'Born on Third Base': How the Wealthy Inherit the Earth

[xchrom]

http://www.commondreams.org/headline/2012/09/19-7


Just twelve of the Forbes 400 for 2012. (AP Photo/Forbes, Michael Prince)

Gushing over the wild financial wealth of individuals, The Forbes 400: The Richest People In America In 2012 — released today online and heading to newstands nationwide—pays homage to the clichéd platitude that America is the land of opportunity for hard-working, gutsy entrepreneurs and great wealth is merely evidence of great accomplishment.

Unfortunately, according to a new report by Massachusetts-based United for a Fair Economy, the Forbes 400 does not tell the whole story of wealth in America. In fact, the authors of the report argue, the list of the country's richest people tells the story of a nation where being born into wealth or inheriting great sums from a departed spouse are by far the most common paths to financial fortune.

Taking a close look at last year's list of wealthiest people, the UFE discovered that roughly 40% of the individuals who appeared on the 2011 Forbes list received a "significant economic advantage in their lives by inheriting a sizeable asset from a spouse or family member." Strikingly, more than 20% received sufficient wealth to make the list from this inheritance alone.

Timed to coincide with this year's list from Forbes, the UFE report, Born on Third Base: What the Forbes 400 Really Says About Economic Equality and Opportunity in America (pdf), seeks to show that the highly-touted list actually misleads about the sources of wealth and opportunity for many of those who appear on it.

[hlthe2b]

1. Jon Bon Jovi.... I love to point this out when I see the inevitable snide comment about him.

He is a truly good guy and a great progressive.