dynastic wealth Concepts

Capital Without Borders

by Brooke Harrington · 11 Sep 2016 · 358pp · 104,664 words

with the techniques they use to defend the wealth of their clients.27 The impact of the profession hinges on its deep historical connections to dynastic wealth, dating back to feudal Europe, coupled with its use of innovative legal and financial techniques, putting it at the forefront of contemporary global finance. Ordinarily

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the apparatus of appropriation,” affects far more than the private wealth and interpersonal relationships of individual families.52 By consolidating resources over generations, it creates dynastic wealth, which in turn fuels a political power elite—a new aristocracy, symbolized by people such as Mitt Romney and George Bush, whose inheritances and multiple

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. The individuals who took on the role of trustee shared a common enemy with the landowners who requested their service: laws that threatened to dissipate dynastic wealth. Trustees were often “friends and relatives of the same social class” as the settlor and beneficiaries.24 Indeed, “almost every well-to-do-man was

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, to understand the sources of conflict and change around inequality, it is crucial to examine the actors who shape the larger institutions. Creating dynastic wealth A defining characteristic of dynastic wealth is that it endures and becomes “relatively indestructible” through legal practices and structures.70 In the past, those practices took the form of

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an aristocracy, so to speak, to spring out of the ground.”71 The power of these structures and strategies is such that they can create dynastic wealth even when there is no intention to do so on the part of clients or wealth managers. As one study observed: “Families can acquire a

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of wealth management on inequality As all this implies, discussion of wealth management’s impact on inequality is really a discussion about the impact of dynastic wealth, which—particularly in the modern era—endures not on its own but only through the intervention of professionals. The scope of this impact is significant

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“is not especially interested in the UK; it exists to serve ‘EMEA,’ a land known only to bankers: Europe, the Middle East, and Africa.”31 Dynastic wealth as a challenge to state authority By giving a powerful voice in lawmaking and policy to a transnational clientele, professionals are effecting a change in

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clients rich but also provided the template for the power elite in its relationship to society and the state. In particular, institutions developed to preserve dynastic wealth became the models for legitimating the ongoing domination of wealthy families in societies that had nominally dedicated themselves to meritocracy, capitalism, and equal opportunity. The

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trust structure and its fiduciaries provided the means for wealthy families to challenge states in the provision of these major institutional services. The influence of dynastic wealth on states made this surprisingly easy to achieve. For example, in the United States, the wealthy have long been permitted to create their own banks

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wealth manager), 66–67, 136–37, 138–39, 143, 241–43 Dryden, John, 215 due process, 141, 147 Durkheim, Émile, 277 dynastic trusts, 170, 229 dynastic wealth: as challenge to state authority, 243–52, 268–69; creating, 208–17; defining characteristic of, 208; destabilizes governments and markets, 203; economic impact of, 217

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, 286–87, 288 elites: alliances among, 17–18; assert their autonomy from government, 43, 128, 314n29; change disliked by, 89; as class that inherits, 203; dynastic wealth and political power of, 15–16, 223; essential sameness of, 81–82; family institutions opened to the public, 250; gaining trust of high-net-worth

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, 215–17; “shirtsleeves to shirtsleeves in three generations,” 18, 193, 203, 231, 274; wealth management in protection of, 10, 11, 15, 18, 277. See also dynastic wealth; inheritance family foundations, 151 family offices, 72–73 Family Wealth: Keeping It in the Family (Hughes), 250–51 fiduciary responsibility: as absent in bankers, 63

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, 147; land ownership in, 4; trusts not trusted in, 114, 177. See also Panama law: corporations and trustees controlled by, 74; due process, 141, 147; dynastic wealth challenged by, 42; each jurisdiction creates its own, 237; international, 133, 134; lawless zones created by offshore finance, 295–97; shar’ia law, 166, 174

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manager), 80, 81, 88, 89, 106, 117, 124, 126, 136, 228, 244, 298 marketing, 98 markets: complexity of international financial, 272; deregulation of financial, 126; dynastic wealth destabilizes, 203; family institutions that rival those of, 250–52; financial crises continue, 298; private, 90–91; STEP frames its work as defense of free

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, 200, 203, 205, 207, 214, 238, 274 political economy: competition as part of international, 269; contributions to theory and research of this study, 289–97; dynastic wealth’s impact on, 246–49; of wealth, 248, 289 politics: campaign contributions, 18, 223; of hatred, 220; participation as luxury good, 223; political inequality, 222

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bugbear of offshore-finance clients, 136; in building of offshore finance, 255–56; captured states, 260, 262–67; development and the postcolonial conundrum, 253–67; dynastic wealth as challenge to, 243–52, 268–69; elites assert their autonomy from the, 43, 128, 314n29; family institutions that rival those of, 250–51; a

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–63; divided ownership in, 5, 40, 111, 162, 173, 175; divorce-protection, 162–64; as dominant tool in wealth management, 185; dynastic, 170, 229; in dynastic wealth creation, 208, 209; economic development reduced by, 217–21; in economic inequality, 206, 208, 209, 214, 215–21, 225, 226, 275–76; economic inequality’s

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, 194, 199, 206; suspicion in the wealthy, 81; Tocqueville on, 204; undeclared, 300, 301; the wealthy live in a world apart, 224. See also assets; dynastic wealth; 1 percent; wealth management wealth management: academics in, 69; accidental apprenticeship for, 103–5; advertisements for wealth managers, 60, 76–78; as age-sensitive, 119

Limitarianism: The Case Against Extreme Wealth

by Ingrid Robeyns · 16 Jan 2024 · 327pp · 110,234 words

away his entire fortune, almost $8 billion? Most super-rich people give only a tiny fraction of that amount, and instead prefer to build up dynastic wealth, passing most of it on to their children. Or they spend it on things as crazy and wasteful as golden toilets. Are we expecting philanthropists

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an outspoken critic of growing wealth inequalities in the US, and a member of the Patriotic Millionaires. In her article, she describes “the blueprints for dynastic wealth” that are used to socialize children from rich families. There are clear rules. Never touch the “corpus” (that is, spend the capital that you have

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, The Wealth Hoarders, pp. 1–15; Abigail Disney, “I Was Taught from a Young Age to Protect My Dynastic Wealth,” Atlantic, June 17, 2021, theatlantic.com/ideas/archive/2021/06/abigail-disney-rich-protect-dynastic-wealth-propublica-tax/619212/; and Engelhorn, Geld. 29. Dean J. Machin, “Political Inequality and the ‘Super-Rich’: Their Money

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Public Affairs 34:4 (2006), pp. 313–51. 8. Chomsky, Profit over People. 9. Disney, “I Was Taught from a Young Age to Protect My Dynastic Wealth.” 10. Oreskes and Conway, The Big Myth. For accounts of the earliest neoliberal thinkers and their networks, active from the 1930s onward, see Philip Mirowski

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: On the Rights and Obligations of Economic Citizenship (Oxford: Oxford University Press, 2003); Miranda Perry Fleischer, “Divide and Conquer: Using an Accessions Tax to Combat Dynastic Wealth Transfers,” Boston College Law Review 57:3 (2016), pp. 913–46; Atkinson, Inequality, pp. 192–6; and Piketty, A Brief History of Equality, pp. 137

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–7, 218 Good Ancestor Movement 183, 192 government and 167–79, 181 pluralism argument 177 power asymmetry and 179 principled justification 176 “rules”/blueprints for dynastic wealth and 172 small donors 181 structural change and 180 tax and 164, 166–8, 172, 173, 175–6, 180, 186 Piketty, Thomas: Le Capital au

In Pursuit of Privilege: A History of New York City's Upper Class and the Making of a Metropolis

by Clifton Hood · 1 Nov 2016 · 641pp · 182,927 words

seventeenth century, belonged to the Four Hundred in the late nineteenth century, and remain socially prominent today. In her 2009 memoir, Pell asserts that their dynastic wealth and privilege “brought with it a very close-minded ethos.”73 “We grew up feeling entitled and more deserving than others,” an attitude that she

The Capitalist Manifesto

by Johan Norberg · 14 Jun 2023 · 295pp · 87,204 words

’ list of 400 billionaires in 1982, they find that only sixty-nine of them or their heirs remain in 2014, and their conclusion is that ‘dynastic wealth accumulation is simply a myth.’12 Another researcher looked at the individuals who remained on the Forbes list between 1987 and 2014 and the 327

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Century, Belknap Press, 2014, p.444ff. 10. Ibid., p.31. 11. Ibid., pp.435–9. 12. Robert Arnott, William Bernstein & Lillian Wu, ‘The myth of dynastic wealth: The rich get poorer’, Cato Journal, vol.35, no.3, 2015. 13. William McBride, ‘Thomas Piketty’s false depiction of wealth in America’, Tax Foundation

The Snowball: Warren Buffett and the Business of Life

by Alice Schroeder · 1 Sep 2008 · 1,336pp · 415,037 words

mental backflips, however, to reconcile all the statements he had made over the years—denunciations of the evils of the “divine right of the womb,” dynastic wealth, and advantages based on parentage rather than merit—with his decision to make his relatively untested son the chairman of Berkshire Hathaway after he was

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, a rich old crocodile who was trying to keep the next generation from bootstrapping its way to success in the classic American entrepreneurial manner.31 “Dynastic wealth turns a meritocracy upside down,” he wrote to Senator Ken Salazar. “In effect it says that the people who should allocate the resources of this

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other place. “All along, I’ve felt the money was just claim checks that should go back to society. I am not an enthusiast for dynastic wealth, particularly when the alternative is six billion people who’ve got much poorer hands in life than we have, getting a chance to benefit from

Mine!: How the Hidden Rules of Ownership Control Our Lives

by Michael A. Heller and James Salzman · 2 Mar 2021 · 332pp · 100,245 words

; and Gray on the consequences. A country created in opposition to inherited status now tolerates states like South Dakota and Nevada whose legislatures affirmatively promote dynastic wealth and responsibility evasion. This is not a progressive position, certainly. But neither does it fall within any intelligible version of American conservatism, a political tradition

All the Money in the World

by Peter W. Bernstein · 17 Dec 2008 · 538pp · 147,612 words

an heir who will inherit such a vast sum of money keep his or her feet on the ground? A century before Warren Buffett12 disavowed dynastic wealth, Andrew Carnegie was sounding the warning bell: “The parent who leaves his son13 enormous wealth generally deadens the talents and energies of the son and

The Meritocracy Myth

by Stephen J. McNamee · 17 Jul 2013 · 440pp · 108,137 words

and the stability of wealth and inequality across generations gives rise to what some observers suggest is the unfolding of a second Gilded Age of dynastic wealth in America (Grusky and Kricheli-Katz 2012; Freeland 2012). Despite the evidence of wealth stability over time, much is made of the investment “risks” that

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, and social classes. Even within social classes, subcultural differences are manifest. For example, within the upper class, the upper-upper class, with its “old money” (dynastic wealth) and its cultural capital displayed as refined manners, styles, and tastes (Fabrikant 2005), is contrasted with the lower-upper class, the nouveau riche, whose members

The Bill Gates Problem: Reckoning With the Myth of the Good Billionaire

by Tim Schwab · 13 Nov 2023 · 618pp · 179,407 words

wealthy people are pledging to do just that. Philanthropy done well not only produces direct benefits for society, it also reduces dynastic wealth. Melinda and I are strong believers that dynastic wealth is bad for both society and the children involved. We want our children to make their own way in the world. They

Enemy of All Mankind: A True Story of Piracy, Power, and History's First Global Manhunt

by Steven Johnson · 11 May 2020 · 299pp · 79,739 words

that fortune equitably among all the participants. The pirates were men living in a world dominated by people like Lord Houblon or Aurangzeb, heirs to dynastic wealth that went back many generations: the number of commoners who had escaped their roots and made their own fortune, as Every had declared to Captain

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the heist was £2,000. It was enough money to secure a life of leisure for the remainder of his days, but still short of dynastic wealth. Of course, to enjoy that life of leisure, Every would have to slip free of the dragnet that was surely coming for him. Every and