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For about 80 percent of the rich, their wealth *is* hard-earned. I
don't begrudge them any silly thing they want to buy.
Fewer than 20 percent of the rich inherited 10 percent or more of
their wealth. Source: a Washington Post article (not your average
conservative publication). http://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm
Also, the following sources 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
On Jun 22, 2011, at 11:32 AM, chuck britton wrote:
The Rich keep getting Richer and are always looking for new things to_______________________________________________
spend their hard-earned wealth on.
;-)
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