%0 Journal Article
%T Family Business and the 1%
%A Michael Carney
%A Robert S. Nason
%J Business & Society
%@ 1552-4205
%D 2018
%R 10.1177/0007650316661165
%X Growing concern about economic inequality has generated a polarized narrative regarding the causes and consequences of extreme wealth. We contend that divided ideological positions obscure a more mundane reality about the typical wealthiest 1% households. Using data from the triennial survey of consumer finance, we demonstrate that there is substantial heterogeneity within the 1%. Contrary to public discourse, the typical 1% household does not have wealth reflective of popular rich lists, but derives a significant share of its wealth from ownership and active management of small- to medium-sized private enterprise. We use these findings to shed new insights on business families¡¯ relationship to economic inequality and open promising new areas of inquiry regarding the role of the family business in society
%K corporate governance
%K family business
%K wealth inequality
%U https://journals.sagepub.com/doi/full/10.1177/0007650316661165