Classic Article Outlining Characteristics of Wealth Acquirers and Inheritors

(opens in new tab)This article(opens in new tab) was the first comprehensive review of the psychology of wealth literature early in the field. It also introduced the now-classic metaphor that wealth acquirers are like immigrants to the proverbial Land of Wealth while inheritors are more like natural-born citizens or natives of wealth. It summarized the perspectives on wealth at that time, providing insights and recommendations for understanding the similarities and differences of wealth’s acquirers and inheritors.  Some commonly-accepted principles about the ephemeral nature of wealth across generations – the “shirtsleeves to shirtsleeves” adage – have now been shown to lack foundation. However, the remainder of the article remains helpful today.