Last week in New York we stayed in an upscale hotel appealing to young people. We wondered how so many young people could afford the hotel. 

Here's a story that helps explain why.

According to a U.S. Trust report on high net worth business owners, 95 percent of the Baby Boomers surveyed were first-generation business owners, and 78 percent of Baby Boomers who went to own successful businesses grew up middle class or lower.

Source: "Younger Generations' Approach to Investing," by Paul Sullivan, Sept. 21, 2013.

By comparison, just 20 percent of Gen Y business owners grew up middle class or lower. Meaning 80 percent of Gen Y business owners come from families with money in the first place.

This post was written by William A. Draves, who authored "Nine Shift: Work, Life, and Education in the 21st Century" with Julie Coates. Their latest book is "Pedagogy of the 21st Century." This post originally appeared on the Nine Shift blog.