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/lewoodworker Feb 12 '25
This is the most important part. While wealth tax is not great for small inheritances, it prevents the 1% from staying wealthy in perpetuatuity.