There’s a surprising twist in wealth dynamics: a significant number of the wealthiest individuals from yesteryears didn’t pass down generational affluence as expected. Looking back to 1900, the U.S. boasted roughly 4,000 millionaires.
Based on passive investments and moderate spending alone, many of these fortunes should have ballooned into billions today.
Yet, the reality? Only around 730 of today’s billionaires, as Forbes reports, can trace their roots to early affluence, with a minuscule percentage linked to the inaugural 1982 Forbes rich list.
So, the big question is: What happened to those billions?
Victor Haghani of Elm Partners, a name associated with the highs and eventual lows of Long-Term Capital Management in the 1990s, delves deep into this financial conundrum in “The Missing Billionaires,” co-penned with James White.
His thesis? It’s not just about selecting the right stocks, but the volume of investment that counts. And with his unique vantage point, having navigated the tempestuous seas of Wall Street, Haghani sheds light on the pitfalls even the elite can fall into, and the lessons everyone can take away.
Dive deeper into this riveting exploration and insights from Haghani’s chat with CNN’s “Before the Bell.”
