Unformatted text preview: made his fortune during the 1920s and passed it down to succeeding generations. New Money The category called new money is a relatively new rung on the social ladder and makes up about 15 percent of the population. New money includes people whose wealth has been around only for a generation or two. Also referred to as the nouveaux riches (French for “newly rich”), they have earned their money rather than inheriting it. Unlike the members of the upper class, they do not have a family associated with old money. Example: Oprah Winfrey, Michael Jordan, Bill Gates, and other celebrities, athletes, and business people fit into this category. The nouveaux riches merit their own category because they make so much money that they lead very different lives from those in subsequent SES groupings. The newly rich simply do not have the day-to-day financial concerns that often plague the rest of society....
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This note was uploaded on 01/24/2012 for the course SCIE SYG2000 taught by Professor Bernhardt during the Fall '10 term at Broward College.
- Fall '10