I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

It's time for some money rehab. The old money aesthetic is having a moment. We saw this in some pop culture moments

last year. They got some major airtime on Instagram like Sophia Ritchie's

wedding anything having to do with the Crown season six even Gweneth

Paltrow's courtroom outfits at the time I'm taping this for you the hashtag old money

has nearly 12 billion views on

Tik-Tok and old money outfit fashion has 433 million views.

But despite all of that, I have a hot take. For the first time in centuries, new money is more coveted than old money.

Before I ask you to hear me out, we need to define some terms here. Obviously, we're going to have to define old money and new money but first we have to put a number on something a little more existential wealth because that's what we're really doing when we're talking about old money versus new money. We're talking about two different types of wealth.

Even though we might not have an easy definition for old money in the back of our mind,

we know it when we see it. We picture women wearing 50

shades of beige, knit collegiate sweaters, men wearing polos and sunglasses.

This is Rockefeller money. We know old money isn't millionaire next-door status. We're talking about something a few tears above what it means to be rich

There are lots of different ways to define this kind of wealth, but for purposes of my case let's go with the way big banks define wealth.

Banks define ultra high net worth people as people who have a net worth of more than $30 million.

Now for the harder question, how do you define old money versus new money? And when, if ever, does new money become old money?

Some economists have taken a stab at a criteria for these labels and have defined find old money as someone whose wealth dates back

three generations in their family. And new money is what's left, the people who built their wealth

themselves or inherited from the generation before. But I have my own

role. My role is if you know the last name but not the first name of the person who

actually built wealth, it's old money.

If you know the first and last name of the person who built wealth, it's new money.

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