How super-rich Americans get that way is changing

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How many of the “super rich” grew up rich? Fewer than one might think.

(From AEI)

Some 32 percent of the Forbes 400 in 2011 belonged to very rich families, down from 60 percent in 1982.  … Most individuals on the Forbes 400 list did not inherit the family business but rather made their own fortune. Kaplan and Rauh found that 69 percent of those on the list in 2011 started their own business, compared with only 40 percent in 1982.

In other words, there are fewer people on the Forbes 400 list who came from an affluent background and eventually took over the family business, such as brothers David and Charles Koch (Koch Industries) and the Walton siblings (Wal-Mart), and more self-made people such as Bill Gates (Microsoft), Warren Buffet (Berkshire Hathaway), Philip Knight (Nike), and Stephen Schwarzman (Blackstone Group), who had an upper middle-class upbringing and eventually built their own successful companies.

Of course we have a real problem now in that the asseted (the rich) have benefited from the post 2008 central bank asset inflation (which is creating long term instability for everyone). The central planners have made those who are rich (new money and old) a lot “wealthier.” The non-asseted have just had to watch.

Click here for the article.