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/ Home / Editorial / Wealth Management / Investment & Risk Management /
Visions & Revisions
A Distant Mirror
Douglas McWhirter
08/02/2004


That said, prior to the last quarter of the 19th century, the wealthiest people in Britain remained the traditional aristocracy: people like the Duke of Devonshire, the Duke of Bedford or the Duke of Westminster. The bedrock of that wealth remained broad acres. However, by the 19th century, the very richest aristocrats were very rich, not on account of their agricultural acres, but because of their involvement in a variety of ways in the new industrializing economy: real estate, railroads and a whole variety of industrial ventures. The super rich of the aristocracy in the late 19th century were all involved in the new world of industry and the cities, which augmented their traditional landed wealth.

British aristocrats of this era were philanthropic.
The idea of philanthropy did not exist in the 19th century in the way that it does now, so you have to redefine the question a bit. They certainly believed in a limited amount of charity, but it was pretty small scale. Their notion of charity was to support churches on their estates, and to give to local institutions that were on their estates, which they wanted to support: botanical gardens or literary societies or whatever it might be. They regarded it as a matter of duty to invest in local railroads that were on their estates. But that was normally about as far their giving went. The British aristocracy on the whole has never been renowned for broader philanthropy than that. The greatest philanthropists in Britain in the 20th century were, on the whole, middle-class people.

The British aristocracy maintained its power far longer than its counterparts in continental Europe.
It is difficult to make these comparisons across Europe, let alone across the Atlantic, but it is fair to say that the British aristocracy stayed intact as the wealth, status and power elite across more of the 20th century than most other aristocracies did. It is important to remember that the Russian one disappears completely after the Bolshevik revolution of 1917.

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