3 ms·

> The richest people are the most productive members of society. Sadly disproven many times. As the old airline magazine ad copy read: you get what you negotia

• bko 2y ago
  > That’s why, to better contextualize the nation’s great fortunes, in 2014 Forbes began assigning each billionaire a self-made score. The score ranges from 1 to 10, with 1 to 5 meaning an individual inherited most of his or her wealth and 6 to 10 meaning he or she built their company or established their fortune. In 1984, less than half the people on The Forbes 400 were self-made; in 2023, 70% have created their own riches. > In all, around 30% of this year’s Forbes 400 members inherited their vast sums. That ranges from those scoring a lowly 1, who inherited all their fortune and are not actively working to increase it, to those scoring a 5, who inherited a successful business but set about turning it into a huge success. The thing with inherited wealth is that it doesn't grow and gets dispersed. As the saying goes: My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel. The wealthiest on the margin are absolutely productive or at least good allocators https://www.forbes.com/sites/gigizamora/2023/10/03/the-2023-forbes-400-self-made-score-from-silver-spooners-to-bootstrappers/ https://www.forbes.com/sites/gigizamora/2023/10/03/the-2023-...