Yeah wealthy families exist.
But also there is a lot of upwards mobility.
And they do not need to be correlated even. What if rich families maintain their wealth, and meanwhile other families create wealth and become rich. How is this incompatible?
But also there is a lot of upwards mobility.
And they do not need to be correlated even. What if rich families maintain their wealth, and meanwhile other families create wealth and become rich. How is this incompatible?
Eventually the man dying while making an income and spending no time with his child will grow to resent the one making the same income through family wealth who has enough time for that and more.
I'm not saying it is or isn't, but that would need to be the case for your argument.
Also the ratio of wealthy to non wealthy needs to be quite high.
Also wealth needs to be transferred and maintained, and not spoiled or lost.
I think those are the assumptions.
But yeah, under those conditions, the competition for resources would mean in order to move upwards someone needs to come down.
But it would need to be a zero sum economy
Falsely equating economic growth with cost of living metrics, and assuming that with more money everything can just continue happily. It’s been a very successful evolutionary niche for a handful of centuries.
Generational wealth rarely lasts more than a generation or two. Families like the Rothschilds seem to be more the exception than the rule.
Though I am not wealthy so perhaps I truly don't know what it's like in the big club I'm not in
There's increasingly less in the USA. In fact, most people today will end up worse off than their parents.
https://www.weforum.org/stories/2020/09/social-mobility-upwa...
There can be a lot of upwards mobility (say 10%), and there can be a lot of statics (say 90%)
The datapoint I remembered is that a huge fraction of billionaires wer3 first generation billionaires.
But that may not mean much for the greater part of the population.
So we may be saying things that sound contradictory, but are congruent.
Millionaires too.
The last bit is sus though. "Only inherited after making a million". Sounds like it would include born rich, high education, basic necessities covered, can work on startups without worrying about earning a salary, many such cases.
Avenues to upward mobility are blocked by these rich people through various methods.