Dynastic wealth

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Dynastic wealth is monetary inheritance that is passed on to generations that didn't earn it.[1] Warren Buffett has been quoted as saying "I don't believe in dynastic wealth."[2] Another wealthy individual who has said he will not be handing his wealth down to his children is Sting, otherwise known as Gordon Sumner; in an interview with the Mail he stated "I certainly don't want to leave them trust funds that are albatrosses round their necks".[3]

Dynastic wealth is linked to the term Plutocracy. Much has been written about the rise and influence of dynastic wealth including the bestselling book Capital in the Twenty-First Century by the French economist Thomas Piketty.[4]

Bill Gates uses the term in his article "Why Inequality Matters".[5]

References[edit]

  1. ^ John J. Miller, "Open the FloodGates", "The Wall Street Journal", July 7, 2006
  2. ^ LANDON THOMAS Jr, "A $31 Billion Gift Between Friends", "The New York Times", June 27, 2006
  3. ^ GEORDIE GREIG, "Why my children will not be inheriting my £180million fortune: Sting wants his sons and daughters to earn their way (and says he's spending all his money anyway)", "Mail Online", 21 June 2014
  4. ^ Piketty, Thomas, "Capital in the Twenty-First Century". Harvard University Press, Mar 10, 2014
  5. ^ BILL GATES, "Why Inequality Matters", "LinkedIn", 15 October 2014