If You’re Not Born Filthy Rich, You Probably Never Will Be

To be among the one percent in this country you’ll need a fancy college degree, and family that’s already ridiculously rich, finds new research. The National Bureau of Economic Research looked at the group of students who took Chile’s national college exam since 1980. They discovered the 1.8 percent who were admitted to six programs at two elite colleges in Chile made up more than 40 percent of directors and top managers in the country and 38 percent of the top 0.1 percent of the income distribution between 2005 and 2013. Also, this group accounted for nearly 46 percent of the 0.001 percent during the same period. Still, getting into one of the elite programs wasn’t quite enough. Students who got into the programs and came from high-cost private schools were much more likely to reap the benefits of the programs, whereas students from other backgrounds got almost no benefit from the program compared to what they would get at a less prestigious school. One major explanation for the findings is chumminess. Two students who attend private high schools and are in the same elite college class are 126 percent more likely to go to work in leadership roles in the same firm than two students from private high schools who attend the same top college but are in different years. In other words, it’s more about who you know than what you know. (NY Post