Although on all economic and political issues the One Percent are generally united, there are divisions within this population that make invidious distinctions especially when it comes to socializing. This article describes one major division: old wealth and new wealth with emphasis on the former.
From time to time this division also manifests itself in domestic American politics. The most dramatic example was in the reign of Franklin D. Roosevelt whose administrations prior to WWII were intent on maintaining the capitalist system that was threatened by popular reaction to the gross inequities of the depression, the growth of militant labor organizations, and the widespread appeal of socialist ideas.
This old rich section of the ruling class were vigorously attacked by the more recent arrivals in the capitalist class who wanted all out class war and were very much attracted to the fascist ideas and policies emanating from Europe. (If this suppressed history is news to you, I recommend that you read American Swastika by Charles Higham, Facts and Fascism by George Seldes, and The Plot to Seize the White House by Jules Archer.) FDR had to steer a very careful course between popular opposition to the rule of the rich and these fascist elements in the ruling One Percent in order to save capitalism and maintain an Anglo-American hegemony over the rest of the world. He performed brilliantly. His successful performance in achieving these two goals is precisely why he is regarded by all liberal capitalist historians as a hero.
This article safely focuses on the social aspects of this ruling class division.
Believe it or not, no matter how hard top billionaires like Carlos Slim, Warren Buffett and Bill Gates work, and no matter how much money they rake in, they will never be considered as equals by the old rich families that have been wealthy for centuries.
