According to "Who's Running America?" by Thomas R. Dye: "It is widely believed that great personal wealth in America today is inherited and that opportunities to acquire great personal fortunes dried up after the Industrial Revolution" (Dye, 2002, p. 50).
From a historical point of view, I can see why the above statement was accepted as truth. For example: Anna (Richardson) Harkness, the widow of Stephen Vanderburgh Harkness and the mother of Edward Stephen Harkness (Edward was listed in the Forbes list of 1918 largest individual American fortunes of its days). …
