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Yes, because a tremendous amount of wealth is inherited. The idea that the vast majority of wealthy Americans are self-made is a myth.
by thr0wawayf00 5y ago
Yes, because a tremendous amount of wealth is inherited. The idea that the vast majority of wealthy Americans are self-made is a myth.
- missedthecue 5y ago80% of US millionaires are first generation. https://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm#:~:text=Again%2C%20most%20American%20millionaires%20today,)%20are%20first%2Dgeneration%20rich https://www.washingtonpost.com/wp-srv/style/longterm/books/c....
- nsv 5y agoBig difference between millionaire and centi-millionaire or billionaire though. You can save a million dollars just by making the median American salary and making large contributions to your 401k over 40 years, due to the power of compound interest.
- deleted 5y ago[deleted]
- webmaven 5y ago> 80% of US millionaires are first generation. Apples and oranges. Most of the wealth is not most of the wealthy people.
- majani 5y agoInheritance doesn't start and stop at money. There are other inherited traits that may influence the scores of the people in the study.
- speleding 5y agoIntelligence is hereditary too, in large part, so that would lead to the opposite conclusion right?