Canceled.2014.1
New member
More info is needed, but this article disagrees with the point TaiChi made:
http://www.forbes.com/sites/moneybu...ividuals-earned-not-inherited-their-wealth-2/
"Recently, PNC Wealth Management conducted a survey of people with more than $500,000 free to invest as they like, a fair definition of “wealthy,” and possibly “millionaire” once you begin including home equity and other assets. Only 6% of those surveyed earned their money from inheritance alone. 69% earned their wealth mostly by trading time and effort for money, or by “working.”"
Is 1/3 considered "most"?
http://www.investopedia.com/financial-edge/0211/how-the-rich-got-that-way.aspx
"Inheritance is clearly one of the proven pathways to getting rich. About one-third of the 50 richest Americans can tie their wealth directly to being the fortunate son or daughter of wealthy parents."
This last link sums it up best:
http://blogs.wsj.com/wealth/2008/01/14/the-decline-of-inherited-money/
"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 it’s not just that the same old rich folks are getting richer. The more-important shift is that the rich are getting more numerous."
http://www.forbes.com/sites/moneybu...ividuals-earned-not-inherited-their-wealth-2/
"Recently, PNC Wealth Management conducted a survey of people with more than $500,000 free to invest as they like, a fair definition of “wealthy,” and possibly “millionaire” once you begin including home equity and other assets. Only 6% of those surveyed earned their money from inheritance alone. 69% earned their wealth mostly by trading time and effort for money, or by “working.”"
Is 1/3 considered "most"?
http://www.investopedia.com/financial-edge/0211/how-the-rich-got-that-way.aspx
"Inheritance is clearly one of the proven pathways to getting rich. About one-third of the 50 richest Americans can tie their wealth directly to being the fortunate son or daughter of wealthy parents."
This last link sums it up best:
http://blogs.wsj.com/wealth/2008/01/14/the-decline-of-inherited-money/
"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 it’s not just that the same old rich folks are getting richer. The more-important shift is that the rich are getting more numerous."