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Old money is "the inherited wealth of established upper-class families (i.e. gentry, patriciate)" or "a person, family, or lineage possessing inherited wealth". [1] It is a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established ...
Old money is "the inherited wealth of established upper-class families (i.e. gentry, patriciate)" or "a person, family, or lineage possessing inherited wealth." It can also refer to the pre-decimal coinage of the British Empire and also pre-euro currencies of some European Union countries. Old Money may also refer to:
Nelson Wilmarth Aldrich Jr. (April 11, 1935 – March 8, 2022) was an American editor and author. He was noted for writing Old Money: The Mythology of Wealth in America (Alfred A. Knopf, 1988; Allworth Press, 1996), Tommy Hitchcock: An American Hero (Fleet Street Corporation, 1985), as well as George, Being George (Random House, 2008), the story of author and socialite George Plimpton.
The American upper class can be broken down into two groups: people of substantial means with a history of family wealth going back a century or more (called "old money") and families who have acquired their wealth more recently (e.g. fewer than 100 years), sometimes referred to as "new money". [4] [5]
The family's accumulated wealth has been divided among many descendants, only one of which (Benjamin de Rothschild) was officially recognized as a billionaire. Determining the family's exact wealth has been deemed implausible; [59] conspiracy theories claiming the family is worth trillions of dollars have not been proven. [60] [61]
Countries by median wealth per adult; source: Credit Suisse. Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word weal, which is from an Indo-European word stem. [1]
A quadrupling of return is required to compensate for a doubling of risk. Money managers must produce outsize returns to justify their greater fees and risk. A retired person who spends a fixed dollar amount of their wealth each year is quite likely to go bust, whereas a person who spends a fixed percentage of their wealth each year cannot go bust.
Aided by McAllister, Astor [a] attempted to codify proper behavior and etiquette, as well as determine who was acceptable among the arrivistes, [8] as champions of old money and tradition. [6] Reportedly, Ward McAllister coined the phrase "the Four Hundred" by declaring that there were "only 400 people in fashionable New York Society."