Old money

[1] It is a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established aristocratic class (such as the United States), in contrast with new money whose wealth has been acquired within its own generation.

Families with "old money" use accumulated assets or savings to bridge interruptions in income, thus guarding against downward social mobility.

In many cases, especially in Virginia, Maryland, and the Carolinas, the source of these families' wealth were vast tracts of land granted to their ancestors by the Crown or acquired by headright during the colonial period.

Union forces under Generals William Tecumseh Sherman and Philip Sheridan had also cut wide swaths of destruction through portions of Virginia, the Carolinas and Georgia.

They destroyed crops, killed or confiscated livestock, burned barns and gristmills, and in some cases torched plantation houses and even entire cities such as Atlanta.

American "Old money" families tend to adhere to various Mainline Protestant denominations; Episcopalians[4][5] and Presbyterians are the most prevalent among them.

[6] Although many "old money" individuals do not rank as high on the list of Forbes 400 richest Americans as their ancestors did, their wealth continues to grow.

The Rothschild family, as an example, established finance houses across Europe from the 18th century and was ennobled by the Habsburg emperor and Queen Victoria.

[30] The British concept is analogous to good lineage and it is not uncommon to find someone with "old money" who is actually poor or insolvent.