Dynasties of Wealth: The Preservation of Large Family Fortunes Over a Century

Wealth is highly concentrated in Germany and many other countries. To assess the consequences of wealth concentration, it is crucial to understand the extent to which wealth persists at the top of the wealth distribution. This study not only describes the persistence of wealth among the wealthiest but also seeks to explain the perpetuation of large fortunes over multiple generations. To estimate the likelihood of remaining at the top of the wealth distribution for more than a century, I link a rich list from 1912 with a contemporary rich list (2019). In a second step, I analyze elite family networks constructed with genealogical data from Wikidata as a mechanism for wealth preservation using network and regression analyses. Preliminary findings reveal that 10% of the wealthiest 884 Germans in 1912 have descendants listed in today’s rich list. Wealthy individuals who had more influential family ties—defined as family connections to other well-connected wealthy individuals—were more likely to have descendants on today’s rich list. These ties likely facilitated the preservation and intergenerational transfer of wealth. Additionally, I find that connections not only to the wealth elite but also to the economic elite are significantly associated with the probability of having descendants on today’s rich list. This project highlights the importance of elite family networks in shaping the perpetuation of large fortunes across multiple generations.