Why the west is stagnant

Thomas Piketty, the French economist, calculates that more than half of total wealth in Germany* today is inherited — an estimate confirmed by German economists. In the 1960s and 1970s, the share was just a little over 20 per cent.

https://marginalrevolution.com/marginalrevolution/2018/05/germany-fact-day-2.html

  • The UK is probably worse. In London you’re OK if your parents hit the lottery and own a house making your inheritance very valuable indeed.
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