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In the US, the most likely cause of someone being wealthy is that their parents were wealthy. But almost every wealthy American tells a story about how they di
by dsr_ 2y ago
In the US, the most likely cause of someone being wealthy is that their parents were wealthy.
But almost every wealthy American tells a story about how they did it by themselves, ignoring the schools that they attended, the services which were available to them, the people their parents associated with, and the ability to make high-risk investments because they had a built-in security net.
- missedthecue 2y ago80% of US millionaires are first generation
- PaulDavisThe1st 2y agoYet economic mobility, measured in terms of the likelihood that you die in a different income decile than you were born into, is lower in the USA than almost anywhere else in the developed world. How to reconcile? It's fairly easy ... there aren't that many millionaires. The US has a society, culture and economy that allows for their occurence perhaps "better" than most other places. But this doesn't reflect the likely economic pathway that most of the population experiences in life.
- missedthecue 2y ago1 in 12 Americans are millionaires.
- PaulDavisThe1st 2y agoSo what? Economic mobility measurements remain vastly more indicative of the experience of 11 in 12 Americans. America is good at generating millionaires (which ain't what it used to be)! News at 11!
- hetman 2y agoWhich proves that talking about millionaires is no longer that socially relevant thanks to inflation. Somehow ten-millionaire doesn't have quite that ring though.
- pb7 2y agoThe deciles are much further apart and the ceiling is massive. Compare the medians of all the countries (the US is at or near the top) then compare the 90th percentile and the US is heads and shoulders over the next highest.