Where are all the millionaires? Are we all so dumb? If our great-great-grandfathers had put $1000 away for a long while, then we (or our children) would be sitting pretty either now or in the future some time. But that clearly isn’t how things work. Well why not? What are the forces that have prevented people from doing this? Is it just a lack of long-term thinking? Is the exponential growth in the number of descendants such a strong force? Is the estate tax truly that good at preventing an aristocracy of idle wealth?
What’s going on here?
