Here's one way the rich hold onto their wealth: By hiring their spawn.
This way, the wealth and the accumulated power stay in the family, rather than dissipate outwords.
Toby Nangle tweeted out this great chart from economist Miles Corak, who has done a lot of work on wealth mobility.
It shows the likelihood that a son at some point in their life works for the same firm that their father once worked for across various income levels.
The conclusion couldn't be more clear: The richer the father is, the more likely it is that their son will work at a firm they worked for at some point in their life.
As you get to the very elite, the % of sons sharing an employer with their father just soars.
The numbers in the survey are from Canada or Denmark, but the similarity across countries indicates that this is a pattern not confirmed to just those two.
