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Family, Education, and Sources of Wealth among the Richest Americans, 1982-2012

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  • Steven N. Kaplan
  • Joshua D. Rauh

Abstract

We examine characteristics of the 400 wealthiest individuals in the United States over the past three decades as tabulated by Forbes Magazine, and analyze which theories of increasing inequality are most consistent with these data. The people of the Forbes 400 in recent years did not grow up as advantaged as in decades past. They are more likely to have started their businesses and to have grown up upper-middle class, not wealthy. Today's Forbes 400 were able to access education while young, and apply their skills to the most scalable industries: technology, finance, and mass retail. Most of the change occurred by 2001.

Suggested Citation

  • Steven N. Kaplan & Joshua D. Rauh, 2013. "Family, Education, and Sources of Wealth among the Richest Americans, 1982-2012," American Economic Review, American Economic Association, vol. 103(3), pages 158-162, May.
    • Handle: RePEc:aea:aecrev:v:103:y:2013:i:3:p:158-62
    Note: DOI: 10.1257/aer.103.3.158
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    1. Some Links
      by Don Boudreaux in Cafe Hayek on 2016-09-14 19:02:52

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    Cited by:

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    2. Kornai, János, 2015. "Milyen is hát a tőke a 21. században?. Megjegyzések Piketty könyvéhez [So what is capital in the 21st century?. Notes on Piketty s book]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 909-942.
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    4. Hamermesh, Daniel S. & Leigh, Andrew K., 2022. "“Beauty too rich for use”: Billionaires’ assets and attractiveness," Labour Economics, Elsevier, vol. 76(C).
    5. Ulrike Schaede, 2022. "The Digital Transformation (DX) and the Financialization of Japan: A Case Study of Private Equity," IMES Discussion Paper Series 22-E-18, Institute for Monetary and Economic Studies, Bank of Japan.
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    7. Michelacci, Claudio & Schivardi, Fabiano, 2020. "Are they all like Bill, Mark, and Steve? The education premium for entrepreneurs," Labour Economics, Elsevier, vol. 67(C).
    8. Samuel Antill & David Hou & Asani Sarkar, 2014. "Components of U.S. financial sector growth, 1950-2013," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 59-83.
    9. Majid Ghorbani & Michael Carney, 2016. "The changing face of China’s billionaire-entrepreneurs," Asia Pacific Journal of Management, Springer, vol. 33(4), pages 881-902, December.
    10. Obschonka, Martin & Fisch, Christian & Boyd, Ryan, 2017. "Using digital footprints in entrepreneurship research: A Twitter-based personality analysis of superstar entrepreneurs and managers," Journal of Business Venturing Insights, Elsevier, vol. 8(C), pages 13-23.
    11. Florida, Richard & Mellander, Charlotta, 2017. "The Geography of the Global Super-Rich," Working Paper Series in Economics and Institutions of Innovation 448, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
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    More about this item

    JEL classification:

    • D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
    • I20 - Health, Education, and Welfare - - Education - - - General
    • J12 - Labor and Demographic Economics - - Demographic Economics - - - Marriage; Marital Dissolution; Family Structure
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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