A Stunning Chart That Shows How Nepotism Really Works

August 21, 2013 Leave a comment

A Stunning Chart That Shows How Nepotism Really Works

JOE WEISENTHAL AUG. 19, 2013, 2:33 PM 11,010 10

Here’s one way the rich hold onto their wealth: By hiring their spawn. This way, the wealth and the accumulated power stay in the family, rather than dissipate outwords. Toby Nangle tweeted out this great chart from economist Miles Corak, who has done a lot of work on wealth mobility. It shows the likelihood that a son at some point in their life works for the same firm that their father once worked for across various income levels. The conclusion couldn’t be more clear: The richer the father is, the more likely it is that their son will work at a firm they worked for at some point in their life. As you get to the very elite, the % of sons sharing an employer with their father just soars. The numbers in the survey are from Canada or Denmark, but the similarity across countries indicates that this is a pattern not confirmed to just those two.

screen shot 2013-08-19 at 2.30.24 pm

 

Filed under Life

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment