Inheriting is becoming nearly as important as working

Work hard, children are told, and you will succeed. In recent decades this advice served the talented and the diligent well. Many have made their own fortunes and live comfortably, regardless of how much money they inherited. Now, however, the importance of hereditary wealth is rising around the rich world, and that is a problem.

This article appeared in the Leaders section of the print edition under the headline “The new inheritocracy”

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