“If your parents are rich, then you’re more likely to be wealthy too“.
The above notion about rich people having rich genes have pushed scientists on a long debate as to whether being rich was really down to genetics or the culture in which children are raised. Now, a new study claims to have finally settled the debate; nurture, it says, is far more important that nature when it comes to amassing wealth!
Your genes WON’T make you wealthy: Becoming rich is more about nurture than nature, study finds…
‘Innate biology is only a small factor in wealth’, Kaveh Majlesi, a professor of economics at Lund University in Sweden and co-author of the study told fivethirtyeight.com. Previous studies have attempted to find a ‘rich gene’ which might explain how genetic characteristics that cause people to be wealthy are passed down.
The study included data from 2,519 Swedish children who were adopted between 1950 and 1970. The researchers then compared this to data on adults’ overall wealth in Sweden between 1999 and 2007.
This allowed scientists to compare the wealth of the adult adoptees to the wealth of potential biological and adoptive parents.
The biological parents were tended to be younger, poorer and less-educated than the adoptive parents. Researchers found the adoptive parents had 1.7 to 2.4 times more of an effect than the biological parents did on the adopted child’s adult wealth.
Majlesi, however, told fivethirtyeight.com that the trend may be even more powerful in countries such as the US due to greater economic inequality.
‘Our findings suggest that wealth transmission is not because children from wealthier families are inherently more talented,’ the researchers write. ‘Even in relatively egalitarian Sweden, wealth begets wealth.’
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