Old money runs the UK. Maybe not in other countries or worldwide.
Social mobility is shot. What you inherit is far more important than your education or even your job.
Take London for example.
You have a lot of people here paying 40-70% of their wages in rent with not much left over. Then you also have a lot of people who are getting massive rental payments as they own the property through inheritance. They are asset rich and cash rich. They can stack paper, trade up, sell up and leave, get involved in politics, etc.
Even a high personal income doesn't mean much. £100k salary after tax is £65k. Average properties are nearing £500k in London, homes that working class used to live in a few decades back. Someone who is top 2% in earning power is poorer than vast majority of home owners in total wealth.
The nouveau-riche are the creators of IT lovechilds like Whatsapp, CandyCrush, Twitter etc
New money is too late to be worth much against those with established wealth unless you can crack it in IT or finance.
Social mobility is shot. What you inherit is far more important than your education or even your job.
Take London for example.
You have a lot of people here paying 40-70% of their wages in rent with not much left over. Then you also have a lot of people who are getting massive rental payments as they own the property through inheritance. They are asset rich and cash rich. They can stack paper, trade up, sell up and leave, get involved in politics, etc.
Even a high personal income doesn't mean much. £100k salary after tax is £65k. Average properties are nearing £500k in London, homes that working class used to live in a few decades back. Someone who is top 2% in earning power is poorer than vast majority of home owners in total wealth.
The nouveau-riche are the creators of IT lovechilds like Whatsapp, CandyCrush, Twitter etc
New money is too late to be worth much against those with established wealth unless you can crack it in IT or finance.