Income inequality has increased in the US over the years, and many consider generational wealth to be one of its key causes. The fortunes of US family dynasties have been on the rise, and some rich families are taking advantage of new tax laws that make it more flexible for them to pass money on to their heirs. Some billionaires are thinking twice about how they’re tackling generational wealth; Bill Gates and Warren Buffett plan to give most of their money away through the Giving Pledge, instead of keeping it in the family. The median American family owns just over $US80,000 in household wealth, while 15 family dynasties own a combined $US618 billion. That’s according to the left-leaning Institute for Policy Studies’ Billionaire Bonanza report, which examined the growing concentration of wealth in the US by looking at 15 dynastically wealthy families from the Forbes 400 list and data from the Federal Reserve Survey of Consumer Finance. “Each of these family’s wealth comes from companies started by an earlier generation, either a parent or more distant ancestor,” states the report. “Each of them also represents a wealth dynasty passing generation to generation free from interruption.” Since 1982, the combined wealth… Read full this story
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