3 ms·
> Most capital is inherited. This is a common myth. (I should say, marxist myth.) > Of those folks, 67.7% were self-made, while 23.7% had a combination of inh
by asteroidbelt 5y ago
> Most capital is inherited.
This is a common myth. (I should say, marxist myth.)
> Of those folks, 67.7% were self-made, while 23.7% had a combination of inherited and self-created wealth. Only 8.5% of global high-net-worth individuals were categorized as having completely inherited their wealth.
https://www.cnbc.com/2019/09/26/majority-of-the-worlds-richest-people-are-self-made-says-new-report.html https://www.cnbc.com/2019/09/26/majority-of-the-worlds-riche...
- lucian1900 5y agoIf you ignore the fact that only those whose families are at least comfortable financially can afford to take the risk necessary to get into a position where they can begin exploiting other workers. Globally, the vast majority of capital is owned by people who grew up rich.
- asteroidbelt 5y ago> If you ignore the fact that only those whose families are at least comfortable financially can afford to take the risk necessary to get into a position where they can begin exploiting other workers. There's some inertia, of course, it's easier for children for reach people to become successful, but even poor people can become rich, and become often. A lot of rich people in the US are children of immigrants which didn't have safety net. This guy for example: https://en.wikipedia.org/wiki/Chamath_Palihapitiya https://en.wikipedia.org/wiki/Chamath_Palihapitiya but many many more. > Globally, the vast majority of capital is owned by people who grew up rich. So we are no longer talking about free market economy?