So here’s an interesting little thought experiment
Of the 137 people who became billionaires in the 12 months to this April, 53 inherited a combined $150.8bn (£119bn) from their family, the report by UBS found. This exceeds the combined $140.7bn created by “84 new self-made” billionaires over the same period.
How much of that $140 billion depends upon the $150 billion being allowed to happen for its creation?
As we all know, incentives matter.
An incentive for humans is the ability to make our childrens’ lives between better and pluperfect. One motivation for becoming rich is that desire to found a dynasty.
So, how much of the entreprenurial activity – the main beneficiaries of which are us out here as consumers – is dependent upon being able to pass on vast wodges to the kids?
Clearly, it’s some and equally clearly it’s not all. But how much? For that’s the level at which you could nick that wealth off rich folk without harming consumers.