Members of the 1% are clearly at an advantage when it comes to opportunity, and that advantage carries through when it comes to finding a job.
While it’s common for people to find employment through family and friends, there’s a direct correlation between a father’s income and the likelihood his son will work for the same employer, according to a report last year in the Journal of Labor Economics (via Miles Corak, who co-wrote the paper).
The researchers found that that among its subjects, around 40% of young Canadian men had been employed by an employer for whom their father worked.
But for earners in the top percentile, that figure jumps to around nearly 70%.
All parents want to help their children in whatever way they can. But top earners can do it more than others, and with more consequence: virtually guaranteeing, if not a lifetime of high earnings, at least a great start in life.