Thursday, January 23, 2020


A new category for the ultra-rich has been coined: “centibillionaires,” those who have amassed more than $100 billion.

As tracked by the Bloomberg Billionaires Index, by the end of 2019, the 500 richest people saw their total haul jump by 25 percent, with $1.2 trillion added to their collective net worth.

Mark Zuckerberg of Facebook, is one of them, and he piled up and extra $27 billion in personal wealth last year. Bill Gates of Microsoft added $22 billion to his stash. And even though Amazon czar Jeff Bezos lost $9 billion last year in a divorce settlement, his fortune multiplied so much that he’s still the world’s richest person.

The moneyed elite did nothing to earn these extra bonanzas. They didn’t work any harder, didn’t get smarter, didn’t add anything of value to society. They simply  let their money make money. Their money does all the work to lift them above everyone else.  The bulk of their booty goes to making them even richer, buying out other corporations, acquiring advanced technologies, dumping billions into Wall Street with buy-backs, intentionally and artificially jacking up the price of stocks you own. Your wealth expands exponentially; inequality spreads further and faster

Rupert Murdoch saw his riches fall by $10 billion in 2019 but only because he doled out that wad of wealth to his six children. Thus were born six brand new  billionaires who did nothing to reach the top of the world’s financial heap except possess a wealthy father.  For others it can take hard work, creativity, perseverance and luck to become a millionaire, but in today’s skewed wealth system, multibillionaires don’t need any of that. No money worries, set for life.  Mansions and penthouses galore, luxury yachts, private jets, jewels, personal islands and other "trivial" trinkets barely dent their multibillionsl. Of course funding political front groups to protect your interests and financing corporate-friendly candidates takes a little bit of your wealth, as do some charity donations so to ensure some good publicity and appease your conscience.

From here

No comments: