REAL STORY IS ABOUT PRIVILEGE, INEQUALITY - Gushing over the wild financial wealth of individuals, The Forbes 400: The Richest People In America In 2012 — released Wednesday online and heading to newstands nationwide—pays homage to the clichéd platitude that America is the land of opportunity for hard-working, gutsy entrepreneurs and great wealth is merely evidence of great accomplishment.
Unfortunately, according to a new report by Massachusetts-based United for a Fair Economy, the Forbes 400 does not tell the whole story of wealth in America. In fact, the authors of the report argue, the list of the country's richest people tells the story of a nation where being born into wealth or inheriting great sums from a departed spouse are by far the most common paths to financial fortune.
Taking a close look at last year's list of wealthiest people, the UFE discovered that roughly 40% of the individuals who appeared on the 2011 Forbes list received a "significant economic advantage in their lives by inheriting a sizeable asset from a spouse or family member." Strikingly, more than 20% received sufficient wealth to make the list from this inheritance alone. (The rest of this Common Dreams review here)
-cw
CityWatch
Vol 10 Issue 76
Pub: Sept 16, 2012
