Is there more "old money" in real estate?
Is it just me or does it feel like there are more people in real estate at lower ranks who come from "upper middle class"+ backgrounds compared to the general financial services industry?
I've pivoted from accounting where I would say most people come from modest "middle class" or below backgrounds. As a first generation college graduate, I do feel more at "ease" with people who come from more modest means.
It's strange trying to relate to other analysts/associates talking about traveling to Europe with their parents or visiting the family's vacation home for a quick weekend trip. Interestingly enough, I feel like most senior people in the industry I've interacted with were the type that came up from modest means and feel more "comfortable" relating to them. Do these analysts/associates that come from these rich backgrounds just not climb the corporate ranks? I guess they just go into the family business or live off independent wealth after a while instead of climbing to managing director type roles?
Anyone else have similar experiences?
I know this isn't the topic of the post but... there is a massive difference between having parents with generational wealth (eg have a big family business that can be passed down, living off parents inheritance) VS having parents who took you to Europe as a kid + have a home on some lake in South Carolina.
To answer your question, the higher you move up in "high finance", the more you will meet people from wealthy backgrounds. If you think there are a lot of wealthy kids at your RE firm, you should go hang out in a corporate PE fund office. Tons and tons of prep school kids with actual generational wealth. The "normal" / not rich crowd in corporate PE and IB is the type who grew up with a vacation home in South Carolina.
Interesting. I guess coming from a first generation college graduate / accounting background skewed my perspective. I've never really rubbed elbows with the hedge fund / PE types.
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