According to statistics - rich kids squander ALL of their wealth in ~ 2 generations, so dont worry about rich kids. Stupid ones (of which there are a majority) wont be rich for long.
"Approximately 70% of wealthy families lose their wealth by the next generation, with 90% losing it the generation after that." [1]
> According to statistics - rich kids squander ALL of their wealth in ~ 2 generations, so dont worry about rich kids. Stupid ones (of which there are a majority) wont be rich for long.
So it's not a meritocracy - it's an inter-generational relay race. A meritocracy involves a level playing field. A 100% inheritance tax would help.
"Approximately 70% of wealthy families lose their wealth by the next generation, with 90% losing it the generation after that." [1]
1: https://fortune.com/recommends/investing/generational-wealth...
in the end only smart ones will have $$$, everything according to their merits/efforts