In a world that prides itself on rewarding effort and talent, the growing influence of inheritance as a driver of economic success is deeply concerning.
A recent The Economist article, “Inheriting is becoming nearly as important as working”, reveals a troubling trend: in advanced economies, inherited wealth is becoming almost as significant as hard work and entrepreneurship.
This shift not only perpetuates inequality—it undermines the very foundations of meritocracy and poses a real threat to social cohesion. And it’s accelerating: in 2025 alone, people in developed countries are expected to inherit around $6 trillion, equivalent to 10% of GDP, compared to just 5% on average in the mid-20th century.
Wealth concentration and the rise of “heritocracy”
The accumulation of wealth in the hands of a few, enabled by generous inheritances, is giving rise to a new elite: the heritocracy.
This isn’t just happening in liberal economies. Even in countries with strong egalitarian traditions—like Sweden—70% of billionaire wealth is inherited.
This concentration of unearned capital reduces healthy market competition and limits opportunities for those born outside privileged circles, deepening social divides.
The myth of meritocracy
The belief that we live in a society where success comes from personal merit is falling apart.
Today, choosing the right parents matters more than studying hard or starting a business.
Daniel Markovits, in The Meritocracy Trap, warns that meritocracy has become a convenient narrative to justify inequality.
But when not everyone starts from the same line, it’s a comforting fiction—and a deeply unjust one.
When wealth stems from lineage rather than effort, capitalism loses its legitimacy.
Innovation, entrepreneurship, and progress all suffer if the game is rigged from the start.
And we know where that leads: populism, polarization, and social breakdown.
Toward a purpose-driven economy—and a call to heirs
This moment demands bold policies that redistribute opportunity:
-
Progressive tax systems that fairly tax large inheritances without punishing entrepreneurship
-
High-quality public education that levels the playing field
-
An economic ecosystem that rewards social impact as much as financial profit
Only then can we build a truly meritocratic and purpose-driven economy.
But beyond public policy, there is an unavoidable personal and ethical responsibility—especially for those who inherit fortunes they didn’t create.
To them I say: you’ve been lucky enough to start the race several meters ahead. Give some of that advantage back to society. Not because the law says so, but because it’s the right thing to do.
Less yachts and private jets. More foundations, more impact investment, more real support for those who never had the same opportunities.
The true success of an heir
Inherited privilege should not be an excuse for indifference.
It should be a powerful reason to create positive change.
As I often say: purpose isn’t a trend—it’s a moral necessity.
And today, more than ever, we need a new generation of heirs who are conscious, generous, and committed to building a fairer world.
Luckily, we’re already seeing hopeful examples: heirs donating their fortunes to society, launching foundations, or backing high-impact social projects.
Because true success for an heir isn’t measured in numbers. It’s measured in their ability to regenerate the world for future generations.