[rwinn]

This is purely anecdotal, but I live in Florence and know a couple of people from the "old-money" families and they are not rich by todays standard. They make a modest living renting out and managing the properties handed down through the generations and have to be frugal to make it work.

Also, you should be very sceptical of any study made using Italian tax records as a data source :D

[kobeya]

That describes everyone who is from old money. Those who aren't frugal and cost conscious see wealth exit their family within a few generations.

[stefantalpalaru]

> They make a modest living renting out and managing the properties handed down through the generations and have to be frugal to make it work.

Those rich real estate owners are not frugal because they need to. They are frugal because they are smart. Don't judge their wealth before seeing their tax haven bank accounts.