Old money is out, new money is in? Well, it’s essential to keep in mind that this is not an indication of overall social mobility in the United States. In fact, by most accounts, such as the extremely detailed work of the economist Raj Chetty, overall income and wealth mobility has decreased in the U.S. from a generation ago. The Forbes 400, however, is the extreme right tail of the curve. To wind up there, it helps to have made some extremely risky bets that paid off—ones that you have less incentive to take if you’re already rich.
