GE models usually assume a representative household inherits wealth and this could further be passed along the generations to come. However, this representative household is not really a representative in real world. Majority of people do not inherit more than on average $300,000 i.e. house, business, cash, other property.
From growth theory perspective, the second factor is important to drive growth in advanced economies. Advanced countries, once reach steady state growth level, need technological shock to increase growth on a new steady state level. For the people to innovate (come up with new ideas) there needs to be proper institutions conducive to growth in the economy. Protection of private property, (property rights/patents) is an example - inventors have better protection in the West than in Africa/East, and hence they tend to invent better technologies which would ultimately stimulate growth. High wages are another factor, better paid employees are expected to be highly skilled. Firms pay skill-premium to attract talent in the West, this drives up average wage rate.