Going to resurrect this thread to make an interesting point.
I learned about this from How to Get Rich by Felix Dennis (RIP Felix).
Imagine you're the patriarch of some rich, old money. Maybe $1+ Billion in assets, money that has been in the family for generations, possibly centuries. Your goal isn't to increase this wealth but to pass this to the next generation. That means no risky investments, no blowing money on yachts and keeping your head low.
IDK much about wealth management but I do know that much of it involves low-risk investments with slow & steady returns. That means no investing in rising companies and such but in old ones like GE. Many of these families sit on the boards of major corporations which own other smaller companies. That means that they influence who buys who, but don't involve themselves in the real risky maneuvers.
We all know that international business is dictated by Central Banks and small-medium sized players who make big splashes. Since large corporations act reactively instead of proactively to such events, they don't run the show. However, they do have much influence, as does the board, which includes old money.
So to answer your question (if you're still lurking), no old money doesn't run our increasingly chaotic world. But it sure as hell has a lot of influence in how we react to it.
I learned about this from How to Get Rich by Felix Dennis (RIP Felix).
Imagine you're the patriarch of some rich, old money. Maybe $1+ Billion in assets, money that has been in the family for generations, possibly centuries. Your goal isn't to increase this wealth but to pass this to the next generation. That means no risky investments, no blowing money on yachts and keeping your head low.
IDK much about wealth management but I do know that much of it involves low-risk investments with slow & steady returns. That means no investing in rising companies and such but in old ones like GE. Many of these families sit on the boards of major corporations which own other smaller companies. That means that they influence who buys who, but don't involve themselves in the real risky maneuvers.
We all know that international business is dictated by Central Banks and small-medium sized players who make big splashes. Since large corporations act reactively instead of proactively to such events, they don't run the show. However, they do have much influence, as does the board, which includes old money.
So to answer your question (if you're still lurking), no old money doesn't run our increasingly chaotic world. But it sure as hell has a lot of influence in how we react to it.