AMERICANS are admirably optimistic about shaping their own future. One survey found that nearly three-quarters of Americans thought hard work was a “very important” component of success, while just 62% put it down to a good education and less than a fifth to coming from wealth. But the United States ranks poorly compared to other advanced economies when it comes to income inequality and social mobility.
A new study by Raj Chetty of Stanford University and a collective of other economists helps answer this question. By matching data from the Department of Education with 30m tax returns, Mr Chetty and his colleagues have constructed a data set that reveals to researchers both the income distributions of graduates of particular colleges, and how incomes vary depending on how rich the graduates’ parents were.
This trend is even more pronounced at the very top of the income distribution. Between 1999 and 2004, just 2% of Princetonians came from the families in the lowest 20% of earnings, while 3.2% came from families in the top 0.1%. The admissions process at top colleges is sometimes further skewed by the preferential treatment given to family members of alumni. Of Harvard’s most recently admitted class, 27% had a relative who also went to that “college near Boston” .
So no entry ticket to the rich class?
Ask Bernie Madoff. He may still be in jail.
this_vid
Not undermining individual endeavours to financially progress in life but I think same is happening all over the world...
Princetonian and definitely not a plutocrat.
LOL ... a Jew-Led 'Creative' (advertising) Agency created this little video for you; right? Only 8 secs in, and we get yet another implied relationship link between the beautiful white girl, and the hovering black boy, superimposed into an otherwise disconnected narrative. 🤡🤡
Thru a rich woman's womb I assume.
dulu kuliah aja di ivy league, kemungkinan besar ada akses jaringan di sekitar 1%-20% elite very rich in America . Sekarang udah beda kali atau masih sama ?
I'm thinking it has to do with incantations and some type of soul barter?
Ask Ivanka and Jared ....TrumpCrimeFamily
NO THANKS!
That is why D.Trump is claiming he is afraid, the US will be owned by another country? when he knows exactly the country is now owned by its 0.1% richest.
How to enter in a happiest club? .. what is more important? To be happy and content in your life or to be a rich?
in billionaire is more likely to marry another super wealthy person than a pauper shocker.
Like this :
The answer is in the headline.. marriage.
wasting our ivy league talent
Ugh stop jesus.
Can’t believe you decided to recycle this one 🤣
Good god - why would anyone want to?
Uh, date with a mission?
Sell your house. Buy Bitcoin. Profit.
KGreaver34
You don’t say.
Causative does not equal corlative. Teach actual causative data that can help people create wealth.
ajboekestijn 1) I thought USA was a meritocratie? 2) Why do we need to get extremely rich? To play with rockets while other people on this planet have noting? No toilet or electricity, or no stremaing water. WTF is wrong with us?
God bless America, it won't be long that the 1% will own well over 60%....That's what capitalism is all about. The rich becoming FILTHY RICH,and the poor becoming FILTHY POOR.
The richest 1% of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons. - Gordon Gekko, Wall Street (1987).
Urban_Maasai
Wow! What a finding! That's simply under everybody's eyes since the Neanderthal man...
Great guess
You don’t need research to know that .
DUH?
AnayasaNevzat
Research also suggests that being born to the right parents is not at all simple.
It right parents rich parents.
antinatalism is the only option
that is some BS theory hard work always pays all there is no alternative ,born in rich family? whos incharge of that what logic is this?
Who would have thought? 🤔
Yea they are rich with that Fake money
America is always behind India. India's richest 12 person owns 80% of India's wealth.
Fucking geniuses
Y’all, what is up with these recent tweets
What's worse is that American society demonizes poverty as if it were completely that person's fault, ignorant that the system is already rigged from the get-go against people born into low-income families from.
I'm not surprised
How about adding some facts about this rather than pushing the common rhetoric? Isn't it true that only 1 in 5 millionaires inherited their money? What percent of 1%ers inherited their money?
'where you end up usually depends on where you start' -- Everlast
Warm thoughts to those who invested in those 'how to get rich' books
Amidst this pandemic, is it really worth it to be a rich?Circulation of wealth is important than its concentration in few hands!!!
IvanOkuda jbyomuhangyi : It’s harder in the US than we thought!
Awesome research 😂
Oh darn! I thought the answer was to charge in with guns blazing. Oh well...
Pick your parents wisely.
Wow. Except for 0.01% people in the world, I think no one ever had a thought like this. Thanks for the eye-opening suggestion.
75% of Americans are brain dead
I was completely convinced that this was the Onion for a second! 😂
jrgeert Hoe beschrijf je rijk zijn ? Hoe ervaar je reik zijn ?
OR stop comparing.
Haha is this a joke 😂😂
LMAO- This headline.
Parents specialising in USURY as a business model !
Ya think?
Are you guys hiring? I wanna be an Economist researcher
Now ya tell me.
People get paid for this type of research?
I would like to get in on that research grant.
👏👏👏🙄🙄🙄
And I quote, 'Duh!'
Yet, some people fail to acknowledge that this type of privilege exists.
Canceling my subscription.
Is this a DUH moment?
DUH
In other news water is wet.
IncomeEquality Gini
Really,, who needs all that?
...in a democratic, free-market-leaning, sovereign nation, where the Economist's agenda is taken with a pinch of salt.
You discover hot water!! Cheers
So stupid
Research?
Hmmmm. Good thinking Economist! Let’s throw away everyone’s hope. EVERYONE READING THIS... I HAVE BREAKING NEWS! HARD WORK GETS YOU NOWHERE ANYMORE.
Don't worry so much what the other has, be Happy with what you have, family, friends and so on...
Be born into the right family, mostly.
Sad but true.
Be born Jewish?
Finance needs to be neutered. They are not the real economy but are merely living off everyone else in a parasitic manner.
why not do an article on how to destroy the 'elite club' culture?
Bella scoperta!!!
CA and NY and DC own this world’s richest talents. The dream destination.🌹🥇🦅🇺🇸🦾
Why would one wish to be that far out of touch with reality?
How do I enter the elite club of working in finance? I guess probably I'd start by working in some other sector... but then what?!
have to be born into one rich family, even those who aren't and makena fortune by other means don't necessarily enter, so yeah, it's all about bloodlines
only way I know is winning the lottery, and even that doesn't guarantee it.
Why assume one wants to 🤷🏻♀️
Go on. Stop the tease. You know. Tell us and we will do it and no longer need you.
Be jewish
Pro tip: Don’t worry about being in the top 1%. Live under your means and focus your attention on being happy and healthy.
Go to college for finance, or be a really hot girl? lol
How to enter 'very rich American' club? Born in a rich family.
Easy. Create a business that can either be publicly traded on the stock market, learn to convince banks or hedge funds to loan you millions of dollars to acquire old businesses and load them with debt and bankrupt them or marry the daughter or a ceo. Could it be any simpler?
become a jew
How did Prince Charles be born a prince?
Easy: your parents are rich, too.
Cla_Dellacasa a proposito fi Ivy League
erm
Whoa whoa cool it with the antisemitic tropes!
Interesting how you show a white woman when jews are the most overrepresented 1%
Well, yes, but which country has the most self-made millionaires?
Burg/Steins 🧐
No shit
Soooooo true.
Right
'Research?' That has and always will b the case. Good lord, what a waste of words. You don't even discuss the global hegemony.
The wealthiest people in America are Chinese, Jewish, and Indians.
Wealth confers responsibility.
Have you ever read Karl Marx?
No shit, what a surprise.
ramin_y Worked that one out, too. extremelyrich
Really?
.What a surprising finding no one has ever thought about!
che strano non lo avrei mai pensato ... ^ ^ ma anche da genitori nella politica non è male
Reality?
Una legge che vietasse di ricevere eredità o donazioni durante l’arco della propria vita che so ad esempio non più di 30 milioni di euro totali ridurrebbe in breve tempo le disuguaglianze enormi e quel che è più importante toglierebbe false motivazioni all’avidità dell’uomo
Psst a secret! If you put over a fire a pot full of water, after some minutes water boils!
Premio gac
What’s the english for “grazie al cazzo”?
That’s the reason why all important matters (eg.equality,fair trade,climate,environment) are never effectively faced nor solved: powerful, rich people protect just their own interest and will never allow the necessary changes that could affect their wealth or privileged status.
How long did this research take?
This comes as a shocker
aeeshaaminu 😂
Do you know? The simplest way to attract women is to be be muscular and rich, and not sick and poor.
Materia per GraziaArcazzo
Zbarskij questa è l'istat inglese...
Good morning Colombo!!!
Really? Unbelievable!
In a nutshell; the extreme rich is passed on from generation to generation hence they get to go to Ivy League uni
This is news?
Who funded your research? My guy has been hoodwinked
kwadwo_19
Research also shows that parents live ling health lives if their kids make and share a lit of money with them.
No shit Sherlock
this is not rocket science. you people wasted time and money conducting this research
🙄 out of touch with reality.
Or win the Lottery!
tantrianayesha begitu nak coba tolong dong bikin baju yg masuknya circle2 orang kaya
'Ne Papa sika nnyɛ ne sika sɛn? Wo kasa saa a, metumi hu sɛ, wonnya sika pɛn'
And you needed research for this? There is a reason the world is burning : its run by inherited incompetence!
TheOnion is this you?
Looks like “The Onion” hijacked The Economust website!
oluspirit2
Thought this was an article from TheOnion
second simple way is marry a rich spouse...
We know that one for centuries!
My own research suggests hitting all the lottos is far easier to do.
Rhoda_Holdbrook
What a research that is!
Duh!!
Proved by British scientists
When the biggest predictor of future succes or wealth, is not intelligence or hard work. But simply being born in a wealthy family, there is something deeply wrong and rotten in our societies and its fabric. Our social contract is broken!
Careful, or people will be suing their parents for not being 'Wealthy enough' to raise them properly.
ryangosha michoJak FMN15 amana ndidaidzirei Jambaya handina handle rake. He was talking chokwadi kuti Ivy league gwazhi rinobatsira
Wow, who sponsored this useless reaserch?
So first you refer to Harvard & Yale then switch to statistics on Princeton. I’m a Yale Grad, & let me assure you, my family’s income was lower than lowest 20%. Much lower. And yes, the degree in Econ has helped me out of that bracket.
An angel lost its wings and a baby was eaten because you wrote this story.
내 이럴줄 알았지! 쉬운 길은 태어나면서 없어졌으니, 다른 길을 알아봅시다.
Love it! Thanks mum and dad! 😊😊😊
If only people were smart enough to choose the right parents...
That’s nice.
Who is making that choice?
Research shows my farts stink
Yeah, right ...
🤔🤔😂😂😂😂
TomGardner18 What's going on here? 😂
Friend parents? or Parents.
jrobertoacosta1 ¿Qué diría la lumbrerísima de AlbertoBernalLe? 'El pobre es pobre porque quiere' Seguramente The Economist se volvió un magazine mamerto
I’ll write that one down as one of my goals for 2020, thanks!
Otracaro paila
😹🙊😹 Seriously
THANK YOU FOR YOUR SERVICE ECONOMIST
Duh
Did you also include the people who inherited money and practically squandered it all?
They feed this obsession of wealth The truth is being a millionaire doesn't matter You are rich if you have food, healthcare, security, a home, people who care about you and people for you to care about Stop being envious of millionaires Start being compassionate for the poor
Ya iya dong privilege, but reality is we can't choose that privilege at the time we born.
YOU DON'T SAY!? 😲
That’s research?
Only took 177 years to (almost) nail this one down.
I thought the easiest way to become extremely rich was to start off vastly wealthy, but then I'm not an economist...
Chris_Skinner I know the heading is dumb, but no one’s commenting has actually watched the video - because you’d know the HOPE is not lost for there is the 2ND SIMPLEST REASON there! Boy, Economist Twitter people - if that’s not the most lost opportunity for “Wait for it..” tweet...
You don't say!!!
Genius well done 👏👏👏👏
P
This kind of studies are misleading, or at least the headline: being it the simplest way does not necessarily make it much less likely for it to happen otherwise. Nor does it aim at instructing on the ways to acquire the skills to improve one’s status. As a critique it might work
Did it take a while to come to this conclusion? How many researchers did you dedicate to the study? Lol
well duh
Mother is a female, right?
that part when the economist tries to gently and obliquely inform you that class-conflict is real
To late for any reader then !
Same article again? Looks like no one embaressed after all
hasyyuu
Or to conquer a central bank
Bugger! Why didn't you tell me this before I was born so I could make an informed choice! 🤬
Gee thanks for that research...weknow
And if surname is Rothschild you can afford to own The Economist
Define “right”
In Nigeria, all you need to do is run for political/public office.
Dang...
In other breaking news. Water wet.
Research?! If this is someone's thesis he's a smart arse who should spend less time in the pub and more time studying, he better of ranked the next simplest routes to wealth in order of efficacy and popularity and drawn some conclusions about less well known routes to wealth.
Did you really need to research that?
We needed research to establish this,”money goes to money” always has and always will
Well, this is sad.
....GEE, WHO KNEW?!!!
Totally agree
Stunning insight and originality. If only we had noticed that we could have a reputation for broadcasting portentous truisms. Lucky you.
'right parent' Excuse me not, what the actual fuck that is supposed to mean?
Next week in The Economist : Did you know ? Being poor leads to increased chances of your kids being poor. NoShitSherlock
Needed « research » for that?
Wow. Who knew, I just wouldn't have known unless research had proved it. Filed in the obvious category.
right parents* *rich parents
No shit
They call it the American Dream, because you have to be asleep to believe it - George Carlin
Money goes to money, and here we've got so many students in debt up to their eyeballs trying to make it. Horrible and so unfair.
So, I was behind the eight ball from day 1 minus 280.
″If he wasn't dead, he would still be alive″! At least at The Economist you like The Lapalisse's truth
AH yes, the CFR Economist attempting to sew discontent, how original. Who said becoming wealthy was going to be easy? Nothing of value is obtained easily. However in America, you have the freedom to start a business, fail, start another, succeed.
No thanks to your bankrupt ideology. Or is your business model starting to fail?
atheistic_1
atheistic_1 Gee, ya think?
Oh really?! And for this they need a research... 🙄😂
No kidding
That's hilarious since those 'rich parents' are usually hard working entrepreneurs and business people. Access to information and technology makes it easier than ever to invest plan, succeed and prosper. Let Time & Patience be your NEW 'rich parents'.
Mulligan
In other news, the pope's Catholic
Well, that has torn up the 'American Dream' theory 😕
So it is Monday.
In other news, fire is hot
Interestingly the turnover in the people who are highest earners in the US is very high. It is pretty high in the UK but even higher there. That supports the idea that there isn’t this permanent economic ruling class but lots of churn which is what people want.
REALLY. How much time did you spend on that one? How can you not be embarrassed to post such a story?
Hurra, at last a realistic statement, profusely proven true by Trumps case.
Big. Fat. Duh. Of course!
Huge if true.
What a fucking surprise
Thought this was a parody account
Hahahahahaha! You had to conduct research to come up with that answer?!?!?! duh
Well there goes that plan.
Simple you have to be RICH as well.
Be like Jho Low
You sell your soul to Satan.
Thankfully, not everyone’s main goal is to make money. And I would rather accociate myself with people whose main goal wasn’t to make money.
Who wants to be a parasite?
aoifeherity write yourself in xoxo gossip girl
Financial Analyst looking for a job here.👈 (Not ivy league, but I studied. I didn't bought the certificate from a private University). 😅
Wealthy marry each other like incestuous famillies to better keep money with them
Yes, and this is one factor leading to increased economic inequality. It's true. Ask any economist. Of course, there are many other (and bigger) factors.
econ doesn't belong to America. neither are Hellmann's canada.
You don't .
Managing money is big in a relationship.
Be white
Why are most answers on the thread cynical? The article reveals attending an ivy-league school regardless of parental status is key. Question is, how many are there that are accepted into such institutions?
You might get rich, but you'll never 'Join the club.' This is a lie.
Most of these comments are sadly ignorant.
Rob steal and cheat while not getting caught or inherit it through force
1. destroy people’s lives through capitalistic opportunism 2. hire a very good lawyer with a ambiguous moral compass 3. hire a very good accountant with a ambiguous moral compass
Be born wealthy.
Strike Three.
UncleIcarus rstyshcklfrd19 is this video a fucking joke? Like is this a bit? Lmao.
PFFF 😠😠😠money money money,.... money, allways money and only money ..... Question : 'Once died, how much money you will take with you ? '
I'll save you a click, the answer is 'Have wealthy parents.'
Kill the 1% and take the glut of riches they no longer ‘need’.
are you serious ? you know some mathematics ? then please read this !
Steal the labor of your employees for decades, and then demand that you’re paying too much taxes. while data shows you’re paying less than every before you continue to whine how poor people want healthcare, and a roof over their heads.
Don't. Be content with enough and have a good life surrounded with people who love you and with whom you love.
Become a democrat politician in LA, Chicago, Baltimore, etc.
Tfw ideology
Eat the rich
Be born rich, or exploit workers
The thing is; who is really thinking that high? Most people I know just want a comfortable income a job they like and reason able work hours?
In summary, a majority of Americans are really stupid or brainwashed or both.
Fuck over as many people as possible and/or be born rich
LiefhebberV Get his head examined!
it's very easy, simply have enough ambition to be born in the right zip code
I don't know about that
Well, according to math, they must exploit the profits created by the other 99% that are trying
Welcome to Capitalism
The rich always prefer to tell encouraging stories about how they frighting and making decisions rather than what family they were born in.
This video does nobody any good. Filled with a series of selected stats to make you into a victim. Getting to the top 1% will always be hard, but right now is the easiest it’s been in all of human history. It’s called entrepreneurship
“To succeed in America, it's better to be born rich than smart,”
Get adopted by a 1%er family.
Not pay taxes and pay their employees starvation wages at the company they inherited from daddy
Be born into wealthy family? Or be a ruthless sociapath and use abuse and deceive as many people as you can? I mean just be funny and a good bullshiter. Anyway, that's what I gathered from working inside of a large corporate Monopoly.
NEVER
Get a freaking hobby so you can stop overcompensating for your insecurities with money
Paradoxically, start a guillotine business
Sad but true. Family backgrounds matter a lot!
Ivy league don't like to invest much on poor people because kids from rich family tend to donate large money to their school. That's how they think.
So funny and at the same time so sad:(
Here in Mexico was born on a political family with good connection.
Step one, grab ahold of your overalls Step two, through great effort and determination, pull upward Step three, as a consequence of this effort become airborne Plan B, come from the top 10% and sacrifice your humanity at an investment company
Capitalism sells income stratification packaged inside bright wrappings of false hope. The price is global climate catastrophe. We can't afford capitalism any longer.
Be born into a vile family... and nothing else.
Throwing your humanity in the garbage bin would be nice start.
Be a born wealthy sociopath.
Step 1: be rich
KiLLObamaCare - ;) Ask me how to make it happen. Proven solutions live in 21 nations. DPC HCaaS PatientCentered MarketDirect MobileBased POTUS realDonaldTrump WhiteHouse 90 Days to DoA - No Vote Req'd - ContractMe
1) Be born rich. 2) Don't be born poor. 3) Exploit your workers, underpaying and cutting whatever possible to help your own share so that you can buy your 5th mega yacht .
As George Calin said, its a big club and you aint in it!
Doesn’t hurt to be named Hunter Biden , or Ivanka Trump.
aside from the obvious 'inherit wealth and exploit workers' the fact that people are even interested in having an amount of capital that can only be achieved by having hundreds of millions (if not billions) of people in poverty is absolutely sickening
Start a tech based company that rips off its employees, raise capital from investors looking for tax shelters, take it public despite losses, don’t pay taxes.
be this guy
step 1: have rich parents
be born into it
What a shame 😒
This is bad and you should feel bad for publishing it
Have rich parents
To become a billionaire you must first and foremost hate people.
STEAL
Lesson: Choose the right parents
otarios!
Have family wealth and horde it
Inherit wealth duh
As anyone in the world. Work, learn, relearn, think. Do.
AlvaroLaParra ¿qué opinas?
Their stolen wealth can be ours again
Amen.
Yeah, pass. There is so more to life than seeking to be the biggest hoarder of capital. If you wanna be rich, fine. But aiming for being just grossly wealthy? I’ll choose a sustainable and kind life any day.
Éviter d'asservir Sinon il me trouvera sur sa route
Inherent wealth from family and not pay tax? 🤔
Inherit wealth like the rest of them?
Become a Mason
Buy BTC....
The game is totally set up against you !
xianshi What must be done to ambitious young Americans (and youth throughout world) so that becoming one of richest 1% is way one should spend the few sands of eternity called life? Ideological state apparatus/false consciousness/naturalized epistemology/Soul estrangement? The Word?
If that's your ambition might I suggest suicide?
Mail order bride and hope Byron Trump buys you following in his father's footsteps!
That is the gap that we cant closed it yet
Consider renouncing U.S. citizenship. It will be far more difficult to obtain and retain wealth as a U.S. citizen. Especially if you wish to consider life as a 'global citizen'. The Great Sir John Templeton renounced his citizenship, It was the key to his fortune and philanthropy
It’s always been hard. That’s why it only represents 1% of the population.
Being a size zero lingerie model helps 🤣
And many are closed to these solid realities - and aspects of group behaviors show how resistant working class people can be...
Understand Bitcoin. Buy Bitcoin!
Complain about your own EU. Can you spell failure?
HFT, Machine Learning and Algos for all 🤓
Go with the system or break it' s rules and create new ones!
Scam, stepping on others, great scheming, backstabbing, dark background deals, bribes and a powerbase of followers. Now you will be the 1%.
Hard work DOES pay off!!
Not nearly as much as you'd have to do in any other Country!
Never aspire to this madness
Grow a lot of dope!
just show what hard work can get you stop monning and start woking
A bleak reality
What a bad lieing video
Instagram and whatever stupid thing that pops into his or her mind.
Yes, I completely understand that the Financial Industry is where the money is, however, in the past few years, the Tech Industry have shown that anybody can become somebody if they are good at what they do within that space.
Gosh how can this be a surprise to anyone?
Economists: what must an ambitious young America do to become one the richest 1% ? Nigerians: “Pata ni logo Benz” 🌚
It is hard work that pays evident in people like Bill Gates
I suggest realise there`s more satisfying and worthwhile lifestyles than aiming at massive riches
The Economist, always asking the wrong question. Not “how do we get more people to share the wealth and disperse it properly”, but “how do you become a hoarder too”.
Mothepa03121637
The economist not getting that huge numbers of ambitious young Americans would rather change the system
eat the rich...
work hard. give up traditional morals. be a psychopath.
It ain't that hard man... don't discourage people's belief in hard work and meritocracy. Have seen enough examples around & there will always be. 1% is not a static pool - that's where your logic goes for a toss.
Congratulations! You discovered that water is wet! 😆
Not very much. The real conversation is about the richest .01% not the richest 1%, who earn a relatively sensible 500k/yr
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