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Old money - Wikipedia. Old money (sometimes referred to as Family Cash, Family Money, or vieux riche) is "the inherited wealth of established upper- class families (i. The term typically describes a class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established aristocratic class (such as the US). United States[edit]Wealth—assets held by an individual or by a household—provides an important dimension of social stratification because it can pass from generation to generation, ensuring that a family's offspring will remain financially stable. Families with "old money" use accumulated assets or savings to bridge interruptions in income, thus guarding against downward social mobility.[2]"Old money" applies to those of the upper class whose wealth separates them from lower social classes. According to anthropologist W.

Lloyd Warner, the upper class in the United States during the 1. The lower- upper were those that did not come from traditionally wealthy families. They earned their money from investments and business rather than inheritance. In contrast to the nouveau riche, the upper- upper class was families viewed as "quasi- aristocratic" and "high- society".[3] These had been rich for generations. They lived off idle inheritances rather than earned wealth. During the early 2. American "Old money" families tends to adhere to various Mainline Protestant denominations; Episcopalians[4] and Presbyterians are most prevalent.[5]"Old money" contrasts with the nouveau riche and parvenus.

These fall under the category "new money" (those not from traditionally wealthy families). Some families with "old money" include: The Forbes family of Boston made their fortune in the shipping and later railroad industries as well as other investments.

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They have been a prominent wealthy family in the United States for 2. The Astor family made their fortune in the 1.

The Griswold Family of Connecticut made their fortune in shipping, banking, railroads, and industry. They have been prominent in American politics, producing five governors and numerous senators and congressmen. Although many "old money" individuals do not rank as high on the list of Forbes 4. Americans as they once did, their wealth continues to grow. Many families increased their holdings by investment strategies such as the pooling of resources.[8]: 1.

For example, the Rockefeller family's estimated net worth of $1 billion in the 1. In 6. 0 years, four of the richest families in the United States increased their combined $2–4 billion in 1.

When adjusted for inflation, the actual dollar wealth of many of these families has shrunk since the 3. The Rothschild family, as an example, established finance houses across Europe from the 1. Habsburg Emperor and Queen Victoria. Throughout the 1. The family has, at least to some extent, maintained its wealth for over two centuries.

The Rothschilds were not, however, considered "old money" by their British counterparts. In Britain, the term generally exclusively refers to the landed gentry, usually the aristocracy and nobility who traditionally live off the land inherited paternally.[1. Effects of World War II[edit]Economists assert that the largest transfer of wealth[clarification needed] will be as the older generation leaves wealth to the baby boomers. Inheritance has been estimated to make up 6% of the US GDP each year.[9]: 1. The current generation is wealthier than any generation before.[clarification needed][citation needed] This increase in wealth and inheritance indicates a rise of "old money" in American families. Stephen Haseler argues that America is becoming an inheritance culture in which much economic opportunity is from family inheritance and not personal achievement.[9]: 1. Influences on popular culture[edit]The ITV television series Downton Abbey frequently contrasts the differences between Old Money and New Money.

Notably between the newspaperman Sir Richard Carlisle and the heiress Lady Mary Crawley, the distinction being the aggression of the parvenu Sir Richard and the noblesse oblige of the Crawleys. See also[edit]References[edit]^"Old Money" The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2. Nov. 2. 00. 8. Dictionary.

Scholz, Claudia W.; Juanita M. Firestone (2. 00. Wealth". In George Ritzer (ed.). Blackwell Encyclopedia of Sociology.

Blackwell Reference Online. The Hairy Tooth Fairy Free Online Cartoon. Malden, MA: Wiley- Blackwell.

ISBN 1. 40. 51. 24. Warner, William Lloyd (1. Social Class in America: A Manual of Procedure for the Measurement of Social Status. Harper & Row. ^B. DRUMMOND AYRES Jr. THE EPISCOPALIANS: AN AMERICAN ELITE WITH ROOTS GOING BACK TO JAMESTOWN".

New York Times. Retrieved 2. Davidson, James D.; Pyle, Ralph E.; Reyes, David V. Persistence and Change in the Protestant Establishment, 1.

Social Forces. 7. JSTOR 2. 58. 06. 27.

Lundberg, Ferdinand (1. The rich and the super- rich. New York: Bantam Books/Lyle Stuart Publishing. Fortune 5. 00 2. 00.

Fortune 1. 00. 0 1- 1. Fortune. 2. 00. 8- 0. Retrieved 2. 00. 8- 1. Phillips, Kevin P (2.

Wealth and democracy: a political history of the American rich. New York: Broadway Books. ISBN 9. 78. 07. 67. Haseler, Stephen (2. The Super- Rich: The Unjust New World of Global Capitalism. Palgrave Macmillan.

ISBN 9. 78. 03. 12. Ferguson, Niall (1. The House of Rothschild: Money's Prophets: 1.

First ed.). New York: Penguin Books. ISBN 0. 14. 02. 40. Further reading[edit]Aldrich, Nelson W. Old Money: The Mythology of Wealth in America.

New York: Allworth Press. ISBN 9. 78. 18. 80.