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Economy

U.S. Falling Behind in Entrepreneur Creation

The creation myth of American wealth is almost always rooted in the entrepreneur.  It’s the two kids who start a computer company in their garage or dorm room.

Or the former standup comic who creates form-shaping undergarments, or the South African immigrant who creates a new electric car and private space program.

But despite the high-profile examples, America may actually be falling behind the rest of the world when it comes to creating entrepreneurial wealth. A new study from Barclays, “Origins and Legacy: the Changing Order of Wealth Creation,” finds developing countries now lead the US when comes to wealth creation by entrepreneurs.

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Younger Getting Poorer

According to research recently released by the Pew Research Center, it’s definitely better for your finances to be over 65. In a recent report titled “The Old Prosper Relative to the Young,” Pew announced that there is a “rising age gap with regard to economic well-being.” A group of researchers examined financial data for various age groups over time, focusing particularly on 1967, 1984, 2005, and 2009-2010[1].

The economists and analysts involved in the study noticed that older households appeared to be getting richer between 1984 and 2009 despite the recession while younger households appeared to be on the decline.

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