Maintaining inherited wealth is more prevalent in Europe compared to the United States, evidencing the continent’s low social mobility and stagnant education, income, and social connections; 33% of Italy and 65% of Germany’s richest people inherited their fortunes compared to only 29% in the United States. America’s economy is expanding, creating a need for more professionals. In Europe, however, when the economy is stalling, wealth and inheritance must be monitored to prevent the inability to revive growth. The Article details the effects of substantial wealth inherited by prominent families in Europe.
See Alessandro Speciale & Chiara Vasarri, How to Stay Rich in Europe: Inherit Money for 700 Years, Bloomberg, August 23, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
