Nouveau wealth vs old wealth
Many of you may be unfamiliar with the term "nouveau riche". It actually means "new money". Old money is the opposite.
Old vs new wealth
Just as there is white and black (racism) there is an elitism as well even among the rich. This is important to note because most of the new born crypto millionaires are "new money" without even realizing what it means.
"Nouveau riche" (French: 'new rich' [nuvo ʁiʃ]) is a term, usually derogatory, to describe those whose wealth has been acquired within their own generation, rather than by familial inheritance. The equivalent English term is the "new rich" or "new money" (in contrast with "old money"/"vieux riche").[1] Sociologically, "nouveau riche" refers to the man or woman who previously had belonged to a lower social class and economic stratum (rank) within that class; and that the new money, which constitutes his or her wealth, allowed upward social mobility and provided the means for conspicuous consumption, the buying of goods and services that signal membership in an upper class. As a pejorative term, "nouveau riche" effects distinctions of type, the given stratum within a social class; hence, among the rich people of a social class, "nouveau riche" describes the vulgarity and ostentation of the new-rich man and woman who lack the worldly experience and the system of values of old money, of inherited wealth, such as the patriciate, the nobility and the gentry.
The crypto millionaires are the new techno-nobility at worst but this techno-nobility is not the same as old money. Old money are those who inherit their wealth. It should be noted, anyone with good genes, culture, and so on, have inherited wealth but the sort of wealth I'm talking about is financial. Assets like stocks, property, a trust fund, and if you went to private school rather than public school. If you grew up rich rather than poor, if your family is connected socially to the government or other traditional or legacy institutions, then you're old money. This in my opinion is also something people are born into and I must note it is wrong to judge the character of a person based only on the fact that they were born into wealth. The point here is some born into old money wealth, with lots of connections, understand this luck and do not look down on others trying to reach a similar level (social mobility a good thing). Then you have at least theoretically the true elitist, who grew up wealthy, who despises new money, who hates the fact that crypto is making some poor people rich.
The development of Thorstein Veblen's sociology of conspicuous consumption produced the term invidious consumption, the ostentatious consumption of goods that is meant to provoke the envy of other people; and the term conspicuous compassion, the deliberate use of charitable donations of money in order to enhance the social prestige of the donor, with a display of superior socio-economic status.[3]
It is true not every new money rich is responsible with spending. I will not name names but I'm sure people have heard stories of people who got rich and abused their money. This does happen so there could be a reason why some old money do not like the new rich. That being said not every new rich is going to be irresponsibly wealthy.
Social mobility is beautiful
In my opinion it is beautiful to watch a person rise from a low position in society into a higher position. This is indeed the American dream. It is what makes America special and why so many around the world want to be American. In many parts of the world due to the caste system it s virtually impossible to get ahead. No amount of hard work, no amount of effort, no amount of talent, can defeat connections to the government under a communist regime. Under communism you are born into a certain role (often the government dictates this) and you will die in that role. Those closer to the government (which usually is corrupt) are given favors, breaks, advantages.
To be honest, it is like this in most countries as most governments give unfair advantages to certain people or families. It is just the case that some governments are more corrupt than others and under communism it is the kind of corruption which is completely inescapable if entrenched.
One of the other important differences is that old money is always connected to political power; new money sometimes is. When it is connected, new money always has to fight for its place at the table.
I will never forget the first time I had heard there was a caste system. I still shake my head and am very thankful that I was not borne to one of those countries. Great topic. I too absolutely love watching people do well, and with my business I love love instilling confidence in my staff.
Where do we classify one who inherited wealth not enough to be a millionare but got his game right to make himself a millionaire?
Or Someone whose family got the connection but he had to help himself become rich?
It depends on how rich is defined in your country. If you inherited enough to be born into financial independence without having to earn it then you are old money.
Reference
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Old money is unearned.
Ya it is very important how the New rich can manage their money, not many can handle it wisely but at the same time there are some New Rich who are extra sensitive with the money that they acquire and use it in the right ways. I feel there is no good - bad, right- wrong in the Old and New Rich cause it's all about the upbringing also of the person which decides the character of the person.
Interesting topic :-)