Thread by @TihoBrkan

"Sixty-three percent of affluent children between the ages of 18 and 22 say financial stability in retirement will depend on inheriting money."

bloomberg.com/news/articles/…

Should inheritance tax be increased meaningfully to battle inequality and wealth/capital hoarding?

"Inheritance tax dates back to the Roman Empire, which collected 5 percent of inherited property in order to pay soldiers’ pensions. Today, the practice is widespread."

“Relatively high level [of inheritance] is a sign of the continent’s low social mobility, keeping education, income and social connections from evolving over generations.”

European old money is at least one of the causes for lack of opportunities and below average growth rates.

“More than 33% of Italy’s richest people inherited fortunes compared with just 2% in China according to a 2014 study.

Germany has the highest share of inheritor-billionaires among developed economies, 65%. Overall heirs & heiresses make up half of Western Europe’s billionaires.”

There was nothing to inherit in Asia only 2-3 decades ago, forcing individuals and companies to be risk takers, creators and problem solvers.

This is resulting in some of the fastest growth rates, and a rapid increase in number of “new money” individuals — opposite of Europe.

We can all understand people who want to hoard assets & capital to leave a legacy, to secure the family future & protect that which was created before them,

however, looking at it from the broad perspective, this isn’t healthy for the society or the economic development.