A friend shared a very interesting article by an anonymous investment manager who works with very wealthy clients. While the key insights of the article should surprise no one who has worked in prospect research, high level fundraising, or private investment advising, the article is nonetheless worth reading and bookmarking for people in the above professions.

The higher we go up into the top 0.5% the more likely it is that their wealth is in some way tied to the investment industry and borrowed money than from personally selling goods or services or labor as do most in the bottom 99.5%. They are much more likely to have built their net worth from stock options and capital gains in stocks and real estate and private business sales, not from income which is taxed at a much higher rate. These opportunities are largely unavailable to the bottom 99.5%.

(HT Tim)