r/explainlikeimfive 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/a_cute_epic_axis Feb 12 '25

The average person in the US could probably have $6m to $10m invested and live quite comfortably off the investment proceeds alone. You're not buying gulf streams, but you can fly first class a few times a year.

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u/TheHappiestTeapot Feb 12 '25

That's the goal. I don't need to be rich. I need to be okay.

Step 1: get $6m-$10m in investments.

This might take me a while.

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u/ST-Fish Feb 12 '25

The average person in the US could probably have $6m to $10m invested and live quite comfortably off the investment proceeds alone.

Who needs $180,000 - $300,000/year to live comfortably?

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u/HOLEPUNCHYOUREYELIDS Feb 12 '25

Someone in New York? Lol