Some made their money, some inherited it.
Point is that after they made it, most of them don't care about starting new businesses to hire people. Many of them are so burnt out from the business game that the last thing they want to do is reopen the headaches that come with starting a new business.
That's when it becomes old money, a means to make money through investments, not through starting a new company.
Few maintain an entrepreneurial in the way they did when they were young.
As they grow older, and can just live off the interest and income of investments, they enjoy their live, they don't focus on making a new life for others by starting new business ventures.
I have no need to go into personal stories, but I have been around more than a few of the Rancho Sante Fe crowd, and once they have their toys, it is surprising how little money they actually need to live a comfortable life in southern California. In fact, some of the wealthiest are the cheapest.
Wanna guess if most of the RSF residents employ legal or illegal aliens?
Face facts, you are not a rich man, and you really don't understand how they think.
My exposure to that class of people is ongoing and extensive, for reasons that I would never share with the likes of you...
Quote from Pa(b)st Prime:
How did those folks in Rancho Santa Fe acquire their wealth? Weren't they entrepreneurs, tech start-ups, some athletes? Sure, maybe a few trust fund types too. But they all paid a ton of taxes to get there and they're still paying taxes-how much property tax to San Diego County on a 2.4 house?
Even a guy on 10mil isn't generating more than a few hundred thousand in Treasury income. If he decided that wasn't enough and took risk then his dividend stock has just shaved him from 10m down to 6.5.
To imply that their capital neither facilitates wealth transference nor is at risk ignores reality.
I don't have the data to prove this but empirically the rich I've known who made it through inheritance are FAR MORE LIBERAL than the high wage earning people. A lot of it has to do with the tax structure. The idle rich and working poor skate while the upper income wage earner floats everybody.
