Late Stage Capitalism

Capitalism is a meritocracy! but also:

How else would one amass so much wealth legitimately that quickly?

This is the best summary I could come up with:

There are already more billionaires than ever before (2,781), and the number is expected to soar in the coming years as an elderly generation of super-rich people prepare to give their fortunes to their children.

Research by Forbes magazine found there were 15 billionaires aged 30 or under but that none had created their own wealth, instead benefitting from huge inheritances.

Among them are Ireland’s Firoz Mistry, 27, and his brother Zahan, 25, who each have an estimated $4.9bn from their stakes in Tata Sons, the parent company of the Indian conglomerate Tate Group, which owns car brands including Jaguar Land Rover.

The world’s youngest billionaire is Livia Voigt, 19, who has a $1.1bn fortune thanks to a 3.1% stake in WEG Industries, a Brazilian electrical equipment producer co-founded by her grandfather Werner Ricardo.

“Looking to the longer term, the exceptional wealth resulting from the boom in entrepreneurial activity since the 1990s has established a foundation for future generations of billionaire families.”

The transfer is expected to make millennials the “richest generation in history”, says research by the real estate agent Knight Frank.

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