When I read "The Millionaire Next Door", I remember they actually found that the people who become wealthy actually tend to come from non-wealthy backgrounds. They hypothesized that later generations were more likely to have grown used to a consumption based lifestyle, and also felt freer to pursue non-lucrative but more appealing careers. For example, someone without a ton of money is more likely to go on and create a successful trucking business than get an art or history degree. They are also less likely to splurge on the new iPhone, car, etc., even after they manage to accumulate lots of wealth.