Marquise Lamberto Frescobaldi, a member of the winemakers family of the finest wine in Tuscany, is pictured in front of vineyard estate in Gorgona island June 11, 2013. REUTERS/Alessandro Bianchi
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Lamberto Frescobaldi sets two wine glasses atop a wooden barrel in the spacious cellar of his company's winery in a 1,000-year-old castle not far from Florence.Maintaining inherited wealth has worked for generations of Frescobaldis over 700 years, and it has let the descendants of Jakob Fugger in Germany continue to run the social-housing complex the Emperor's banker founded almost half a millennium ago. It's less of a blessing for Europe as a whole, where family fortunes are more prevalent than in the U.S. or Asia. Their relatively high level is a sign of the continent's low social mobility, keeping education, income and social connections from evolving over generations.The richest Florentine families today were already at the top of the socioeconomic ladder almost 600 years ago, according to a recent study by the Bank of Italy. More than one-third of Italy's richest people inherited their fortunes, compared with just 29 percent in the U.S. and 2 percent in China, according to a 2014 study of the world's billionaires by the Peterson Institute for International Economics. Germany has the highest share of inheritor-billionaires among developed economies, 65 percent.
FOLLOW THIS ARTICLE