by read_if_gay_ 6y ago
Most wealthy families actually lose their wealth within two generations.
- mettamage 6y agoI seriously the generalizability of your claim. I used to think the same way, until I saw articles like this about Florence (Italy): 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...
- read_if_gay_ 6y agoIt’s true there are outliers, and especially so at the very top, but the general trend is pretty strong. 80% of American millionaires are first-generation. Pointing at the 0.0001% says very little.
- burntoutfire 6y agoPerhaps the problem is the cutoff? A million dollars is not "wealth", not anymore. It's just 2-3 houses in a big city or half a house in SV.