Just over a third, 35 percent, of the Forbes 400 come from these backgrounds. Others had parents who ran small businesses.Ībout 95 percent of Americans, overall, currently live in these “batter’s box” situations. UFE defines as “born in the batter’s box” those Forbes 400 rich who hail from poor to middle-class circumstances. In its just-released new report, United for a Fair Economy extends this baseball analogy to last year’s Forbes 400. In effect, as commentator Jim Hightower has aptly been noting for years, most of our super rich were born on third base and think they hit a triple. The basic conclusion from these findings: Forbes is spinning “a misleading tale of what it takes to become wealthy in America.” Most of the Forbes 400 have benefited from a level of privilege unknown to the vast majority of Americans. They released their findings last week, on the same day Forbes released its new 2012 top 400 list.Most of our super rich were born on third base and think they hit a triple. UFE analysts stepped back and took the time to investigate the actual backgrounds of last year’s Forbes 400. Researchers at United for a Fair Economy, a Boston-based group, did not. Of America’s current 400 richest, gushes Forbes, 70 percent “made their fortunes entirely from scratch.”įorbes made the same observation last year, too, and most news outlets took that claim at face value. The latest top 400, Forbes pronounced last week, “instills confidence that the American dream is still very much alive.” Most really deep pockets, not just Mitt, consider themselves entirely “self-made.” The best evidence of this predilection to claim “self-made” status? The annual September release of the Forbes magazine list of America’s 400 richest.Įach and every year Forbes celebrates the billionaires who populate this list as paragons of entrepreneurial get-up-and-go. Not quite “nothing.” But no reason to pick on Mitt either. On top of all that, the young Mitt also enjoyed $1 million worth of stock his father threw his way to tide him over until big paydays started arriving. They’ve pointed out that Mitt, the son of a wealthy corporate CEO, has enjoyed plenty of privilege, everything from an elite private school education to a rolodex full of rich family friends he could tap to start up his business career.
Take, for instance, Mitt’s remark that he has “inherited nothing.”Ī variety of commentators have jumped on Romney for that line. Not every off-the-cuff comment the GOP White House hopeful made at that now infamous, secretly taped $50,000-a-plate fundraiser last May in Boca Raton reveals an utterly shocking personal failing.
So documents a new analysis of the Forbes 400. Those who go all the way - to grand fortune - typically get a substantial head start. In real life, working hard only takes you so far.
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