Building up great wealth is one thing; holding onto it through multiple generations is another as borne out by the UK’s latest The Sunday Times Rich List. Analysis of the data by the Centre for Economics and Business Research showed that Britain’s very rich are a changing cast of characters with two thirds having only entered the list since 2000.
“This debunks the popular idea that great wealth is largely inherited, and gives credence an old English saying “from clogs to clogs in three generations”, says Johan van Zyl, CEO of Stonehage Fleming in South Africa.
“It takes great energy and ability to raise a person’s material wealth status; however these two traits are often not continued further down the generational line.
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