Nearly 70% Of Super Rich Kids Take A Job At Daddy's Firm

Members of the 1% are clearly at an advantage when it comes to opportunity, and that advantage carries through when it comes to finding a job.

While it’s common for people to find employment through family and friends, there’s a direct correlation between a father’s income and the likelihood his son will work for the same employer, according to a report last year in the Journal of labour Economics (via Miles Corak, who co-wrote the paper).

The researchers found that that among its subjects, around 40% of young Canadian men had been employed by an employer for whom their father worked.

But for earners in the top percentile, that figure jumps to around nearly 70%.

Writes Corak:

All parents want to help their children in whatever way they can. But top earners can do it more than others, and with more consequence: virtually guaranteeing, if not a lifetime of high earnings, at least a great start in life.

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Photo: via milescorak

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