More and More Fat Cats Doing It For Themselves
Posted by admin in General
Via The Wealth Report comes more evidence that being rich is not merely a function of being born rich, but of making your own way:
1. According to a study of Federal Reserve data conducted by NYU professor Edward Wolff, for the nation's richest 1%, inherited wealth accounted for only 9% of their net worth in 2001, down from 23% in 1989. (The 2001 number was the latest available.)
2. According to a study by Prince & Associates, less than 10% of today's multi-millionaires cited "inheritance" as their source of wealth.
3. A study by Spectrem Group found that among today's millionaires, inherited wealth accounted for just 2% of their total sources of wealth.
Each of these stats measures slightly different things, yet they all come to the same basic conclusion: Inheritance is not the main driver of today's wealth. The reason we've had a doubling in the number of millionaires and billionaires over the past decade (even adjusted for inflation) is that more of the non-wealthy have become wealthy.
So, if you need some inspiration while you're breaking your back to get ahead, know that there's never been a better time to move from your current station up to the ranks of the fat cats.
(Photo credit to: ExperienceLA)
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