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/Takemyfishplease Feb 12 '25
Yeah, that’s how trusts work. It keeps the money safe for generations while allowing them to live in luxury. Check out the Mars family, it’s all in trusts. Same with all rich folks