Yup. I agree with you here - every year Forbes puts out its list of the richest people in America. I'm too lazy to go digging under the coffee table to find the issue, but as I recall, a good number of the people on the list made their money the old-fasioned way - they inherited it.
Also - most people inthis country do not have true "wealth" - most are fairly leveraged with mortgages and other loans, so their true net worth is not all that high.
The "coupon-clipping" class is mostly "old money."
Well since so many people are commenting on it, I'd better explain. I have heard a number of times that of all the millionaires in this country, the vast majority of them are first-generation millionaires. I'll certainly admit that that's different than saying most of the wealth is first-generation wealth. And sorry, but I can't give a specific source.
I have no doubt that the above is correct - but a million ($) just isn't what it used to be. Even if all the "millionaires" are 1st generation wealth, the million+ -aires certainly aren't. -r.w.