“ Yes, inheritance of wealth matters a lot for wealth creation in the future, but I wonder what the profile would like when it comes to individuals generating wealth, if the inheritance factor was removed. Would it be the people who came from wealth, or those who built from poverty that are the best at wealth generation?”
I guess the factor of growing up with wealth often means that one grows up with the right education as well. Not only what is learned in school but if the family made money this trick of the trade is probably passed on to the kids, so there are two direct advantages.
But having said that, the above does not mean much if you don’t have the drive.
Sometimes I like to use hunger instead of drive. A hunger to want something better.
When China opened up to “capitalism”, with a history of poverty in the country, you had so many people that had no real education, but that had an enormous hunger to improve their situation, and I would dare to say that the countries economy is built on those very people.
Yes, this is often the case. But I wonder, without the "necessity", is the drive there? I know many people who's parents built successful businesses and in the end, their children weren't interested in any of it at all - though they wanted to inherit the wealth from it. As you said, they didn't have the hunger, as they were always full.
China, the most capitalist communist country ever :)