A majority of the richest American families have opted to hold their assets rather than create new wealth, according to a survey from the Institute for Policy Studies, which tried to discern how rich families keep their riches. Titled “Silver Spoon Oligarchs,” the new study showed how the top 0.01% richest Americans retained their wealth in spite of what are supposed to be high taxes levied on the ultra-wealthy. Spoiler alert: they aren’t producing useful goods, running factories, creating jobs, or any of that nonsense – they’re hoarding what they have and cashing in on the capital gains from their parents’ or other ancestral estates.
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