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60% of Billionaire Wealth Is From Inheritance and Cronyism
We often hear that the ultra-wealthy are as rich as they are because of their superior capabilities as entrepreneurs.
But is this actually true?
Not quite, according to Oxfam, a global organization that fights inequality to end poverty. In their latest report aptly titled Takers, Not Makers, they highlight that 60% of billionaire wealth is derived from inheritance, cronyism, or monopoly power.
We unpack the latest Oxfam report with Peter Beattie, who's a political economist & political psychologist at the Chinese University of Hong Kong (CUHK).
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The skinny
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