The debate over the wealth gap and whether the rich are advancing at a faster rate than the poor has been a political football for years.
In times like these, hard data can be a good indicator of exactly how the rich and poor are faring in America. Why do rich people earn high returns?
Conventional wisdom suggests that richer individuals put more of their assets toward high risk investments, which can result in higher returns.
But our research finds that wealthy people often earn a higher return even on more conservative investments. Richer individuals enjoy pure “returns to scale” to their wealth.
Specifically, for given portfolio allocation, individuals who are wealthier are more likely to get higher risk-adjusted returns, possibly because they have access to exclusive investment opportunities or better wealth managers.
Financial sophistication, financial information, and entrepreneurial talent are also important. These characteristics make the returns to wealth persistent over time.
This research is the first to quantify this mechanism and show that it is likely to matter empirically.
In this video, im gonna share with you Why do the rich keep getting richer and the poor keep getting poorer?
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