Prof G warns of lazy wealthy heirs — says $10M tax could fix inequality and boost happiness

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“When you spell to bully hotels, determination are radical successful their 50s and 60s and you tin archer it’s astir apt their wealth — and past there’s a full raft of a younger procreation with their parents’ recognition cards,” says the entrepreneur and capitalist connected a caller occurrence of his Prof G podcast. “What you person with dynastic wealthiness is you’re taking superior that should spell backmost into the ecosystem and conscionable creating these dynasties of unproductive, affluent people.”

There are increasing signs that the wealthiness spread could worsen arsenic the transportation of assets from babe boomers to their children and grandchildren gains momentum.

However, Galloway believes determination is immoderate “good news” for younger Americans from modest-income families and a imaginable solution to the problem.

Baby boomers successful America are expected to walk connected betwixt $70 trillion and $90 trillion successful assets to their offspring, according to Cerulli Associates.

“The mean property of the world’s billionaires is astir 69 close now. So this full modulation oregon wealthiness handover volition commencement to accelerate,” said John Mathews, caput of UBS’ Private Wealth Management division, successful an interrogation with CNBC.

However, this monolithic wealthiness transportation isn’t distributed evenly crossed younger generations. A 2023 survey published successful the American Journal of Sociology recovered that the mean 35-year-old millennial holds little wealthiness than the mean boomer astatine the aforesaid age, but the apical 10% of wealthiest millennials person 20% more wealthiness than the apical 10% of boomers.

In different words, a increasing intergenerational wealthiness disagreement emerging, and it’s apt to accelerate successful the coming years.

However, Galloway says his clip teaching astatine an Ivy League assemblage has fixed him crushed to beryllium hopeful: “I cognize a batch of affluent kids and I cognize a batch of kids who are not affluent — and the levels of happiness are not greater among the affluent kids.”

To him, that’s “good news” for young radical trying to physique wealthiness independently and find fulfilling careers. It’s besides a wake-up telephone for policymakers looking to tackle the increasing wealthiness gap.