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Wikipedia

Old money

Old money is "the inherited wealth of established upper-class families (i.e. gentry, patriciate)" or "a person, family, or lineage possessing inherited wealth".[1] It is a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established aristocratic class (such as the United States), in contrast with new money whose wealth has been acquired within its own generation.

Wealth and class edit

Wealth—assets held by an individual or by a household—provides an important dimension of social stratification because it can pass from generation to generation, ensuring that a family's offspring will remain financially stable. Families with "old money" use accumulated assets or savings to bridge interruptions in income, thus guarding against downward social mobility.[2]

"Old money" applies to those of the upper class whose wealth separates them from lower social classes.

United States edit

According to anthropologist W. Lloyd Warner, the upper class in the United States during the 1930s was divided into the upper-upper and the lower-upper classes.[3] The lower-upper were those who did not come from traditionally wealthy families. They earned their money from investments and business, rather than inheritance. Examples include John D. Rockefeller, whose father was a traveling peddler; Cornelius Vanderbilt, whose father operated a ferry in New York Harbor; Henry Flagler, who was the son of a Presbyterian minister; and Andrew Carnegie, who was the son of a Scottish weaver. In contrast to the nouveau riche, whose riches were acquired in their own generation, the upper-upper class were families viewed as "quasi-aristocratic" and "high society".[3] These families had been rich and prominent in the politics of the United States for generations. In many cases, their prominence dated since before the American Revolution (1765–1783), when their ancestors had accumulated fortunes as members of the elite planter class, or as merchants, slave traders, ship-owners, or fur traders. In many cases, especially in Virginia, Maryland, and the Carolinas, the source of these families' wealth were vast tracts of land granted to their ancestors by the Crown or acquired by headright during the colonial period. These planter class families were often related to each other through intermarriage for more than 300 years, and are sometimes known as American gentry. They produced several Founding Fathers of the United States and a number of early presidents of the United States.

After the American Civil War (1861–1865), many in this social class saw their wealth greatly reduced. Their slaves became freedmen. Union forces under Generals William Tecumseh Sherman and Philip Sheridan had also cut wide swaths of destruction through portions of Virginia, the Carolinas and Georgia. They destroyed crops, killed or confiscated livestock, burned barns and gristmills, and in some cases torched plantation houses and even entire cities such as Atlanta. They were using scorched earth tactics, designed to starve the Confederate States of America into submission. After the Thirteenth Amendment to the United States Constitution (1865) and the emancipation of the slaves, many plantations were converted to sharecropping. African American freedmen were working as sharecroppers on the same land which they had worked as slaves before the war. Despite the fact that their circumstances were greatly reduced, the enactment of Jim Crow laws and the disenfranchisement of freed black people allowed many planter class families in the Southern United States to regain their political prominence, if not their great wealth, following Reconstruction (1863–1877).[citation needed]

In the early 20th century, the upper-upper class were seen as more prestigious than the nouveau riche even if the nouveau riche had more wealth.[3] During the late 19th century and early 20th century, the nouveau rich flaunted their wealth by building Gilded Age mansions that emulated the palaces of European royalty, while old money was more conservative. American "Old money" families tend to adhere to various Mainline Protestant denominations; Episcopalians[4][5] and Presbyterians are the most prevalent among them.[6]

Early Colonial edit

 
George and Martha Washington with their Grandchildren. George Washington Parke Custis, and Eleanor Parke Custis

Late Colonial edit

  • The Astor family made their fortune in the 18th century, through fur trading, real estate, the hotel industry, and other investments.
  • The Forbes family of Boston made their fortune in the shipping and later railroad industries as well as other investments. They have been a prominent wealthy family in the United States for 200 years.
  • The Hartwick family is of mainly English and German descent, and their ancestry and fortune predates the American Revolution. The Hartwicks have produced several politicians and military generals, such as Edward Hartwick. By World War I, the family-controlled most of the lumber in the United States. The Hartwick's philanthropic works include the founding of Hartwick College, and Hartwick Pines State Park.

Early American edit

Although many "old money" individuals do not rank as high on the list of Forbes 400 richest Americans as their ancestors did, their wealth continues to grow. Many families increased their holdings by investment strategies such as the pooling of resources.[24]: 115  For example, the Rockefeller family's estimated net worth of $1 billion in the 1930s grew to $8.5 billion by 2000—that is, not adjusted for inflation. In 60 years, four of the richest families in the United States increased their combined $2–4 billion in 1937 to $38 billion without holding large shares in emerging industries. When adjusted for inflation, the actual dollar wealth of many of these families has shrunk since the '30s.[24]: 115 [25]: 2 

From a private wealth manager's perspective, "old money" can be classified into two: active "old money" and passive "old money". The former includes inheritors who, despite the inherited wealth at their disposal or that which they can access in the future, choose to pursue their own career or set up their own businesses.[26] Paris Hilton and Sir Stelios Haji-Ioannou did this. On the other hand, passive "old money" are the idle rich or those who are not wealth producers.[26]

"Old money" contrasts with the nouveau riche and parvenus. These fall under the category "new money" (those not from traditionally wealthy families).

Europe edit

The Rothschild family, as an example, established finance houses across Europe from the 18th century and was ennobled by the Habsburg emperor and Queen Victoria. Throughout the 19th century, they controlled the largest fortune in the world, in today's terms many hundreds of billions. The family has, at least to some extent, maintained its wealth for over two centuries. The Rothschilds were not, however, considered "old money" by their British counterparts. In Britain, the term generally exclusively refers to the nobility - that is, the peerage and landed gentry - who traditionally live off the land inherited paternally.[27] The British concept is analogous to good lineage and it is not uncommon to find someone with "old money" who is actually poor or insolvent.[28] By 2001, however, those belonging to this category—the aristocratic landowners—are still part of the wealthiest list in the United Kingdom.[29] For instance, the Duke of Westminster, by way of his Grosvenor estate, owns large swaths of properties in London that include 200 acres of Belgravia and 100 acres of Mayfair.[30] There is also the case of Viscount Portman, who is the owner of 100 acres of land north of Oxford Street.

Many countries had wealth-based restrictions on voting. In France, out of a nation of 27 million people, only 80,000 to 90,000 were allowed to vote in the 1820 French legislative election and the richest one-quarter of them had two votes.[31]

In popular culture edit

The ITV television series Downton Abbey frequently contrasts the differences between Old Money and New Money in Britain during the early 20th century. Thus, the aggressiveness of the parvenu newspaperman Sir Richard Carlisle is juxtaposed with the genteel noblesse oblige of heiress Lady Mary Crawley and her family.

Perhaps the most famous critique of the tension between Old Money and New Money in American literature can be found in F. Scott Fitzgerald's The Great Gatsby. The characters in possession of old money, represented by the Buchanan family (Tom and Daisy), get away with murder; while those with new money, represented by Gatsby himself, are alternately embraced and scorned by other characters in the book. Fitzgerald vastly critiques people in possession of old money through his narrator Nick Carraway: "They were careless people, Tom and Daisy—they smashed up things and creatures and then retreated back into their money or their vast carelessness or whatever it was that kept them together, and let other people clean up the mess they had made."

See also edit

References edit

  1. ^ "Old Money" The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. 5 November 2008. Dictionary.com http://dictionary.reference.com/browse/oldmoney
  2. ^ Scholz, Claudia W.; Juanita M. Firestone (2007). "Wealth". In George Ritzer (ed.). Blackwell Encyclopedia of Sociology. Blackwell Reference Online. Malden, MA: Wiley-Blackwell. ISBN 978-1405124331.
  3. ^ a b c Warner, William Lloyd (1960). Social Class in America: A Manual of Procedure for the Measurement of Social Status. Harper & Row.
  4. ^ Ayres Jr., B. Drummond (19 December 2011). "The Episcopalians: An American Elite With Roots Going Back to Jamestown". The New York Times. Retrieved 17 August 2012.
  5. ^ a b W. Williams, Peter (2016). Religion, Art, and Money: Episcopalians and American Culture from the Civil War to the Great Depression. University of North Carolina Press. p. 176. ISBN 9781469626987. The names of fashionable families who were already Episcopalian, like the Morgans, or those, like the Fricks, who now became so, goes on interminably: Aldrich, Astor, Biddle, Booth, Brown, Du Pont, Firestone, Ford, Gardner, Mellon, Morgan, Procter, the Vanderbilt, Whitney. Episcopalian branches of the Baptist Rockefellers and Jewish Guggenheims even appeared on these family trees.
  6. ^ Davidson, James D.; Pyle, Ralph E.; Reyes, David V. (1995). "Persistence and Change in the Protestant Establishment, 1930–1992". Social Forces. 74 (1): 157–175 [p. 164]. doi:10.1093/sf/74.1.157. JSTOR 2580627.
  7. ^ Evans, Emory G. "William Byrd (1728–1777)". Encyclopedia Virginia. Retrieved 5 July 2019.
  8. ^ Dabney, Virginius (1990). Richmond: The Story of a City: Revised and Expanded Edition. Charlottesville, Virginia: University Press of Virginia. p. 19. ISBN 0813912741. OCLC 20263021. At Google Books.
  9. ^ Frank B. Atkinson (2006). Virginia in the Vanguard: Political Leadership in the 400-year-old Cradle of American Democracy, 1981–2006. Rowman & Littlefield. p. 7. ISBN 9780742552104.
  10. ^ Evans, Nelson Wiley; Emmons B. Stivers (1900). A History of Adams County, Ohio: From Its Earliest Settlement to the Present Time, Including Character Sketches of the Prominent Persons Identified with the First Century of the Country's Growth ... E B. Stivers. pp. 526–527; J. W. Klise stated that Byrd began his legal education with his uncle. J. W. Klise, ed., State Centennial History of Highland County, 1902; 1902. Reprint. Owensboro, KY: Cook & McDowell, 1980, p. 168.
  11. ^ Brock, Robert Alonzo (1888). Virginia and Virginians, Vol. I, p. 40. Richmond and Toledo: H.H. Hardesty.
  12. ^ Tarter, Brett. "Robert Burwell (1720–1777)". Encyclopedia Virginia. Retrieved 15 July 2015.
  13. ^ "Henry Corbyn (1628 or 1629–ca. 1676) – Encyclopedia Virginia".
  14. ^ Lyon Gardiner Tyler, ed. (1915). Encyclopedia of Virginia Biography. Vol. 1. Lewis historical publishing Company. p. 128. OCLC 2576742.
  15. ^ Emory G. Evans, " Corbin, Richard (1713 or 1714-20 May 1790)" in Dictionary of Virginia Biography, Vol. 3, pp. 466-468 also available at https://ehttps://www.lva.virginia.gov/public/dvb/bio.asp?b=Corbin_Richard/
  16. ^ Lyon Gardiner Tyler, Encyclopedia of Virginia Biography, vol. 1 pp. 158-159
  17. ^ Lyon Gardiner Tyler, Encyclopedia of Virginia Biography (1915), vol. 1 p. 218
  18. ^ Sankey, Margaret D. "Randolph, William". Oxford Dictionary of National Biography (online ed.). Oxford University Press. doi:10.1093/ref:odnb/23125. (Subscription or UK public library membership required.)
  19. ^ Emory G. Evans, A "Topping People": The Rise and Decline of Virginia's Old Political Elite, 1680–1790 (2009), pp. 18–19
  20. ^ Dillon, John Forrest, ed. (1903). "Introduction". John Marshall; life, character and judicial services as portrayed in the centenary and memorial addresses and proceedings throughout the United States on Marshall day, 1901, and in the classic orations of Binney, Story, Phelps, Waite and Rawle. Vol. I. Chicago: Callaghan & Company. pp. liv–lv. ISBN 9780722291474.
  21. ^ Lancaster, Robert Alexander (1915). Historic Virginia homes and churches (Now in the public domain. ed.). Lippincott. pp. 343–. Retrieved 17 October 2011.
  22. ^ {{Bantam Books/Lyle Stuart Publishing; Lundberg, Ferdinand, The rich and the super-rich, 1968, 165‒177
  23. ^ Fortune 500 2008: Fortune 1000 1–100, 2008-05-05, https://money.cnn.com/magazines/fortune/fortune500/2008/full_list/
  24. ^ a b Phillips, Kevin P (2003). Wealth and democracy: a political history of the American rich. New York: Broadway Books. ISBN 9780767905343.
  25. ^ Haseler, Stephen (5 May 2000). The Super-Rich: The Unjust New World of Global Capitalism. Palgrave Macmillan. ISBN 9780312230050.
  26. ^ a b Essvale Corporation Limited (2008). Business Knowledge for IT in Private Wealth Management: A Complete Handbook for IT Professionals. London: Essvale Corporation Limited. p. 45. ISBN 9780955412493.
  27. ^ Ferguson, Niall (1 November 1999). The House of Rothschild: Money's Prophets: 1798-1848. Vol. 1 (First ed.). New York: Penguin Books. p. 481‒85. ISBN 0140240845.
  28. ^ Popova, Elena (2008). Through Alien Eyes: A View of America and Intercultural Marriages. New York: Algora Publishing. pp. 51. ISBN 9780875866390.
  29. ^ Brass, Tom (2014). Class, Culture and the Agrarian Myth. Leiden: Brill. p. 240. ISBN 9789004259973.
  30. ^ Haseler, Stephen (2012). The Grand Delusion: Britain After Sixty Years of Elizabeth II. London: I.B. Tauris. p. 258. ISBN 9781780760735.
  31. ^ Alan B. Spitzer, "Restoration Political Theory and the Debate over the Law of the Double Vote" Journal of Modern History 55#1 (1983) pp. 54–70 online

Further reading edit

  • Fisher, Nick, and Hans Van Wees, eds. Aristocracy in Antiquity: Redefining Greek and Roman Elites (ISD LLC, 2015).
  • Janssens, Paul, and Bartolomé Yun-Casalilla, eds. European Aristocracies and Colonial Elites: Patrimonial Management Strategies and Economic Development, 15th–18th Centuries (Routledge, 2017).
  • McDonogh, Gary Wray. Good families of Barcelona: A social history of power in the industrial era (Princeton University Press, 2014).
  • Pincon, Michel, and Monique Pincon-Charlot. Grand Fortunes. Dynasties and Forms of Wealth in France (1998) excerpt
  • Porter, John. The vertical mosaic: An analysis of social class and power in Canada (1965).
  • Rothacher, Albrecht. The Japanese power elite (2016).
  • Schutte, Kimberly. Women, Rank, and Marriage in the British Aristocracy, 1485–2000: An Open Elite? (2014).
  • Stone, Lawrence. An open elite?: England, 1540–1880 (1986).

United States edit

  • Aldrich, Nelson W. (1996). Old Money: The Mythology of Wealth in America. New York: Allworth Press. ISBN 9781880559642.
  • Allen, Irving Lewis. "WASP—From Sociological Concept to Epithet", Ethnicity 2.2 (1975): 153–162.
  • Baltzell, E. Digby. Philadelphia Gentlemen: The Making of a New Upper Class (1958).
  • Beckert, Sven. The monied metropolis: New York City and the consolidation of the American bourgeoisie, 1850–1896 (2003).
  • Brooks, David. Bobos in paradise: The new upper class and how they got there (2010)
  • Davis, Donald F. "The Price of Conspicious [sic] Production: The Detroit Elite and the Automobile Industry, 1900–1933." Journal of Social History 16.1 (1982): 21–46. online
  • Farnum, Richard. "Prestige in the Ivy League: Democratization and discrimination at Penn and Columbia, 1890–1970." in Paul W. Kingston and Lionel S. Lewis, eds. The high-status track: Studies of elite schools and stratification (1990).
  • Foulkes, Nick. High Society – The History of America's Upper Class, (Assouline, 2008) ISBN 2759402886.
  • Fraser, Steve and Gary Gerstle, eds. Ruling America: A History of Wealth and Power in a Democracy, Harvard University Press, 2005, ISBN 0-674-01747-1.
  • Ghent, Jocelyn Maynard, and Frederic Cople Jaher. "The Chicago Business Elite: 1830–1930. A Collective Biography." Business History Review 50.3 (1976): 288–328. online
  • Hood, Clifton. In Pursuit of Privilege: A History of New York City's Upper Class and the Making of a Metropolis (2016). Covers 1760–1970.
  • Ingham, John N. The Iron Barons: A Social Analysis of an American Urban Elite, 1874–1965 (1978)
  • Jaher, Frederic Cople, ed. The Rich, the Well Born, and the Powerful: Elites and Upper Classes in History (1973), essays by scholars
  • Jaher, Frederick Cople. The Urban Establishment: Upper Strata in Boston, New York, Chicago, Charleston, and Los Angeles (1982).
  • Lundberg, Ferdinand: The Rich and the Super-Rich: A Study in the Power of Money Today (1968)
  • McConachie, Bruce A. "New York operagoing, 1825–50: creating an elite social ritual." American Music (1988): 181–192. online
  • Maggor, Noam. Brahmin Capitalism: Frontiers of Wealth and Populism in America's First Gilded Age (Harvard UP, 2017); 304 pp. online review
  • Ostrander, Susan A. (1986). Women of the Upper Class. Temple University Press. ISBN 978-0-87722-475-4.
  • Phillips, Kevin P. Wealth and Democracy: A Political History of the American Rich, Broadway Books 2003, ISBN 0-7679-0534-2.
  • Story, Ronald. (1980) The forging of an aristocracy: Harvard & the Boston upper class, 1800-1870
  • Williams, Peter W. Religion, Art, and Money: Episcopalians and American Culture from the Civil War to the Great Depression (2016), especially in New York City

money, this, article, about, socioeconomic, term, other, uses, disambiguation, look, vieux, riche, wiktionary, free, dictionary, inherited, wealth, established, upper, class, families, gentry, patriciate, person, family, lineage, possessing, inherited, wealth,. This article is about the socioeconomic term For other uses see Old money disambiguation Look up vieux riche in Wiktionary the free dictionary Old money is the inherited wealth of established upper class families i e gentry patriciate or a person family or lineage possessing inherited wealth 1 It is a social class of the rich who have been able to maintain their wealth over multiple generations often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established aristocratic class such as the United States in contrast with new money whose wealth has been acquired within its own generation Contents 1 Wealth and class 2 United States 2 1 Early Colonial 2 2 Late Colonial 2 3 Early American 3 Europe 4 In popular culture 5 See also 6 References 7 Further reading 7 1 United StatesWealth and class editWealth assets held by an individual or by a household provides an important dimension of social stratification because it can pass from generation to generation ensuring that a family s offspring will remain financially stable Families with old money use accumulated assets or savings to bridge interruptions in income thus guarding against downward social mobility 2 Old money applies to those of the upper class whose wealth separates them from lower social classes United States editAccording to anthropologist W Lloyd Warner the upper class in the United States during the 1930s was divided into the upper upper and the lower upper classes 3 The lower upper were those who did not come from traditionally wealthy families They earned their money from investments and business rather than inheritance Examples include John D Rockefeller whose father was a traveling peddler Cornelius Vanderbilt whose father operated a ferry in New York Harbor Henry Flagler who was the son of a Presbyterian minister and Andrew Carnegie who was the son of a Scottish weaver In contrast to the nouveau riche whose riches were acquired in their own generation the upper upper class were families viewed as quasi aristocratic and high society 3 These families had been rich and prominent in the politics of the United States for generations In many cases their prominence dated since before the American Revolution 1765 1783 when their ancestors had accumulated fortunes as members of the elite planter class or as merchants slave traders ship owners or fur traders In many cases especially in Virginia Maryland and the Carolinas the source of these families wealth were vast tracts of land granted to their ancestors by the Crown or acquired by headright during the colonial period These planter class families were often related to each other through intermarriage for more than 300 years and are sometimes known as American gentry They produced several Founding Fathers of the United States and a number of early presidents of the United States After the American Civil War 1861 1865 many in this social class saw their wealth greatly reduced Their slaves became freedmen Union forces under Generals William Tecumseh Sherman and Philip Sheridan had also cut wide swaths of destruction through portions of Virginia the Carolinas and Georgia They destroyed crops killed or confiscated livestock burned barns and gristmills and in some cases torched plantation houses and even entire cities such as Atlanta They were using scorched earth tactics designed to starve the Confederate States of America into submission After the Thirteenth Amendment to the United States Constitution 1865 and the emancipation of the slaves many plantations were converted to sharecropping African American freedmen were working as sharecroppers on the same land which they had worked as slaves before the war Despite the fact that their circumstances were greatly reduced the enactment of Jim Crow laws and the disenfranchisement of freed black people allowed many planter class families in the Southern United States to regain their political prominence if not their great wealth following Reconstruction 1863 1877 citation needed In the early 20th century the upper upper class were seen as more prestigious than the nouveau riche even if the nouveau riche had more wealth 3 During the late 19th century and early 20th century the nouveau rich flaunted their wealth by building Gilded Age mansions that emulated the palaces of European royalty while old money was more conservative American Old money families tend to adhere to various Mainline Protestant denominations Episcopalians 4 5 and Presbyterians are the most prevalent among them 6 Early Colonial edit The Byrd Family of Virginia FFV is descended from William Byrd I who received a 1 200 acre 4 9 km2 grant on 27 October 1673 at the fall line of the James River that would later become the site of Richmond Virginia 7 Byrd s son William Byrd II of Westover Plantation who inherited the land was an American planter and author from Charles City County in colonial Virginia He expanded his holdings to approximately 179 000 acre 720 km2 and founded the City of Richmond 8 Although much of the family s wealth was squandered during the 18th century by William Byrd III through gambling and bad investments descendant Richard Evelyn Byrd Sr became wealthy as an apple grower in the Shenandoah Valley and publisher of the Winchester Star newspaper He was elected to the Virginia House of Delegates in 1906 and served as Speaker from 1908 to 1914 His son Harry Flood Byrd was elected the 50th Governor of Virginia in 1925 and later served in the US Senate until his retirement in 1965 Byrd controlled a Democratic political machine known as the Byrd Organization that dominated Virginia politics for most of the 20th century 9 Byrd was succeeded in the US Senate by his son Harry F Byrd Jr who served until 1981 The family also produced early Ohio political leader and jurist Charles Willing Byrd 10 and polar explorer Rear Admiral Richard E Byrd The Cabot family arrived in Salem from the Isle of Jersey in 1700 and made fortunes in shipping George Cabot was an American merchant seaman and politician from Massachusetts He represented Massachusetts in the U S Senate and was the presiding officer of the infamous Hartford Convention Samuel Cabot Jr was an American businessman in the early nineteenth century China Trade James Elliot Cabot was an American philosopher and author born in Boston to Samuel Cabot Jr and Eliza Cabot Edward Clarke Cabot was an American architect and artist Henry Cabot Lodge was a member of the Porcellian Club an American Republican politician historian and statesman from Massachusetts He served in the United States Senate from 1893 to 1924 and is best known for his positions on foreign policy At the age of 21 Godfrey Lowell Cabot see Lowells below founded the Cabot Corporation the largest producer of carbon black in the country The Carter family of Corotoman Shirley Sabine Hall Nomony Hall Cleve and Carter s Grove FFV of Virginia is descended from Robert King Carter of Lancaster County who was a planter businessman and colonist in Virginia and became one of the wealthiest men in the colonies accumulating over 300 000 acres of land As President of the Governor s Council of the Virginia Colony he was acting Governor of Virginia from 1726 to 1727 after the death in office of Governor Hugh Drysdale 11 He acquired the moniker King due to his great wealth political power and autocratic business methods His many notable descendants include Robert Burwell a member of the Virginia House of Burgesses 12 Robert Carter III who sat on the Virginia Governor s Council Carter Braxton a signer of Declaration of Independence Mann Page a Virginia delegate to the Continental Congress in 1777 Confederate States Army General Robert E Lee Confederate Army first lieutenant Robert Randolph Carter John Page the 13th Governor of Virginia Thomas Nelson Page who served as US ambassador to Italy during the Woodrow Wilson administration and civil engineer and industrialist William Nelson Page The Corbin Family FFV of Middlesex County Virginia beginning with Henry Corbin was an emigrant from England who became a tobacco planter in the Virginia colony and served in both houses of the Virginia General Assembly in the House of Burgesses representing Lancaster County before the creation of Middlesex County on Virginia s Middle Neck then on the Governor s Council 13 The governor and council made Corbin a justice of the Lancaster County court in 1657 14 Lancaster County voters in both 1659 and 1660 elected Corbin as one of their representatives in the House of Burgesses alongside the county s largest plantation owner John Carter Sr His son Gawin Corbin burgess was prominent in political affairs His daughter Laetitia Corbin Lee married Richard Lee II of Machodoc Plantation while another daughter Ann married William Tayloe the nephew Gawin Corbin Sr son of the Burgess was a Virginia planter and politician who served in the House of Burgesses representing Middlesex County Virginia Richard Corbin was a Virginia planter and politician who represented Middlesex County in the House of Burgesses and the Virginia Governor s Council 15 16 Although a noted Loyalist during the American Revolutionary War during which two brothers served in British forces he considered himself a Virginian and two of his descendants of the same name also served in the Virginia General Assembly following the conflict Hannah Lee Corbin was an American women s rights advocate and member of the Lee family in Virginia A controversial widow in her own time in part for her refusal to marry her paramour with whom she had children or conversion from the Church of England to the Baptists she may today be best known for asking that women be given the right to vote John Tayloe Corbin was a Virginia planter and politician who represented King and Queen County in the House of Burgesses 17 The son of the powerful planter Richard Corbin a member of the Governor s Council he was likewise a Loyalist during the American Revolutionary War during which two brothers served in British forces but remained in Virginia nbsp George and Martha Washington with their Grandchildren George Washington Parke Custis and Eleanor Parke CustisThe Custis Family FFV dates back to the mid seventeenth century four members of the Custis family immigrated to the colony of Virginia Anne John Custis II William II and their uncle John I John II was the most successful at establishing the family name into prominent society advancing into the Virginia ruling class by serving as a sheriff justice of the peace surveyor coroner militia officer member of the House of Burgess and Councillor John II also built a large mansion that he called Arlington His descendants included his son John Custis III and grandson John IV who was born in August 1678 John Custis IV was the father of Daniel Parke Custis Martha Dandridge Custis s first husband Martha s Second husband was George Washington Making his step grandchildren and wife America s First Inaugural Family The Delano family of Massachusetts and New York is descended from Philippe de Lannoy who was born in 1602 to parents of French and Dutch descent In the United States members of the Delano family include U S presidents Franklin Delano Roosevelt Ulysses S Grant and Calvin Coolidge astronaut Alan B Shepard and writer Laura Ingalls Wilder Delano family forebears include the Pilgrims who chartered the Mayflower seven of its passengers and three signers of the Mayflower Compact The Griswold Family of Connecticut made their fortune in shipping banking railroads and industry They have been prominent in American politics producing five governors and numerous senators and congressmen The Harrisons of Berkley FFV of Virginia is an American political family of the Commonwealth of Virginia whose direct descendants include a Founding Father of the United States Benjamin Harrison V and three U S presidents William Henry Harrison Benjamin Harrison and Abraham Lincoln The Virginia Harrison family consists primarily of two branches with origins in northern England One branch led by Benjamin Harrison I journeyed by way of Bermuda to Virginia before 1633 and settled along the James River where they became wealthy planters they are often referred to as the James River Harrisons Successive generations of this branch served in the legislature of the Colony of Virginia including Benjamin V who was a signatory of the Declaration of Independence and later governor of Virginia This branch of the Harrison family produced President William Henry Harrison Benjamin V s son and President Benjamin Harrison William Henry s grandson as well as another Virginia governor Albertis Harrison The family also includes two Chicago mayors and members of the U S House of Representatives and the U S Senate The other branch of the Virginia Harrisons emigrated from Britain to New England in 1687 and moved south to the Shenandoah Valley of Virginia 50 years later they were led by Isaiah Harrison This branch most likely descended from an interim chaplain of the Jamestown Colony Rev Thomas Harrison who was kindred to the James River Harrisons but by 1650 had returned to England President Abraham Lincoln descended from the Shenandoah Valley Harrisons as did entertainer Elvis Presley This branch of the family also included the founders of Harrisonburg and Dayton and physician J Hartwell Harrison who was part of the medical team that accomplished the world s first successful kidney transplant surgery The Lowell family are descended from Boston colonists John Lowell was a delegate to the Congress of the Confederation a judge of the Court of Appeals in Cases of Capture under the Articles of Confederation a United States district judge of the United States District Court for the District of Massachusetts and a United States circuit judge of the United States Circuit Court for the First Circuit John Lowell Jr was an American lawyer and influential member of the Federalist Party in the early days of the United States of America Francis Cabot Lowell began the fortune in shipping and later textiles The family has produced several noteworthy individuals including Abbott Lawrence Lowell who presided over Harvard for 24 years The Ogle Family of Belair and Ogle Hall Maryland including Provencial Governor Samuel Ogle and Governor Benjamin Ogle descend from the Barons Ogle prominent landed gentry in Northumberland England of Ogle Castle and Bothal Castle allied through marriage with the Manner s of Rutland Cavendish family of Newcastle the premiere peerage the Baron de Ros and the ancient Norman House of Percy The Randolph family FFV is descended from William Randolph an American colonist who accumulated a vast fortune including over 20 000 acres 81 km2 of land as a planter and merchant and played an important role in the history and government of the English colony of Virginia He arrived in Virginia sometime between 1669 and 1673 and married Mary Isham a few years later 18 19 Randolph s descendants have included many prominent Americans including U S President Thomas Jefferson U S Chief Justice John Marshall Confederate General Robert E Lee 20 Peyton Randolph the first President of the Continental Congress and Edmund Randolph who served as the seventh Governor of Virginia the second US Secretary of State and the first U S Attorney General as well as many other notable individuals in Virginia and U S politics The Roosevelt family of Manhattan arrived from the Netherlands as colonists in the 17th century and later became prominent in business and politics Two distantly related branches of the family from Oyster Bay on Long Island and Hyde Park in Dutchess County rose to global political prominence with the elections of Presidents Theodore Roosevelt 1901 1909 and his fifth cousin Franklin D Roosevelt 1933 1945 whose wife First Lady Eleanor Roosevelt was Theodore s niece The Tayloes of Mount Airy The Octagon House Powhattan Hill Buena Vista the Tayloe House in Colonial Williamsburg and later the Alabama Canebrake FFV descended from William Tayloe planter who first held elected office in 1647 as High Sheriff of York County Virginia He married Elizabeth Kingsmill daughter of Virginia Company proprietor Richard Kingsmill William Tayloe the nephew built the Old House in Old Rappahannock County and married Ann Corbin 1664 1694 daughter of Hon Henry Corbin and Alice Eltonhead Corbin of Buckingham House Middlesex County 21 John Tayloe II built Mount Airy imported Diomed and after the death of King Carter took over the moniker of Wealthiest Man Family in Virginia John Tayloe III lent his home in Washington DC The Octagon House to President James Madison and wife Dolly Madison after the British burnt the White House during The War of 1812 He founded St John s Episcopal Church Lafayette Square and the Washington Jockey Club with Charles Carnan Ridgely of Hampton and bred Sir Archie His sons all scions of the tidewater gentry their mother the daughter of Benjamin Ogle of Belair and Ogle Hall descended from the Baron Ogle of Northumberland allied through marriage with the Manners of Rutland Cavendish family of Newcastle the premiere peerage the Baron de Ros and ancient Norman House of Percy John Tayloe IV served as a midshipman on the USS Constitution Benjamin Ogle Tayloe was a member of the Porcellian Club and then a prominent political activist in Washington D C having begun his career as Richard Rush s personal secretary during his time as Ambassador to the Court of St James and built the Benjamin Ogle Tayloe House on Lafayette Square Edward Thornton Tayloe was a member of the Porcellian Club served as a diplomat having begun his career as Joel Roberts Poinsett s personal secretary and was rumored to be William Henry Harrison s pick for Secretary of the Treasury before this untimely death and Henry Augustine Tayloe co founded the Fair Grounds Race Course with French Creole Bernard de Marigny While the foundation of their wealth was agricultural slave plantations they exemplified gentry entrepreneurship by diversifying and vertically integrating first shipbuilding to move the agricultural produce then producing iron smelting at their furnaces Bristol Iron Works and Neabsco Iron Works and mining their coal fields in Namejoy Maryland namely Tayloe s Neck to build ships The Van Leer family of Pennsylvania made their fortune in the iron business They have been prominent in academia business and American politics Descendants include successful entrepreneurs governors congressmen university presidents and university founders nbsp Arms of the Van Rensselaer family The Van Rensselaer family of the Manor of Rensselaerswyck is a family of Dutch descent that was prominent during the 17th 18th and 19th centuries in the area now known as the state of New York Members of this family played a critical role in the formation of the United States and served as leaders in business politics and society Beginning with Kiliaen van Rensselaer merchant was a Dutch diamond and pearl merchant from Amsterdam who was one of the founders and directors of the Dutch West India Company being instrumental in the establishment of New Netherland He was granted the Manor of Rensselaerswyck in what is now mainly New York s Capital District His estate remained throughout the Dutch and British colonial era and the American Revolution as a legal entity until the 1840s Johan van Rensselaer was the second patroon of the Manor of Rensselaerswyck was the eldest son of Kiliaen van Rensselaer and his first wife Hillegonda van Bylaer nbsp Arms of the Van Watervliet family The Van Everinghe van Watervliet family eventually simplified and Anglicized to Van Every and Van Avery were Dutch barons who first amassed a fortune as brewers land owners and high governmental officials in the old country in the mid 16th Century Migrating to North America in the mid 17th Century they continued to become prominent smiths fur traders and land owners from the founding of Beverwijck present day Albany New York through the American Revolution The city of Watervliet New York is likely named after the family s original ridderhofstede knightly estate in the County of Zeeland The first members were granted a warrant as sole suppliers of arms and armor to Fort Orange were active in the Albany Convention during Leisler s Rebellion and were close associates of the Van Rensselaers Later one member took the Oath of Secrecy as a Son of Liberty served as Chairman of the Schenectady Committee of Correspondence and as a Senator in the newly formed New York Assembly Several served as officers in the militia during the Revolution including in Van Rensselaer s Regiment and one served alongside George Washington from 1775 1780 including the bitter winter at Valley Forge and the Crossing of the Delaware Later generations include industrialists hoteliers inventors professional athletes and writers and share bloodlines with George Washington John Adams Benjamin Franklin and Philip Schuyler The Whitney family is an American family notable for their business enterprises social prominence wealth and philanthropy founded by John Whitney who came from London England to Watertown Massachusetts in 1635 The Whitney family are members of the Episcopal Church 5 Late Colonial edit The Astor family made their fortune in the 18th century through fur trading real estate the hotel industry and other investments The Forbes family of Boston made their fortune in the shipping and later railroad industries as well as other investments They have been a prominent wealthy family in the United States for 200 years The Hartwick family is of mainly English and German descent and their ancestry and fortune predates the American Revolution The Hartwicks have produced several politicians and military generals such as Edward Hartwick By World War I the family controlled most of the lumber in the United States The Hartwick s philanthropic works include the founding of Hartwick College and Hartwick Pines State Park Early American edit The Du Pont family fortune began in 1803 but they became an extraordinarily wealthy family by selling gunpowder during the American Civil War By World War I the DuPont family produced virtually all American gunpowder In 1968 Ferdinand Lundberg declared the Du Pont fortune to be America s largest family fortune 22 As of 2008 update E I du Pont de Nemours and Company ranked 81st on the Fortune 500 list of the largest U S corporations 23 Although many old money individuals do not rank as high on the list of Forbes 400 richest Americans as their ancestors did their wealth continues to grow Many families increased their holdings by investment strategies such as the pooling of resources 24 115 For example the Rockefeller family s estimated net worth of 1 billion in the 1930s grew to 8 5 billion by 2000 that is not adjusted for inflation In 60 years four of the richest families in the United States increased their combined 2 4 billion in 1937 to 38 billion without holding large shares in emerging industries When adjusted for inflation the actual dollar wealth of many of these families has shrunk since the 30s 24 115 25 2 From a private wealth manager s perspective old money can be classified into two active old money and passive old money The former includes inheritors who despite the inherited wealth at their disposal or that which they can access in the future choose to pursue their own career or set up their own businesses 26 Paris Hilton and Sir Stelios Haji Ioannou did this On the other hand passive old money are the idle rich or those who are not wealth producers 26 Old money contrasts with the nouveau riche and parvenus These fall under the category new money those not from traditionally wealthy families Europe editThe Rothschild family as an example established finance houses across Europe from the 18th century and was ennobled by the Habsburg emperor and Queen Victoria Throughout the 19th century they controlled the largest fortune in the world in today s terms many hundreds of billions The family has at least to some extent maintained its wealth for over two centuries The Rothschilds were not however considered old money by their British counterparts In Britain the term generally exclusively refers to the nobility that is the peerage and landed gentry who traditionally live off the land inherited paternally 27 The British concept is analogous to good lineage and it is not uncommon to find someone with old money who is actually poor or insolvent 28 By 2001 however those belonging to this category the aristocratic landowners are still part of the wealthiest list in the United Kingdom 29 For instance the Duke of Westminster by way of his Grosvenor estate owns large swaths of properties in London that include 200 acres of Belgravia and 100 acres of Mayfair 30 There is also the case of Viscount Portman who is the owner of 100 acres of land north of Oxford Street Many countries had wealth based restrictions on voting In France out of a nation of 27 million people only 80 000 to 90 000 were allowed to vote in the 1820 French legislative election and the richest one quarter of them had two votes 31 In popular culture editThis section possibly contains original research Please improve it by verifying the claims made and adding inline citations Statements consisting only of original research should be removed May 2020 Learn how and when to remove this template message This section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed December 2023 Learn how and when to remove this template message The ITV television series Downton Abbey frequently contrasts the differences between Old Money and New Money in Britain during the early 20th century Thus the aggressiveness of the parvenu newspaperman Sir Richard Carlisle is juxtaposed with the genteel noblesse oblige of heiress Lady Mary Crawley and her family Perhaps the most famous critique of the tension between Old Money and New Money in American literature can be found in F Scott Fitzgerald s The Great Gatsby The characters in possession of old money represented by the Buchanan family Tom and Daisy get away with murder while those with new money represented by Gatsby himself are alternately embraced and scorned by other characters in the book Fitzgerald vastly critiques people in possession of old money through his narrator Nick Carraway They were careless people Tom and Daisy they smashed up things and creatures and then retreated back into their money or their vast carelessness or whatever it was that kept them together and let other people clean up the mess they had made See also editAmerican gentry Aristocracy Black elite Boston Brahmin First Families of Virginia Gentry Grand Burgher German Grossburger Hanseaten class High culture La Distinction Landed gentry Mentifact Nobility Nouveau riche Old Philadelphians Parvenu Patrician post Roman Europe Preppy Social environment Social Register Social status Status income disequilibrium Symbolic capital The Four Hundred Gilded Age Rentier capitalism White Anglo Saxon ProtestantReferences edit Old Money The American Heritage Dictionary of the English Language Fourth Edition Houghton Mifflin Company 2004 5 November 2008 Dictionary com http dictionary reference com browse oldmoney Scholz Claudia W Juanita M Firestone 2007 Wealth In George Ritzer ed Blackwell Encyclopedia of Sociology Blackwell Reference Online Malden MA Wiley Blackwell ISBN 978 1405124331 a b c Warner William Lloyd 1960 Social Class in America A Manual of Procedure for the Measurement of Social Status Harper amp Row Ayres Jr B Drummond 19 December 2011 The Episcopalians An American Elite With Roots Going Back to Jamestown The New York Times Retrieved 17 August 2012 a b W Williams Peter 2016 Religion Art and Money Episcopalians and American Culture from the Civil War to the Great Depression University of North Carolina Press p 176 ISBN 9781469626987 The names of fashionable families who were already Episcopalian like the Morgans or those like the Fricks who now became so goes on interminably Aldrich Astor Biddle Booth Brown Du Pont Firestone Ford Gardner Mellon Morgan Procter the Vanderbilt Whitney Episcopalian branches of the Baptist Rockefellers and Jewish Guggenheims even appeared on these family trees Davidson James D Pyle Ralph E Reyes David V 1995 Persistence and Change in the Protestant Establishment 1930 1992 Social Forces 74 1 157 175 p 164 doi 10 1093 sf 74 1 157 JSTOR 2580627 Evans Emory G William Byrd 1728 1777 Encyclopedia Virginia Retrieved 5 July 2019 Dabney Virginius 1990 Richmond The Story of a City Revised and Expanded Edition Charlottesville Virginia University Press of Virginia p 19 ISBN 0813912741 OCLC 20263021 At Google Books Frank B Atkinson 2006 Virginia in the Vanguard Political Leadership in the 400 year old Cradle of American Democracy 1981 2006 Rowman amp Littlefield p 7 ISBN 9780742552104 Evans Nelson Wiley Emmons B Stivers 1900 A History of Adams County Ohio From Its Earliest Settlement to the Present Time Including Character Sketches of the Prominent Persons Identified with the First Century of the Country s Growth E B Stivers pp 526 527 J W Klise stated that Byrd began his legal education with his uncle J W Klise ed State Centennial History of Highland County 1902 1902 Reprint Owensboro KY Cook amp McDowell 1980 p 168 Brock Robert Alonzo 1888 Virginia and Virginians Vol I p 40 Richmond and Toledo H H Hardesty Tarter Brett Robert Burwell 1720 1777 Encyclopedia Virginia Retrieved 15 July 2015 Henry Corbyn 1628 or 1629 ca 1676 Encyclopedia Virginia Lyon Gardiner Tyler ed 1915 Encyclopedia of Virginia Biography Vol 1 Lewis historical publishing Company p 128 OCLC 2576742 Emory G Evans Corbin Richard 1713 or 1714 20 May 1790 in Dictionary of Virginia Biography Vol 3 pp 466 468 also available at https ehttps www lva virginia gov public dvb bio asp b Corbin Richard Lyon Gardiner Tyler Encyclopedia of Virginia Biography vol 1 pp 158 159 Lyon Gardiner Tyler Encyclopedia of Virginia Biography 1915 vol 1 p 218 Sankey Margaret D Randolph William Oxford Dictionary of National Biography online ed Oxford University Press doi 10 1093 ref odnb 23125 Subscription or UK public library membership required Emory G Evans A Topping People The Rise and Decline of Virginia s Old Political Elite 1680 1790 2009 pp 18 19 Dillon John Forrest ed 1903 Introduction John Marshall life character and judicial services as portrayed in the centenary and memorial addresses and proceedings throughout the United States on Marshall day 1901 and in the classic orations of Binney Story Phelps Waite and Rawle Vol I Chicago Callaghan amp Company pp liv lv ISBN 9780722291474 Lancaster Robert Alexander 1915 Historic Virginia homes and churches Now in the public domain ed Lippincott pp 343 Retrieved 17 October 2011 Bantam Books Lyle Stuart Publishing Lundberg Ferdinand The rich and the super rich 1968 165 177 Fortune 500 2008 Fortune 1000 1 100 2008 05 05 https money cnn com magazines fortune fortune500 2008 full list a b Phillips Kevin P 2003 Wealth and democracy a political history of the American rich New York Broadway Books ISBN 9780767905343 Haseler Stephen 5 May 2000 The Super Rich The Unjust New World of Global Capitalism Palgrave Macmillan ISBN 9780312230050 a b Essvale Corporation Limited 2008 Business Knowledge for IT in Private Wealth Management A Complete Handbook for IT Professionals London Essvale Corporation Limited p 45 ISBN 9780955412493 Ferguson Niall 1 November 1999 The House of Rothschild Money s Prophets 1798 1848 Vol 1 First ed New York Penguin Books p 481 85 ISBN 0140240845 Popova Elena 2008 Through Alien Eyes A View of America and Intercultural Marriages New York Algora Publishing pp 51 ISBN 9780875866390 Brass Tom 2014 Class Culture and the Agrarian Myth Leiden Brill p 240 ISBN 9789004259973 Haseler Stephen 2012 The Grand Delusion Britain After Sixty Years of Elizabeth II London I B Tauris p 258 ISBN 9781780760735 Alan B Spitzer Restoration Political Theory and the Debate over the Law of the Double Vote Journal of Modern History 55 1 1983 pp 54 70 onlineFurther reading editFisher Nick and Hans Van Wees eds Aristocracy in Antiquity Redefining Greek and Roman Elites ISD LLC 2015 Janssens Paul and Bartolome Yun Casalilla eds European Aristocracies and Colonial Elites Patrimonial Management Strategies and Economic Development 15th 18th Centuries Routledge 2017 McDonogh Gary Wray Good families of Barcelona A social history of power in the industrial era Princeton University Press 2014 Pincon Michel and Monique Pincon Charlot Grand Fortunes Dynasties and Forms of Wealth in France 1998 excerpt Porter John The vertical mosaic An analysis of social class and power in Canada 1965 Rothacher Albrecht The Japanese power elite 2016 Schutte Kimberly Women Rank and Marriage in the British Aristocracy 1485 2000 An Open Elite 2014 Stone Lawrence An open elite England 1540 1880 1986 United States edit Aldrich Nelson W 1996 Old Money The Mythology of Wealth in America New York Allworth Press ISBN 9781880559642 Allen Irving Lewis WASP From Sociological Concept to Epithet Ethnicity 2 2 1975 153 162 Baltzell E Digby Philadelphia Gentlemen The Making of a New Upper Class 1958 Beckert Sven The monied metropolis New York City and the consolidation of the American bourgeoisie 1850 1896 2003 Brooks David Bobos in paradise The new upper class and how they got there 2010 Davis Donald F The Price of Conspicious sic Production The Detroit Elite and the Automobile Industry 1900 1933 Journal of Social History 16 1 1982 21 46 online Farnum Richard Prestige in the Ivy League Democratization and discrimination at Penn and Columbia 1890 1970 in Paul W Kingston and Lionel S Lewis eds The high status track Studies of elite schools and stratification 1990 Foulkes Nick High Society The History of America s Upper Class Assouline 2008 ISBN 2759402886 Fraser Steve and Gary Gerstle eds Ruling America A History of Wealth and Power in a Democracy Harvard University Press 2005 ISBN 0 674 01747 1 Ghent Jocelyn Maynard and Frederic Cople Jaher The Chicago Business Elite 1830 1930 A Collective Biography Business History Review 50 3 1976 288 328 online Hood Clifton In Pursuit of Privilege A History of New York City s Upper Class and the Making of a Metropolis 2016 Covers 1760 1970 Ingham John N The Iron Barons A Social Analysis of an American Urban Elite 1874 1965 1978 Jaher Frederic Cople ed The Rich the Well Born and the Powerful Elites and Upper Classes in History 1973 essays by scholars Jaher Frederick Cople The Urban Establishment Upper Strata in Boston New York Chicago Charleston and Los Angeles 1982 Lundberg Ferdinand The Rich and the Super Rich A Study in the Power of Money Today 1968 McConachie Bruce A New York operagoing 1825 50 creating an elite social ritual American Music 1988 181 192 online Maggor Noam Brahmin Capitalism Frontiers of Wealth and Populism in America s First Gilded Age Harvard UP 2017 304 pp online review Ostrander Susan A 1986 Women of the Upper Class Temple University Press ISBN 978 0 87722 475 4 Phillips Kevin P Wealth and Democracy A Political History of the American Rich Broadway Books 2003 ISBN 0 7679 0534 2 Story Ronald 1980 The forging of an aristocracy Harvard amp the Boston upper class 1800 1870 Williams Peter W Religion Art and Money Episcopalians and American Culture from the Civil War to the Great Depression 2016 especially in New York City Retrieved from https en wikipedia org w index php title Old money amp oldid 1203746191, wikipedia, wiki, book, books, library,

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