> There's no such thing as too big to fail in democratic politics
Are you sure? Please tell me the top 10 names on the Epstein client list. I'll wait.
> most wealthy people are wealthy because of inherited holdings and 60% of all wealth in the US is inherited.
I'd like to see your sources. They probably counts by dollars, which is pointless, since one hyper-rich individual completely skews the picture - you can have a million self-made millionaires and one Elon Musk's son - and claim that the majority of millionaires is created by being Elon Musk's son. That's an obvious nonsense. It's like calculating average income of a people in a bar where Bill Gates just walked in, and making conclusions that everybody is rich. You need to count people, not raw dollars.
Mine say:
One measure of the percentage of the wealthy who are self-made is Forbes' own Forbes 400 list. In 1984, less than half the people on The Forbes 400 list of richest Americans were self-made. By 2018, in stark contrast, this same figure had risen to 67%.
The market research firm analyzed the state of the world’s ultra-wealthy population — or those with a net worth of $30 million or more. The report, which is based on 2018 data, “showed muted growth” in the number of ultra-wealthy people that year, “rising by 0.8% to 265,490 individuals,” says Wealth-X.
Of those folks, 67.7% were self-made, while 23.7% had a combination of inherited and self-created wealth. Only 8.5% of global high-net-worth individuals were categorized as having completely inherited their wealth.
In current total surveillance panopticon, you can hide transferring a $20 note maybe, but hiding transfer of something that can be called "wealth" is virtually impossible. Especially at scale we're talking about here. Especially if you aren't Pablo Escobar or somebody of a similar caliber.
> I am concerned about the distributional equity of wealth not wealthy people
If you exclude people, I am not sure I understand what you're talking about at all.
Are you sure? Please tell me the top 10 names on the Epstein client list. I'll wait.
> most wealthy people are wealthy because of inherited holdings and 60% of all wealth in the US is inherited.
I'd like to see your sources. They probably counts by dollars, which is pointless, since one hyper-rich individual completely skews the picture - you can have a million self-made millionaires and one Elon Musk's son - and claim that the majority of millionaires is created by being Elon Musk's son. That's an obvious nonsense. It's like calculating average income of a people in a bar where Bill Gates just walked in, and making conclusions that everybody is rich. You need to count people, not raw dollars.
Mine say:
One measure of the percentage of the wealthy who are self-made is Forbes' own Forbes 400 list. In 1984, less than half the people on The Forbes 400 list of richest Americans were self-made. By 2018, in stark contrast, this same figure had risen to 67%.
https://www.forbes.com/sites/rainerzitelmann/2019/06/24/amaz...
Around 41.4 percent of the wealthiest one percent say they have inherited some money.
https://www.peoplespolicyproject.org/2017/10/10/the-wealthie...
The market research firm analyzed the state of the world’s ultra-wealthy population — or those with a net worth of $30 million or more. The report, which is based on 2018 data, “showed muted growth” in the number of ultra-wealthy people that year, “rising by 0.8% to 265,490 individuals,” says Wealth-X. Of those folks, 67.7% were self-made, while 23.7% had a combination of inherited and self-created wealth. Only 8.5% of global high-net-worth individuals were categorized as having completely inherited their wealth.
https://www.cnbc.com/2019/09/26/majority-of-the-worlds-riche...