Forbes
Where did you get your claim?
I had posted:
Originally Posted by OhIsee.Then
Most new traceable income is going to people that haven’t inherited it. The old wealth is much less visible and the income it generates is less visible too. So where did you get your information?
Lachean sent me to Forbes. Thanks. I’ll use it as part of my answer. Forbes sent me to this information:
In 1957 Fortune magazine developed a list of the seventy-six wealthiest Americans
The man with the greatest impact on the list was arguably Andrew W. Mellon, who had been dead for 20 years: the second category, covering the second to eighth richest individuals, included his son, daughter, niece and nephew. The list also included seven members of the Rockefeller family, five members of the Ford family, four members of the Du Pont family (and a non-family DuPont executive), and four General Motors executives.
Here are more: Mrs. Mellon Bruce (inherited), Paul Mellon (inherited), Richard King Mellon (inherited), John D. Rockefeller Jr. (inherited), Mrs. Frederick Guest formerly Amy Phipps (inherited), Irénée du Pont (inherited), William du Pont, Jr. (inherited), Doris Duke (inherited), Mrs. Alfred I. du Pont (inherited), Mrs. Edsel Ford (inherited), Amory Houghton (inherited)
And, some of my 'claims' come from my own observations. But here are a couple observations. We are not what I'd call wealthy, but we have our money managed and could have it invested out of the country. Or, if we inherited a bunch like the above the earnings would disappear, also the principle. One of many neat ways money has and is moved offshore where it is no longer traceable is with the sale of the company logo to a foreign company. The foreign company can be wholly owned by the founders of the original company. The foreign company charges for the use of the logo and the only thing that shows up here is an obfuscating entry in the books.