ization ▁as ▁the ▁sole ▁explanation ▁... ▁Pol ic ies ▁play ▁a ▁key ▁role ▁in ▁sh aping ▁inequality ▁( tax ▁and ▁transfer ▁policies , ▁reg ulations , ▁education ). " ▁ ▁Super star ▁hypothesis ▁Eric ▁Pos ner ▁and ▁Glen ▁W ey l ▁point ▁out ▁that ▁inequality ▁can ▁be ▁pre domin antly ▁explained ▁by ▁the ▁super star ▁hypothesis . ▁In ▁their ▁opinion ▁P ik et ty ▁fails ▁to ▁observe ▁the ▁acceler ated ▁turn over ▁that ▁is ▁occurr ing ▁in ▁the ▁For bes ▁ 4 0 0 ; ▁only ▁ 3 5 ▁people ▁from ▁the ▁original ▁ 1 9 8 2 ▁list ▁remain ▁today . ▁Many ▁have ▁fallen ▁off ▁as ▁a ▁result ▁of ▁heavy ▁sp ending , ▁large - scale ▁phil anth ropy , ▁and ▁bad ▁invest ments . ▁The ▁current ▁For bes ▁ 4 0 0 ▁is ▁now ▁primarily ▁made ▁up ▁of ▁newly ▁wealth y ▁business ▁own ers , ▁not ▁he irs ▁and ▁he ir esses . ▁In ▁parallel ▁research , ▁the ▁University ▁of ▁Chicago ' s ▁Steven ▁Kap lan ▁and ▁Stan ford ▁University ' s ▁Josh ua ▁R au h ▁note ▁that ▁ 6 9 % ▁of ▁those ▁on ▁the ▁For bes ▁list ▁are ▁actually ▁first ▁generation ▁wealth ▁cre ators . ▁That ▁figure ▁has ▁ris en ▁dram atically ▁since ▁ 1 9 8 2 ▁when ▁it ▁stood ▁at ▁ 4 0 %. ▁ ▁Ed ▁Dol an ▁supports ▁the ▁global ization ▁and ▁super star ▁hypothesis ▁but ▁points ▁out ▁that ▁the ▁high ▁ear nings ▁are ▁based , ▁to ▁some ▁extent , ▁on ▁moral ▁ha z ard