The six richest Americans all built businesses from scratch. One lesson that appears to emerge from the Stanley-Danko research is that if you want your children to thrive financially, don't help them. Nearly half of the millionaires in their sample did not have their college tuition paid by parents or relatives. Debts represented a mere 3 percent of assets. Still, the list of the richest families changes from year to year.
New families move into the top ranks, and others fall out.
This new research raises at least one interesting policy question. The recent move to abolish the inheritance tax, or increase exemptions, may be misguided. Perhaps the best way to succeed is to start from scratch, rather than getting a bundle from Mom and Dad. Inc. All rights reserved.