“Even if you had rich parents, it probably won’t be enough for your kids. President Kennedy’s father was one of the richest men in America, and his kids, Jack, Bobby, Ted, Eunice et al, had plenty of money…

…The third generation had to sell the 4.0 million square foot moneymaking Merchandise Mart in Chicago, and the fourth generation is no longer wealthy.  A recent study showed that 79% of family wealth is destroyed by the second generation, and the loss of wealth exceeds 90% after three generations.  Barron’s looked at 1880’s millionaire William Henry Vanderbilt.  His wealth was estimated to be over $300 billion in today’s dollars, yet by 1973, just two generations, not a single heir was worth even $1.0 million.”, Excerpt from a November 16, 2015 Financial Services Industry Newsletter

“I think these stats bode well for America and free market capitalism. Free and fair competition in the marketplace, even if its not perfect and needs to improve (think crony capitalism), reorders wealth more fairly and faster than any economic system I know.”, Mike Perry

 

Posted on November 16, 2015, in Postings. Bookmark the permalink. Leave a comment.

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