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"If you look at the lists of the richest people that occasionally get published in the press, nearly all of them did it by starting their own companies." "Of t

"If you look at the lists of the richest people that occasionally get published in the press, nearly all of them did it by starting their own companies." "Of the 137 people in the global study who achieved billionaire status in the 12-month study period, 53 of them inherited $150.8 billion collectively, more than the $140.7 billion that was earned by the 84 new self-made billionaires in the same time period, the UBS study says.Nov 30, 2023"

seu 3y ago
And still not taking into consideration that the majority of those "self-made" billionaires anyway inherited many privileges from their parents that helped them to "self make".
- temporarara 3y ago
  It also doesn't hurt to inherit just a few millions and combine it with hard work and luck if the alternative is just hard work and luck.
IncreasePosts 3y ago
Maybe merely having a billion dollars isn't what pg was thinking of when talking about "the richest people". If you look at the top 100, like he quotes in his article, only 27 inherited their fortune.
- IllIlIIllI 3y ago
  Maybe only 27 inherited large fortunes, but many more started at a much more privileged position than anyone in the rooms Paul is talking to. Maybe they're not from billionaire families, but almost all of them come from families the top 1-3% in terms of wealth.
  - IncreasePosts 3y ago
    Who was he talking to? I have no idea what kids pg was talking to, but if it was to peers of his own kids, chances are they are already firmly in the 1%. In any case, to go from top 1-3% to the top 0.0000001% is still incredibly rare and noteworthy. Just because it is easier to do that than go from the top 50th% to the top 0.0000001% doesn't mean it is actually easy.
DavidSJ 3y ago
"Of the 137 people in the global study who achieved billionaire status in the 12-month study period, 53 of them inherited $150.8 billion collectively, more than the $140.7 billion that was earned by the 84 new self-made billionaires in the same time period, the UBS study says.Nov 30, 2023" The citation for this quote appears to be https://www.forbes.com/sites/maryroeloffs/2023/11/30/new-billionaires-inherited-more-than-they-earned-last-year-ubs-report-says/ https://www.forbes.com/sites/maryroeloffs/2023/11/30/new-bil... , but I don't believe that limits to those "that occasionally get published in the press".

seu 3y ago

And still not taking into consideration that the majority of those "self-made" billionaires anyway inherited many privileges from their parents that helped them to "self make".

temporarara 3y ago
It also doesn't hurt to inherit just a few millions and combine it with hard work and luck if the alternative is just hard work and luck.

IncreasePosts 3y ago

Maybe merely having a billion dollars isn't what pg was thinking of when talking about "the richest people". If you look at the top 100, like he quotes in his article, only 27 inherited their fortune.

IllIlIIllI 3y ago
Maybe only 27 inherited large fortunes, but many more started at a much more privileged position than anyone in the rooms Paul is talking to. Maybe they're not from billionaire families, but almost all of them come from families the top 1-3% in terms of wealth.
- IncreasePosts 3y ago
  Who was he talking to? I have no idea what kids pg was talking to, but if it was to peers of his own kids, chances are they are already firmly in the 1%. In any case, to go from top 1-3% to the top 0.0000001% is still incredibly rare and noteworthy. Just because it is easier to do that than go from the top 50th% to the top 0.0000001% doesn't mean it is actually easy.

DavidSJ 3y ago

"Of the 137 people in the global study who achieved billionaire status in the 12-month study period, 53 of them inherited $150.8 billion collectively, more than the $140.7 billion that was earned by the 84 new self-made billionaires in the same time period, the UBS study says.Nov 30, 2023" The citation for this quote appears to be https://www.forbes.com/sites/maryroeloffs/2023/11/30/new-billionaires-inherited-more-than-they-earned-last-year-ubs-report-says/ https://www.forbes.com/sites/maryroeloffs/2023/11/30/new-bil... , but I don't believe that limits to those "that occasionally get published in the press".