80% Of The World's Wealth Is Inherited

Adrian Volenik

BENZINGA
Mon, October 28, 2024

On a recent episode of the Joe Rogan Experience, Rogan and his guest Shane Smith, co-founder of VICE Media, dove into one of Rogan’s favorite topics: the absurd inequalities of the modern world. The two discussed what Rogan described as a depressing reality—around 80% of the world's wealth is inherited.

Although this statistic is flawed, Rogan expressed his thoughts openly. “That’s how you make monsters,” he said. His point? When wealth is handed down generation after generation, it creates a cycle that locks people into their positions—some are born with it all while others get nothing. And the people with inherited wealth? They aren't necessarily equipped to handle it responsibly.

Smith added that most people worldwide never get a real chance at wealth or, as he puts it, they “don’t have a kick at the can.” If you’re born into the wrong family, in the wrong place, at the wrong time, you stay stuck.

Unlike the rags-to-riches success stories often glamorized in popular culture, the real story behind the world’s billionaires is often one of privilege passed down from generation to generation.

Though estimates vary, research shows that much global wealth is handed down rather than earned. For instance, according to research, around 10.2% of billionaires received their wealth through inheritance while 29.6% of billionaires credit both inheritance and self-sufficiency for their wealth.

Furthermore, according to new data from The Guardian, all billionaires under 30 have inherited their wealth, illustrating the growing significance of generational transfer in wealth building. These include people like the Del Vecchio siblings, who inherited stakes in their family's luxury eyewear company Luxottica (OTC:ESLOY) or Livia Voigt, who became a billionaire at 19 thanks to her share in her grandfather's company, WEG Industries.

This concentration of wealth isn't just about money. There’s access—as people who inherit wealth also get connections, opportunities and social status—things that make it easier to stay on top and harder for others to catch up. Rogan and Smith explained that when wealth is concentrated like this, it creates a society where the rich keep getting richer while everyone else struggles to keep up.

Rogan also spoke about how the United States is still the ‘promised land’ for those seeking opportunities. He said, “This really is the promised land. It really is, I mean, clearly not for everybody, but also there’s a possibility the opportunity awaits itself right here. It really is the greatest country the world has ever known."