Wise and Faithful Guide, wealthy Baby Boomers are beginning to make choices about what to do with their money: pass it on to their children, spend it now, or give it away to charity, as some of the superrich like Bill Gates, Warren Buffett, and Mark Zuckerberg have said they will do through the "giving pledge."
Fact: In the United States, the top 1% of households owns about 35% of the wealth, more than the entire bottom 90% does. Now the Baby Boomers are retiring and an inheritance boom is underway, entrusting the immense earnings of an already stratified economy to a new generation. As income and wealth have become distributed less evenly, the inherited spoils will be distributed unevenly, too. No wonder American mobility seems so stuck: odds of escaping poverty are half of what they are in countries such as Denmark. (The New York Times)