19,000 people surveyed including 600 with rare surnames such Pepys
Modern-day descendants just as rich as Victorian ancestors, study found
Will take 300 years for offspring of today's rich to reach average wealth
By Chris Pleasance for MailOnline
Wealthy parents pass on three quarters of their fortunes to their children meaning it will take 300 years for the offspring of today's super-rich to have average incomes, a survey has revealed.
The sons and daughters of prestigious families are also likely to live longer than average, more likely to attend Oxbridge, live in expensive houses, and go on to become doctors or lawyers.
There is also little difference in wealth or social standing when the richest families of the Victoria era are compared to their descendants today, according to the study.
The study of 19,000 people, including 600 with rare surnames such as Pepys (after the noted diarist, pictured), found their modern-day descendants are just as wealthy as their Victorian counterparts
Publishing their findings in the Economic Journal, Professor Gregory Clark and Dr Neil Cummins said: 'What your great-great-grandfather was doing is still predictive of what you are doing now.'
The pair examined the records of 19,000 people, including more than 600 rare family names such as Bazalgette, the Pepys, and Bigge.
Joseph Bazalgette was responsible for building the world's first sewer system in London in the 19th century, the Pepys family tree contains noted diarist Samuel Pepys, and John Bigge was a judge and royal commissioner.
They found that, compared to their relatives in 1850, those living with that surname today are almost certain to have amassed fortunes well beyond the reach of the average Briton.
For example Sir Peter Bazalgette, the great-great-grandson of Sir Joseph, is the founder of Endemol television production company which created Big Brother and Deal or No Deal.
The company was floated on the Dutch stock exchange in 2005. It trebled in value and was sold for £2.5billion in 2007.
Survey estimates three quarters of any fortune is passed from parents to their children, meaning it will take 300 years for the offspring of today's super-rich to be as wealthy as the average Briton
The findings of Dr Clark and Dr Cummins, reported by The Guardian, suggest that the passing down of wealth has a far bigger impact on society than previously thought.
The data showed a 'significant correlation between the wealth of families' even up to five generations apart.
They estimate that three quarters of any estate is passed down to the offspring of wealthy families, despite inheritance taxes introduced in recent years.
At that rate, it means that children of today's super-wealthy would take, on average, nearly three centuries to become as wealthy as the average Briton.
Dr Clark and Dr Cummins said: 'Wilson, Thatcher, or Blair – the noisy cacophony of Westminster politics – makes no difference to the iron law of inheritance.
'Measures to promote social mobility have little prospect of succeeding. It’s always going to be the case that families with the greatest abilities will just pass them on to their children.'
Richest 1% on track to possess half of all world wealth by 2016