1. How rich are the rich? Wealth statistics on the very rich are compiled every year by Forbes magazine. Answer the following questions:
a. Carefully define wealth, differentiating it from income. Which of these two are more unequally distributed in the US? Why?
b. Find out who are the richest in the US and world at Forbes.com: https://www.forbes.com/i. Choose lists, then "400 Richest Americans."ii. Select ten individuals for study at random.iii. List and explain your 10 individuals and explain how much wealth they each own. (Make certain that your units are correct.) How did they achieve this wealth?
c. Based on your sample, explain what percentage of individuals gained this wealth through inheritance and what percentage through entrepreneurship.