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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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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(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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Your tweets are like that mine of information and insights, which make me feel “I need to study this and know stuff you do”
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That's a lot of bronze trophies they had to give out
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I will look into that other sectors and concentration. See tech's impact on them over time the top 14 fortune to be dominated by technology led assets.
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Forbes 400 undercounts inherited wealth. Bloomberg Billionaires is more accurate but still undercounts inheritance.
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Now waiting for someone to tally up the crypto billionaires
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I think this is a good indication of our country's potential. We've always been an ideas place. People who inherited their wealth are probably less likely to contribute to the future.
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Do you think tech companies will one day be as scrutinized as oil companies? Or is that already has began?
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