534
Next generation of billionaires collect more wealth from inheritance than from work, says UBS
(www.theguardian.com)
this post was submitted on 30 Nov 2023
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Life kinda sucks, wealth insulates you from the worst of it, and affords you more opportunities.
If you're rich you can become an actor, poet, artist, writer, athlete, journalist, doctor, academic, etc. No coincidence that people in these fields are disproportionately from well off families who were able to support them.
Without wealth, a lot of those careers and opportunities are closed to you, and you end up doing dead end jobs, even if you have far more potential. Not that surprising that rich people who love their kids (and grandkids) would want them to have that opportunity.
Of course, too much money can also fuck you over, so perhaps Bill Gates has the right idea in not giving his children too much, and donating most of his wealth.
It's also quite obviously not fair. Some fields are dominated by defacto aristocracy, and it is to the detriment of society that it isn't truly meritocratic, but I get why their parents want to give them that opportunity.