Quant- what is new about the phenomenon you’re posting about?
I went to college back in the olden days (1970’s). I didn’t know ANYONE who was rich growing up. To us, the successful person in the neighborhood was a dentist- solo practice, and he worked pretty much around the clock. He drove a nicer car than the guy down the street who owned a carpet store.
I got to college and all of a sudden- wow. To the “scholarship kids” (yes, that was the term) it was massive culture shock.
But guess what- there were kids who came from lots of money who were low key and humble and kind and generous, and kids who came from money who were obnoxious and self-centered and didn’t care about anyone else. This is not news.
It took a couple of semesters for me to figure out some of the “code”, because growing up in a place with a lot of first gen Americans (one of my parents) and neighbors who were teachers and librarians and social workers and people who owned small retail businesses does not prepare someone to understand multi-generational wealth initially. But you catch on.
And of course the biggest piece of learning- someone can be rich and come from a family where devoting yourself to the needs of others and being modest in your spending and consumption is ingrained in you from day one; and someone can be rich and spend their time complaining about the cost of detailing a BMW (in a neighborhood where many of the locals did not own cars and were dependent on a sub par public transportation system).
This was the 1970’s. Doesn’t sound like much has changed.
There was one phenomenon though which fascinated me- we called them “Euro-trash” even though many of them were from oil families in the Middle East (no real presence of wealthy Asians at the time, or if they were there, they flew under the radar). A few had body guards. Most owned fancy cars and spent the weekends out of town- flying hither and yon, or partying in NYC. They were NOTHING like the American uber rich kids, most of whom had inherited wealth and were loath to flaunt it or even talk about it.
I remember a visit to a close friend- I had gathered that there was some pretty significant family money. The house was astonishing- absolutely massive and gorgeous, in an old historic neighborhood in a fancy New England town. Equally astonishing was the inside- old, falling apart, nothing had been touched in decades, shabby upholstery and dogs shedding all over the place and nobody noticing. A couple of recognizable paintings on the walls and a few stunning antiques- but the rest looked like the Mayflower had taken on water and the family had saved what they could and then lived with it as it was rotting.
Nobody I had known growing up lived this way. Houses might have been modest, but the kids were not allowed in the living room (let alone pets) and there was generally a sense of upkeep even if the furniture was from Sears and the dining set had been bought with S&H Green Stamps (like in our house).
So my first real lesson in “The rich are different than you and me” especially if the wealth was inherited.
But then- as now- there were the rich kids who were the first to volunteer to run the coat drive, tutor in the local public schools, hand out sandwiches at midnight to the homeless-- and the rich kids who were oblivious. I don’t think any of this is news.