How many of your families had college educations and worked as professionals three generations ago?
How many of your families owned homes three generations ago?
How many of your families owned businesses three generations ago?
How many of your families left Europe more than three generations ago?
How many of your families moved out of NYC or first city in the New World three generations ago?
How many of you make sure your children and grandchildren have full college/professional school/secular education/skills to make substantial incomes?
How many of your families have 3 or less children?
I find these to be determinant factors in growing familiar wealth in America…………..
I am the third generation of my family to go to college/professional school in America and my grandchildren are the 5th. % generations of college educated professionals earn and accumulate dynastic wealth described in the OP.
My grandparents owned their homes in Brooklyn and the Bronx before WWII, My parents aunts and uncles bought in the post war boom. I bought my first house while still in college. All my children are homeowners. Dynastic wealth in America is made/accumulated through rising real estate values. I make good money collecting rents. My tenants would be better off buying than renting long term, albeit not buying i this hyper inflated Pandemic market.
Those of us in the USA pre 1924 are more likely to own homes over the three generations. We do not have the fear of survivors of needing portable wealth to bribe guards and cross boarders to save our lives. It is a different mindset. I’m a 5th generation Jewish American, who has family members in their 9th American generation. That in of itself allows for dynastic wealth that wasn’t possible for most Jews elsewhere in the world.
My parents and their siblings left NYC soon after WWII…the opportunities in the suburbs, nearby states for making money were fat higher than in the city, so was the cost of living much lower. The downside was that for many chances the assimilation rate was higher than remaining in the apartment buildings of the self imposed ghettos.
All of my generation, the next two generations have both Yeshiva and college/professional educations. The CTL Law firm is now multigenerational. So is my brother-in-law’s medical practice. My great grandfather started a clothing factory that is now run by the 5th generation of the family. All of whom have degrees in management, engineering, human relations and accounting.
To build dynastic wealth you must constantly reinvest in the family. Can a family member be hired trained to do the job? Better to employ a family member than an outsider.
How do you build a family conglomerate?
My great grandfather was a Necktie maker who had daughters and no sons. He put his eldest daughter’s husband into the shirt business, the next daughter’s husband was set up as a suit and pants manufacturer. A cousin made hosiery, a nephew made ladies nightwear and underwear. My grandfather and his brothers went on road as salesmen calling on stores throughout America. Unlike most salesman who represented one or two non-competing manufacturers, they could provide a full line of family clothing (all made in family factories) to small town dry goods stores. This saved on commission expense to the family and huge travel expenses. By my father’s generation, many of his cousins as well as he were retail clothing or department store owners (Dad had 15 stores). They set up an owned a buying office in NYC. This way not only did they pool their resources and share the expense of resident buyers, but the retailers they represented throughout the country covered the entire cost of the office and buyers salaries and they were receiving lower prices based on aggregate income, My generation provided the legal, accounting, insurance services for the assorted family businesses.
This is dynastic wealth as work. My grandchildren will not start life in huge debt for their education. They don’t have to worry about finding employment, somewhere in the family network will be a position suitable for their skills (should they choose to join), but they don’t get a free ride. Everyone is expected to work hard and help the rest of the family grow.
Lastly, family size; my grandparents all were from families with 4 or 5 surviving children. My parents generation was smaller 2 or at most three children, affected and truncated by the Great Depression. My parents generation married later, delayed by WWII in most cases and my generation is 3 children average. BUT in our family which has grown in USA prosperity, the next generation is about 5 children average and I expect my grandchildren’s generation to exceed that. BUT, it we had remained cliff dwellers in 2 bedroom NYC apartments, I doubt family size would be so large. 5 or 6 bedroom homes an 60-90 minutes form NYC can be had for the price of a 2 bedroom co-op in Brooklyn or Queens.
@yochy……………..NO we do NOT all live in the same communities