The Reasons Why Super-Rich Americans Are Getting Richer And-Younger
- So where does the money of the younger super rich come from?
According to a survey of US investors with US$25 million or more , their average age dropped by 11 years since 2014, to 47. The president of the Spectrem Group, which conducted the study said that “vast generational transfer of wealth” is “just beginning”. Although the sample size was small - 185 Americans with more than US$25 million in net worth, the findings are similar to other economic research on the top 0.1 per cent.
So where does the money of the younger super rich come from?
A new generation of millionaires and billionaires probably become richer because of the giant inheritances or self-made fortunes.
There may be more Mark Zuckerbergs who develop their own career and become supper rich. This is not surprising because of the recent boom in Silicon Valley. Thanks to technology and the ease of raising venture capital, more and more new billionaires and multimillionaires are “born”.
Besides people like Mark Zuckerbergs, there ones are more like Paris Hiltons who inherits a large amount of money from their family. Most of the richest Americans are planning to transfer to their children, grandchildren and beyond. 91% of the rich with US$25 million or more keep assets in a trust. Half of them even make three or more trusts set up.
Charity is getting less attention. Although nearly 200 of the world’s richest people such as Bill Gates,..have signed the Giving Pledge, the survey of the Spectrem shows that the typical rich person is not so generous. Just 15% of respondents with at least US$25 million give away US$100,000 or more annually.
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The Reasons Why Super-Rich Americans Are Getting Richer And-Younger
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