In Defense of Billionaires | by Michael R. Strain - Project Syndicate

Entrepreneurship and hard work, not dynastic inheritance, is the primary path to a nine- or ten-figure net worth. Around three-quarters of the wealthiest 1% of American families

own

privately held businesses (compared to 5% of families in the bottom half of the wealth distribution), with business assets accounting for more than one-third of their ba... See more