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Maybe I meant ROI. He analyzed the average returns people get on their capital by how much capital they have.

I don't know the exact numbers, but I believe it was something like:

Normal people: 4.5%

Wealthy people: 7.5%

High net-worth individuals: 9%



Yes, iirc, towards the end of Capital in the 21th century, he takes universities investment funds as an example (as they can quite large and data is public). And there is a strong correlation between the size of the fund and it's return.




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