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- In 1982, 60 of the 100 richest Americans inherited their wealth; by 2020, only 27 did.
- New fortunes in 2020 came mainly from starting companies (56 of 73) and investing (17 of 73), replacing oil and real estate dominance in 1982.
- Tech companies became the primary source of new wealth in 2020, accounting for about 30 of the 73 new fortunes.
- The shift is not a new phenomenon but a return to the norm seen in 1892, when only about 20% inherited wealth and new fortunes came from technology.
- The mid-20th century was anomalous due to corporate consolidation and oligopolies; deregulation and microelectronics since the 1970s broke up that structure.
- Costs of starting and growing a startup have decreased dramatically, enabling more founders to create highly valuable companies faster.
- Fast growth and cheaper fundraising allow founders to retain more equity and become rich younger.