Florence And The Economic Machine: Keeping Italy's Elite Wealthy
Florence's wealthy families have managed to stay well-off through six centuries of turbulence.By Matt Picht | May 19, 2016
Florence, Italy, has been through a lot over the past six centuries: revolutions, wars, the Medicis. But according to a new paper, all that turmoil hasn't done much to change who's at the top of the economic ladder.
Two economists looked at tax data in Florence from 1427 and from 2011. They then traced back the surnames of Florence's wealthiest individuals today and found out how wealthy those families were almost 600 years ago.
As it turns out, most of the families at the top of the totem pole right now held pretty cushy positions in 15th-century Florence as well. According to their analysis, modern-day Florentines who descended from the wealthiest families automatically make around 10 percent more money than those who came from the poorest families.