inheritocracy

Etymology

From inherit + -o- + -cracy.

Why this word is great

INHERITOCRACY — [Noun] An economic system or condition where an individual's prosperity is primarily determined by inherited wealth rather than earned income or other sources. From inherit (from Old French enheriter, based on Latin inhereditare "to appoint as heir") + -o- (connective) + -cracy (from Greek -kratia, from kratos "power, rule"). Unlike "meritocracy" (which rewards effort) or "plutocracy" (which may crown the self-made), inheritocracy is the unearned dominion of bloodlines. It is the trust-fund heir lounging in a penthouse bought with great-grandfather's railroad fortune, the crumbling manor still inhabited by a family whose name outlasts their wit, or the silent arithmetic that ensures some are born to win while others are born to toil—a system that mistakes luck for virtue, and accident for destiny.

noun

An economic situation in which individuals' prosperity is mainly dependent on inherited wealth rather than income from work or other sources.“Several million people became shareholders for the first time, by subscribing to privatisation issues. Another million or two became homeowners, having bought their council houses at bargain prices. new inheritocracy”