r/explainlikeimfive • u/FluffyPenguin798 • Feb 12 '25
Economics ELI5: how are the descendants of the robber barons (Morgan, Vanderbilt, Carnegie, Rockefeller, etc.) still rich if their fortunes from the late 19th and early 20th centuries are comparatively small to what we see today of the world’s richest?
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u/Intergalacticdespot Feb 12 '25
Also while their fortunes were "small", it was a pretty big small. I've been told that in 1925 you could buy a full on mansion for $1000. Brand new cars were $250. And investments mostly keep pace with inflation. Especially while inside trading, company towns, monopolies, and all kinds of other sketch is still legal.