So roughly speaking, the richest Americans in 1982 had inherited money made from extracting natural resources, and those in 2020 had made money creating new technology.
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In 1982, 9 of the 14 biggest fortunes in America were inherited, and 11 of 14 derived from oil, including all 9 of the inherited ones. In 2020, 3 were inherited, and 10 of the 14 derived from tech companies.
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(The reason the cutoff is at 14 is that the 1982 Forbes 400 was not as high resolution as it is today. There was a 12-way tie for 3rd place.)
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Innovation mutlipies opportunity!
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Until vaccines, they always said ‘tech is the new oil’.
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Nice question, i think all of them, most people who needs to work for a living cant afford to become a billionaire!
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The new oil is computing power. Algorithms extract it from the ground.
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15 years from now most will be from crypto.
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@RemindMe_OfThis in 2 years. - Show replies
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