4 ms·
I don't know where I first read it, but here's an article talking about it https://www.nasdaq.com/articles/generational-wealth%3A-why-do-70-of-families-lose-the
by toolz 4y ago
I don't know where I first read it, but here's an article talking about it https://www.nasdaq.com/articles/generational-wealth%3A-why-do-70-of-families-lose-their-wealth-in-the-2nd-generation-2018-10 https://www.nasdaq.com/articles/generational-wealth%3A-why-d...
Apparently this has been the case for long enough that there's even an old Chinese proverb
> Wealth does not pass three generations
- wsc981 4y agoI believe it’s not really true for Europe, at least regarding the most wealthy families [0]. ——— [0]: https://www.fa-mag.com/news/how-to-stay-rich-in-europe--inherit-money-for-700-years-28671.html https://www.fa-mag.com/news/how-to-stay-rich-in-europe--inhe...
- toolz 4y agoI don't see how that article suggests it's different in Europe.
- erwincoumans 4y agoIt is an interesting Chinese proverb! >> Maintaining inherited wealth has worked for generations of Frescobaldis over 700 years The article gives a counter example (wealth passed 700 years is way over 3 generations), and tries to argue that this example is more than just an outlier? >> heirs and heiresses make up about half of Western Europe’s billionaires.