Here's how America's super-rich made their money
On Monday, Donald Trump described how his journey to wealth "has not been easy," as he started out with only hard work and "a small loan of a million dollars" from his pops. But while The Donald may be less of a self-made man than he might like voters to think, data from the Forbes 400 — a tally of America's wealthiest people — reveals that most of Trump's fellow rich people did pull themselves up by their own bootstraps.
Using a 10-point scale, Forbes ranked the rich according to whether they inherited their wealth and whether they overcame obstacles to earn it on their own. For example, someone like Oprah Winfrey, who grew up in an extremely poor and abusive context, gets a score of 10 for being thoroughly self-made. (Trump, for the record, scored a five, which lands him in the inheritance category.)
On a broader scale, the ranking found that 69 percent of the super-rich scored six or higher, meaning they did not inherit their wealth. And the list is trending toward meritocracy: In 1984, fewer than 50 percent of the Forbes 400 were self-made. The rich in America are also significantly more likely to have worked for their cash than rich people worldwide, where 52 percent of the wealthy are old money.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Bonnie Kristian was a deputy editor and acting editor-in-chief of TheWeek.com. She is a columnist at Christianity Today and author of Untrustworthy: The Knowledge Crisis Breaking Our Brains, Polluting Our Politics, and Corrupting Christian Community (forthcoming 2022) and A Flexible Faith: Rethinking What It Means to Follow Jesus Today (2018). Her writing has also appeared at Time Magazine, CNN, USA Today, Newsweek, the Los Angeles Times, and The American Conservative, among other outlets.
-
'King's horses take free rein through London'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Is pop music now too reliant on gossip?
Talking Point Taylor Swift's new album has prompted a flurry of speculation over who she is referring to in her songs
By Richard Windsor, The Week UK Published
-
Nuclear near-misses
The Explainer From technical glitches to fateful split-second decisions, the world has come to the brink of nuclear war more times than you might think
By Rebecca Messina, The Week UK Published
-
Puffed rice and yoga: inside the collapsed tunnel where Indian workers await rescue
Speed Read Workers trapped in collapsed tunnel are suffering from dysentery and anxiety over their rescue
By Sorcha Bradley, The Week UK Published
-
More than 2,000 dead following massive earthquake in Morocco
Speed Read
By Justin Klawans Published
-
Mexico's next president will almost certainly be its 1st female president
Speed Read
By Peter Weber Published
-
North Korea's Kim to visit Putin in eastern Russia to discuss arms sales for Ukraine war, U.S. says
Speed Read
By Peter Weber Published
-
Gabon's military leader sworn in following coup in latest African uprising
Speed Read
By Justin Klawans Published
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
By Peter Weber Published
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
By Justin Klawans Published
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
By Peter Weber Published