Gates described three personas : 1. One guy is putting his capital into building his business 2. A woman who’s giving most of her wealth to charity 3. A third

Gates described three personas : 1. One guy is putting his capital into building his business 2. A woman who’s giving most of her wealth to charity 3. A third person is mostly consuming, spending a lot of money on things like a yacht and plane All three actually spend their wealth. The problem with extreme inequality is that really wealthy people can invest, give and spent AND still sit on massive amount of wealth that get past to the next generation. A progressive tax on consumption wouldn't be enough to fight this. One core argument of Piketty is that the actual debate has been highly distorted by the massive wealth redistribution that happen in consequence of the first two world wars, something Gates doesn't acknowledge in his review. [UPDATE] I overlooked the estate tax Gates proposed in his review.