Inheriting is becoming nearly as important as working

More wealth means more money for baby-boomers to pass on. That is dangerous for capitalism and society

The Economist
#KendallRoy Era Is Nigh: Massive Wealth Transfer to Create Nation of #TrustFund #Billionaires
Newly minted billionaires are increasingly not β€œself-made,” but #inheriting #money from mom and dad, creating American β€œ#wealth #dynasties” and society that closely resembles traditional #aristocracies
In last year’s newly minted billionaires were 84 people were β€œself-made,” with $1.67B per head But less than the $150.8B that 53 #heirs-turned-billionaires inherited from families
https://www.vice.com/en/article/qjvnqb/the-kendall-roy-era-is-nigh-massive-wealth-transfer-to-create-nation-of-trust-fund-billionaires
The Kendall Roy Era Is Nigh: Massive Wealth Transfer to Create Nation of Trust Fund Billionaires

Newly minted billionaires are increasingly not β€œself-made,” but inheriting money from mom and dad, creating American β€œwealth dynasties” and a society that more closely resembles traditional aristocracies.