The Duke of Bridgewater earned annual returns of 40 percent—and really returns don’t get much better than that—from a canal monopoly in the North of England. All of this was in an age in which there was no income tax, no capital gains tax, no tax on dividends or interest—almost nothing to disturb the steady flow of money being banked. Many people were born into a world in which they had to do virtually nothing with their wealth but stack it. The third Earl of Burlington, to take one example of many, owned vast estates in Ireland—some forty-two thousand acres in all—and never visited the
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