First, how many generations are we talking about? Two, three, ad infinitum?
Math is one thing, reality is another. From the behavior of the heirs to factors beyond their control, generational wealth for multiple generations is difficult, not impossible, to achieve. Some families achieve it by setting up non-profit corporations, but most families end up in the middle.
One can take a peep at the once great families of VA; they are called FFV's, First Families of Virginia. Once holders of vast tracks of land, immense wealth, they are mostly reduced to the middle class. Between wars, depressions and poor investments they are now reduced to the middle class for the most part, some are totally gone, some are holding on.
In VA, Shirley Planation has held on as a family business; founded in 1613, its now two LLC's. But whereas once it was almost 10,000 acres, it's now less than 800 and takes in tourists to help make ends meet. An acquaintance of mine has her little suburban plot still zoned agricultural. It's a far cry from the ten's of thousands of acres her ancestors were granted by King Charles II. The land patent still hangs proudly in her living room, but the wealth is gone, sold over centuries to make ends meet.
(Let's not even get into the wealth lost by these families and thousands more during the Civil War; the Confederate bonds are collectors items, but that's all; even the Confederate Zombie Bonds are worthless.)
Math is one thing, reality is another. From the behavior of the heirs to factors beyond their control, generational wealth for multiple generations is difficult, not impossible, to achieve. Some families achieve it by setting up non-profit corporations, but most families end up in the middle.
One can take a peep at the once great families of VA; they are called FFV's, First Families of Virginia. Once holders of vast tracks of land, immense wealth, they are mostly reduced to the middle class. Between wars, depressions and poor investments they are now reduced to the middle class for the most part, some are totally gone, some are holding on.
In VA, Shirley Planation has held on as a family business; founded in 1613, its now two LLC's. But whereas once it was almost 10,000 acres, it's now less than 800 and takes in tourists to help make ends meet. An acquaintance of mine has her little suburban plot still zoned agricultural. It's a far cry from the ten's of thousands of acres her ancestors were granted by King Charles II. The land patent still hangs proudly in her living room, but the wealth is gone, sold over centuries to make ends meet.
(Let's not even get into the wealth lost by these families and thousands more during the Civil War; the Confederate bonds are collectors items, but that's all; even the Confederate Zombie Bonds are worthless.)
Statistics: Posted by Mr. Rumples — Sat Jun 29, 2024 5:00 am — Replies 5 — Views 501