> He calculated the expected flow of inherited wealth for these dynasties after 1920 using estimated rates of return for typical asset portfolios held by the wealthy, including stocks, bonds, housing wealth, and cash. The destruction of wealth due to war and death taxes paid were taken into account to estimate ‘true’ inherited wealth.
Most of the big country estates that were around then are now long gone. Yes there are some left but it’s a vastly different world to then.
> The paper, published in the August issue of The Economic History Review, uses historical data to reveal nearly 10,000 families where £9 billion of their wealth is ‘missing
These are huge figures, but it averages out at £900,000 per family. Considering these are elite historical families that doesn’t actually seem that much, especially when it’s been extrapolated over the past 100 years.
Interesting article all the same, but I’m not quite so sure it’s as jaw dropping as the headline suggests.
^edit ^spelling
The wealth of India also Blood and slavery money, let’s call it what it is.
…or they did a shed load of coke
It’ll be people like the Duke of Westminster. He inherited 6 years ago dodged 40% tax on £9 billion. They all use the same method he did.
For context you’d need around 3600 people to inherit over £2.2 million each (excluding the allowance) to match what the Duke of Westminster dodged in tax. Maybe there are only a dozen families left in this spot but even still once you add them all up together it must make a fortune.
Breaking news: Super Rich guilty of tax evasion. /s
Edit; grammar
*”It’s a big club, and you ain’t in it”* – George Carlin
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> He calculated the expected flow of inherited wealth for these dynasties after 1920 using estimated rates of return for typical asset portfolios held by the wealthy, including stocks, bonds, housing wealth, and cash. The destruction of wealth due to war and death taxes paid were taken into account to estimate ‘true’ inherited wealth.
Most of the big country estates that were around then are now long gone. Yes there are some left but it’s a vastly different world to then.
> The paper, published in the August issue of The Economic History Review, uses historical data to reveal nearly 10,000 families where £9 billion of their wealth is ‘missing
These are huge figures, but it averages out at £900,000 per family. Considering these are elite historical families that doesn’t actually seem that much, especially when it’s been extrapolated over the past 100 years.
Interesting article all the same, but I’m not quite so sure it’s as jaw dropping as the headline suggests.
^edit ^spelling
The wealth of India also Blood and slavery money, let’s call it what it is.
…or they did a shed load of coke
It’ll be people like the Duke of Westminster. He inherited 6 years ago dodged 40% tax on £9 billion. They all use the same method he did.
https://amp.theguardian.com/money/2016/aug/11/inheritance-tax-why-the-new-duke-of-westminster-will-not-pay-billions
For context you’d need around 3600 people to inherit over £2.2 million each (excluding the allowance) to match what the Duke of Westminster dodged in tax. Maybe there are only a dozen families left in this spot but even still once you add them all up together it must make a fortune.
Breaking news: Super Rich guilty of tax evasion. /s
Edit; grammar
*”It’s a big club, and you ain’t in it”* – George Carlin