Dynastic wealth
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
- ^ John J. Miller, "Open the FloodGates", "The Wall Street Journal", July 7, 2006
- ^ LANDON THOMAS Jr, "A $31 Billion Gift Between Friends", "The New York Times", June 27, 2006
- ^ 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
- ^ Piketty, Thomas, "Capital in the Twenty-First Century". Harvard University Press, Mar 10, 2014
- ^ BILL GATES, "Why Inequality Matters", "LinkedIn", 15 October 2014