This article has nothing to do with wealthy families losing their wealth after two generations. The 70% number is a complete fabrication, they couldn't even be bothered with coming up with a more believable number like 73%, or even defining what amount is losing it.
This article serves two purposes. Puffing up currently wealthy people as only being that way from pure grit and determination. No inheritance here. If you're wealthy it's because you've worked hard for it because we've already established that inherited wealth is a losing proposition.
Secondly, it tries to establish that there is no generational wealth which reinforces the first premise that all wealth is due to hard work. It's a wonderful bit of circular reasoning. All wealth is gained through hard work, generational wealth might exist but it's fleeting, so the multigenerational wealth that you do see must be due to multigenerational exceptionalism.
This article serves two purposes. Puffing up currently wealthy people as only being that way from pure grit and determination. No inheritance here. If you're wealthy it's because you've worked hard for it because we've already established that inherited wealth is a losing proposition.
Secondly, it tries to establish that there is no generational wealth which reinforces the first premise that all wealth is due to hard work. It's a wonderful bit of circular reasoning. All wealth is gained through hard work, generational wealth might exist but it's fleeting, so the multigenerational wealth that you do see must be due to multigenerational exceptionalism.