It’s actually inherited wealth. For decades those of us in America have been told we live and work in a meritocracy. That what we achieve is determined solely by how hard we’re willing to work for it. It’s bullshit. And always has been. A true meritocracy wouldn’t allow any wealth to be transferred to the next familial generation. The way to create a fair and equitable meritocracy would be to give every person all they needed to survive. And no more.
Wealthy people will argue that they’ve worked hard for what they have. And often they have, although quite a lot of them got huge head start via an inheritance. They should be allowed to keep what they’ve earned. Until they die. Their children didn’t do anything to earn that money. There’s really no argument that stands up to reason to justify why they should inherit it. If there’s a spouse, it can be reasonably assumed that they made sacrifices such that they helped to earn the wealth. It should support them until they die also. At that point though, it should go into a sovereign wealth fund that provides for a Universal Basic Income for every citizen. Any offspring of the original individual will receive their fair share of the endowment, which is exactly what every other citizen’s share equals.
Some people won’t work at all, that’s true. Some people will create vast fortunes and achieve wondrous things. That’s true too. But everyone will have enough, right from the start. There will be no more dynasties, political or financial. And nobody will start life off with the misguided notion that they deserve more than everyone else by dint of growing up in a wealthy family.
The children of wealthy individuals will still benefit substantially as they will have attended better schools and grown up in better neighborhoods, along with all the other advantages money can bring. But they won’t have the outsized influence that a vast fortune of inherited wealth can provide. The kind of influence that can steer political and social policy that aids and abets its continued existence.