The advantages of having rich parents

I came across this study a while ago, but I have yet to write about it. Among other things, the study details what percentage of Canadian sons have worked in the same firm as their fathers, broken down by income percentile.

On average, 40% of sons work in the same firm as their fathers at some point in their life. Once you get to the top 5% of fathers, the percentage races up. At the 1% mark, around 70% of sons work in their fathers’ firms at some point in their lives. Even for those who do not stay in those firms, the advantages of that experience and the connections it fosters are doubtlessly enormous. This study confirms once more that meritocracy and equal opportunity are pure fantasy.