Re: [Phys-l] slow news day?

[brian whatcott <betwys1@sbcglobal.net>]

On 6/22/2011 12:55 PM, William Robertson wrote:
> /snip/...from a WSJ article.
>
> 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.
>
>
>
> Bill
Interesting materials, which lead one to suppose that unusual levels of 
application, ingenuity and good luck are the resources from which 
millionaires are made.

But wait a moment:       for the richest five percent of the population, 
just how many went to Ivy League schools?   Did you say 90%?

And the median population five percent: how many of them went to Ivy 
League schools? did you say 10%?

Come on now - you couldn't say the richest INHERITED their wealth, surely?
They were just placed in a position with credentials, contacts, 
education and acquaintances who were helpful and supportive. Remember 
how Dubya was rescued from bankruptcy, and went onto a wonderful 
football team ownership? It's all about friendship, remember.   :-)

Brian W