A new study portrays high-net-worth individuals as a more diverse group than typical clichés might suggest. The United States rests at the bottom of the top third in country rankings for the correlation between wealth and elite education. However, inside the group of ultra-wealthy Americans it is an extremely weak correlation. Further, only approximately 12% of wealthy Americans inherited their wealth. These individuals who inherited their wealth also tend to be far more charitable, especially women. The study findings prove that there is more to the wealthy than their money.
See Tyler Cowen, The Rich Are Also Different From One Another, Bloomberg, October 6, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
