Re: Europe. This fits with my understanding of the wealth elite in Sweden. Sweden, surprisingly, has a very high wealth concentration, with a few dynasties controlling a large part of the banking and industry sector. However, most wildly successful individual companies—HM, IKEA, Ericsson, etc—where started by ppl in middle or lower classes. HM founders father owned a store in a small Swedish town. IKEA and Ericsson both grew up poor. Ericsson worked building railways starting age 12.
Re: Europe. This fits with my understanding of the wealth elite in Sweden. Sweden, surprisingly, has a very high wealth concentration, with a few dynasties controlling a large part of the banking and industry sector. However, most wildly successful individual companies—HM, IKEA, Ericsson, etc—where started by ppl in middle or lower classes. HM founders father owned a store in a small Swedish town. IKEA and Ericsson both grew up poor. Ericsson worked building railways starting age 12.