Friday, September 28, 2012
In response to Forbes's release of their annual toast to those who embody the American dream, the group United for a Fair Economy released a story that analyzed the people on that list to determine whether those people actually embody what that group considers the American dream. The story reported that, in fact, many people—about 40%—on the Forbes list "inherited a size-able asset from a spouse or family member." The report also noted that Forbes stated that only 30% of its list inherited their wealth from their family. The list claimed that 70% are entirely self-made.
The report seemed to conclude that the American dream was a fabrication, and that many people on the list are there because they are product of their birth. Of course, this issue is entirely a product of how a person defines "self-made."
See Robert Frank, Did the Forbes 400 Billionaires Really 'Build That'?, CNBC Reporter & Editor, Sept. 25, 2012.
Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.