Jul 23, 2017 · 1 min read
Here are some more important ways that the rich differ from the non-rich:
- The rich are predominantly white and male, with a few exceptions. Unfortunately our society still has subtle racism and sexism. (Or not so subtle, judging from the stories that are starting to come out of Silicon Valley).
- The rich were usually born into families who were already upper-class or upper-middle-class. These families valued education, and had the means to invest in education for their children.
- The investment in education means that it was comparatively easy for the rich to become members of social networks that included other rich and politically connected people, which in turn afforded the rich more investment opportunities than the non-rich.
- As they grew into adults, the rich frequently inherited large sums of money from their families (e.g., the Kochs, Waltons, Mars, Cargills, etc.)
- Through the “magic of compound interest” it’s much easier for the rich to become richer than for the non-rich to become rich. That is, it’s much easier to make $100k starting from $10M than to make $100k starting from $100k.
