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1996-11-26 - Re: wealth and property rights

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From: snow <snow@smoke.suba.com>
To: wombat@mcfeely.bsfs.org (Rabid Wombat)
Message Hash: a8737144e08393eccbe47bbf06ef46f9e65098d8ccca9ef5a1871710b3cd3c34
Message ID: <199611260331.VAA00208@smoke.suba.com>
Reply To: <Pine.BSF.3.91.961125154224.10423A-100000@mcfeely.bsfs.org>
UTC Datetime: 1996-11-26 03:14:07 UTC
Raw Date: Mon, 25 Nov 1996 19:14:07 -0800 (PST)

Raw message

From: snow <snow@smoke.suba.com>
Date: Mon, 25 Nov 1996 19:14:07 -0800 (PST)
To: wombat@mcfeely.bsfs.org (Rabid Wombat)
Subject: Re: wealth and property rights
In-Reply-To: <Pine.BSF.3.91.961125154224.10423A-100000@mcfeely.bsfs.org>
Message-ID: <199611260331.VAA00208@smoke.suba.com>
MIME-Version: 1.0
Content-Type: text/plain


>>>Yup. I agree with you here - every year Forbes puts out its list of the
>>>fairly leveraged with mortgages and other loans, so their true net worth
>>>is not all that high.
>>>The "coupon-clipping" class is mostly "old money."
>>Well since so many people are commenting on it, I'd better explain.  I have
>>heard a number of times that of all the millionaires in this country, the vast
>>majority of them are first-generation millionaires.  I'll certainly admit that
>>that's different than saying most of the wealth is first-generation wealth.  And
>>sorry, but I can't give a specific source.
> I have no doubt that the above is correct - but a million ($) just isn't
> what it used to be. Even if all the "millionaires" are 1st generation
> wealth, the million+ -aires certainly aren't. 

     Bill Gates. Sam Walton. 

     2 very large examples. Waltons heirs got most of his wealth, so they 
are second generation. 

     While it may be that "most" of the wealth is controlled by few entities,
exactly _what_ are those entities, and what does that wealth consist of? 

    Real estate? Money in the bank? -or- things like stocks, bonds, and 
other _investments_? 
Petro, Christopher C.
petro@suba.com <prefered for any non-list stuff>
snow@smoke.suba.com

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