Old money | EPFL Graph Search

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Old money is "the inherited wealth of established upper-class families (i.e. gentry, patriciate)" or "a person, family, or lineage possessing inherited wealth". The term typically describes a social 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 United States). The term is often used in contrast with new money. 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. "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 1930s was divided into the upper-upper and the lower-upper classes. The lower-upper were those who did not come from traditionally wealthy families. They earned their money from investments and business, rather than inheritance. Examples include John D. Rockefeller, whose father was a traveling peddler; Cornelius Vanderbilt, whose father operated a ferry in New York Harbor; Henry Flagler, who was the son of a Presbyterian minister; and Andrew Carnegie, who was the son of a Scottish weaver. In contrast to the nouveau riche, whose riches were acquired in their own generation, the upper-upper class were families viewed as "quasi-aristocratic" and "high society". These families had been rich and prominent in the politics of the United States for generations. In many cases, their prominence dated since before the American Revolution (1765–1783), when their ancestors had accumulated fortunes as members of the elite planter class, or as merchants, slave traders, ship-owners, or fur traders.

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Related concepts (14)

Upper class

Upper class in modern societies is the social class composed of people who hold the highest social status, usually are the wealthiest members of class society, and wield the greatest political power. According to this view, the upper class is generally distinguished by immense wealth which is passed on from generation to generation. Prior to the 20th century, the emphasis was on aristocracy, which emphasized generations of inherited noble status, not just recent wealth.

Aristocracy (class)

The aristocracy is historically associated with "hereditary" or "ruling" social class. In many states, the aristocracy included the upper class of people (aristocrats) with hereditary rank and titles. In some, such as ancient Greece, ancient Rome, or India, aristocratic status came from belonging to a military class. It has also been common, notably in African societies, for aristocrats to belong to priestly dynasties. Aristocratic status can involve feudal or legal privileges.

Gentry

Gentry (from Old French genterie, from gentil, "high-born, noble") are "well-born, genteel and well-bred people" of high social class, especially in the past. Gentry, in its widest connotation, refers to people of good social position connected to landed estates (see manorialism), upper levels of the clergy or "gentle" families of long descent who in some cases never obtained the official right to bear a coat of arms. The gentry largely consisted of landowners who could live entirely from rental income, or at least had a country estate; some were gentleman farmers.