I came across an Associated Press article entitled Brooke Astor’s Son Indicted. Apparently there is some scandal associated with Brooke Astor’s $198 million estate. Brooke was the wife of Vincent Astor (he was her third husband). Vincent Astor was the great-great-grandson of John Jacob Astor who made a fortune in fur trading and New York real estate. Fur trading. In the 18th century.
I don’t know anything about subsequent Astors, so maybe they were just as shrewd, lucky, and able as great grandpa John Jacob. But, assuming they weren’t, in America – supposedly the land of the meritocracy – it seems fundamentally wrong to me that a single individual’s fortune should insulate his family for 200 years from rising and falling on their own merits.