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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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Why is this a surprise, exactly?
It still needs to be repeated over and over since people are absolutely opposing a higher inheritance tax thinking it would influence them inheriting their grandma's house because that's how those populists are usually spinning it...
Ikr? Everyone today grinding for that "generational wealth" and I honestly don't see why. Do people really want more spoiled brats in the world?
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.
You seem to be mistaking a chance to give your family a place to live with whatever the fuck a billion is supposed to offer them.
Some kids want to become actors, some kids want to eat people.
Why deny your grandchildren their dreams?