Billionaire Population Hits 1,453

[dmcowen674]

2-28-2013

http://finance.yahoo.com/news/billionaire-population-hits-1-453-205820224.html

Billionaire Population Hits 1,453



The latest guesstimate is from The Hurun Report in China.



Hurun said there are 1,453 billionaires (in U.S. dollars) worldwide.



They had a combined fortune of $5.5 trillion


The "ten-zero-club" - individuals with $10 billion or more - now totals 108 billionaires. Topping the list is the same trio that tops the other billionaire lists: Carlos Slim, followed by Warren Buffett, Spanish fashion magnate Amancio Ortega, Bill Gates and LVMH chief Bernard Arnault.



The wealth of the top 10 grew $250 million a day in 2012.


The Unites States has 408 billionaires and China, says Hurun, ranks second with 317


But Rupert Hoogewerf, chairman and chief researcher of The Hurun Report, said the 1,453 billionaires is probably an under-guesstimate. He said the real number is probably three times that.

And why are those other 3,000 or so billionaires hard to find?


"Some people deliberately make their wealth a secret because ... they gained it through illegal ways," he told reporters at a press conference. "Some others simply prefer to keep a low profile."

 

[dmcowen674]

They make $250 million a day and complain they are being taxed too much and don't make enough. Unreal.

 

[OverVolt]

America has twice the income inequality than Ancient Rome, before it collapsed :awe:

 

[OlafSicky]

I read that some make double digit returns. I want to know what to invest in.

 

[MrColin]

America has twice the income inequality than Ancient Rome, before it collapsed :awe:

And Rome had slaves...

 

[momeNt]

I see Keynesian economics and the centrally planned economy is working as intended. Insulating the banks and the ultra-wealthy from hardships.

Oh but without that insulation EVERYTHING would collapse, so the price we must pay is a group of ~1,400 people making $250mil a day while 40% of Americans and rising require government assistance for necessities.

Yep, working as intended.

 

[WhipperSnapper]

They make $250 million a day and complain they are being taxed too much and don't make enough. Unreal.

Now now! Calm down you evil excrement-grubbing socialist looter-moocher! I'm sure they all worked very, very hard for every penny of their income. If a janitor earns $100/day, those guys work 2.5 million times harder per day. Who are you to question the wisdom and fairness of the free market? Do you think you're Wesley Mouch?

 

[MagickMan]

I read that some make double digit returns. I want to know what to invest in.

Regular folks make money in Bull markets, but it's the Bear markets that provide the greatest profits. Once I started short selling, I never looked back.

 

[JMapleton]

They make $250 million a day and complain they are being taxed too much and don't make enough. Unreal.

None of them have complained they are not making enough.

Furthermore, the top 1% pay a third of all the taxes. Why shouldn't they complain?

 

[Pohemi]

None of them have complained they are not making enough.

Furthermore, the top 1% pay a third of all the taxes. Why shouldn't they complain?

I saw this too (37%), on a webpage, but then found in the next paragraph a simplified breakdown of percentages and ratios that showed it was lower (21%). The explanation also states that the top 50% of earners pay 97% of total personal income tax.

http://wiki.answers.com/Q/What_percentage_of_federal_income_tax_is_paid_by_the_wealthy

...the upper 50% of the wage earners pay @97% of all tax collections, and the lower ones only @3%. The upper of the upper pay a disproportionate share of that too, the Top 1% of earners = 37% of taxes paid, the next bracket 2-5% accounts for another 20%. So about 57% paid by the top 5%...
...Some quick statistics: The top 1% of earners pay 21.20% of all taxes paid at an average rate of 24%, the top 2 - 5% of earners pay 14.55% of all taxes at an average of 18% (Top 5% pay @36% of all tax) The bottom 50% pay 3% of all tax collected at an average rate of 2.98%.

I've heard these numbers vary depending on the source and who's telling it as well, but from the searching around that I've done on the subject, it seems these numbers are probably pretty close...except the avg. rate on the bottom 50% being < 3%? That sounds like bullshit.
I've probably been taxed at an average of 20% over my working life, and I've never had very "considerable" income. Until I was 19 most of my jobs were minimum wage or close to it. I still got taxed 18-25% at the time.

 

[CPA]

Now now! Calm down you evil excrement-grubbing socialist looter-moocher! I'm sure they all worked very, very hard for every penny of their income. If a janitor earns $100/day, those guys work 2.5 million times harder per day. Who are you to question the wisdom and fairness of the free market? Do you think you're Wesley Mouch?

free market??? bwahahahahaaha, there's nothing free about any world market.

 

[soulcougher73]

Glad i have morals. Id feel bad having that much money when others in the world are just getting by. Hell in one day they could retire for life for a couple generations.

 

[Matt1970]

It's better that the Goverment takes it all and makes everyone equal. The Goverment has proven to be totally resposible with our money time after time and I would rather be in a Government bread line to feed my family than let some evil bastard get rich.

 

[sm625]

Furthermore, the top 1% pay a third of all the taxes. Why shouldn't they complain?

If all it took to guarantee success in robbing a bank was to give uncle sam half of what you steal, banks would be robbed 100 times more than they are now. Joe Public himself is this hypothetical bank. Obviously it would be better to stop the robbing even if it caused tax revenues to go down. But you and just about everyone else are sold on these ridiculous notions implanted in you to make you passively accept your own looting. Rationalization is how they amass and continue amassing so much wealth. That rationalization is taught to you by almost every media you consume. Your thoughts are bought and paid for to teach you to serve them. Their investment has paid off.

 

[Atreus21]

Which is worse:

Having a few thousand billionaires being extremely wealthy.

Having the government try to fix it.

 

[disappoint]

Glad i have morals. Id feel bad having that much money when others in the world are just getting by. Hell in one day they could retire for life for a couple generations.

Did you forget the ones that aren't getting by?

 

[Phokus]

Which is worse:

Having a few thousand billionaires being extremely wealthy.

Having the government try to fix it.

Having those billionaires own our government.

 

[soulcougher73]

Did you forget the ones that aren't getting by?

Nope they are even in worse shape. I mean serious $250mill a day? Who the fuck needs that kind of money and why? Hell everday they could make 250 millionaires. That is a more worthy cause than hoarding money for nothing.

 

[JMapleton]

Nope they are even in worse shape. I mean serious $250mill a day? Who the fuck needs that kind of money and why? Hell everday they could make 250 millionaires. That is a more worthy cause than hoarding money for nothing.

Almost all of those billionaires' fortunes will eventually be given to charity. Large dynastic fortunes are rare these days. Gates, Buffett will both be giving theirs to charity.

I would bet the Waltons, Larry Ellison, Steve Jobs, and numerous other billionaire super fortunes will all be given to charity within 20-30 years.

What's the problem?

 

[dmcowen674]

Originally Posted by soulcougher73
Nope they are even in worse shape. I mean serious $250mill a day? Who the fuck needs that kind of money and why? Hell everday they could make 250 millionaires. That is a more worthy cause than hoarding money for nothing.

Almost all of those billionaires' fortunes will eventually be given to charity. Large dynastic fortunes are rare these days. Gates, Buffett will both be giving theirs to charity.

I would bet the Waltons, Larry Ellison, Steve Jobs, and numerous other billionaire super fortunes will all be given to charity within 20-30 years.

What's the problem?

What's the problem?

There wouldn't be a need for charity if these people weren't amassing $250 million a day.

They are the reason the Country is being destroyed.

That's the problem.

 

[actuarial]

It's better that the Goverment takes it all and makes everyone equal. The Goverment has proven to be totally resposible with our money time after time and I would rather be in a Government bread line to feed my family than let some evil bastard get rich.

Who has actually suggested government should spread all income evenly? Have you ever met a person, seen a post on this forum, or heard a politician actually say this?

Did no one show you that the bogey man isn't actually under your bed?

 

[JMapleton]

What's the problem?

There wouldn't be a need for charity if these people weren't amassing $250 million a day.

They are the reason the Country is being destroyed.

That's the problem.

You present a problem with no solution.

The only alternative is to have the government tax or regulate those people. If the government gets the money instead they will use it to institute large government programs that are inefficient and poorly planned or they'll use it to go to wars (or more wars than we would have).

And THEN, we have these huge inefficient programs to fund where people become dependent on (like Social Security) and one day when the money runs out or it becomes unsustainable it goes bankrupt and causes massive economic crashes and upheaval much worse than we've seen in this country so far.

You have an option. Let the businessmen have fun with it for a while then put them in well run charities or let the government use the money to fund wars, bureaucracy, and make US citizens feel like the government owes them something.

Look at most of Europe. The people think the government owes them something because of years and years of social programs and people become lazy because of it. Social welfare programs ruin people's work ethic. Just like corporate welfare programs ruin company's financial ethics (they know they government will always bail them out).

 

[dmcowen674]

Originally Posted by dmcowen674
What's the problem?

There wouldn't be a need for charity if these people weren't amassing $250 million a day.

They are the reason the Country is being destroyed.

That's the problem.

You present a problem with no solution.

The only alternative is to have the government tax or regulate those people.

You know the answer. You posted it.

The lack of regulation is what has let these greedy people to destroy the Country.

This is just history repeating itself.

The Robber Barons of the turn of last Century are still at it just hiding behind a different name, Corporations.

Regulate the Corporations and therefore regulate the Robber Barons.

Looking at your posts you are apparently a Robber Baron yourself.

When do you plan on leaving the Country?

 

[JMapleton]

You know the answer. You posted it.

The lack of regulation is what has let these greedy people to destroy the Country.

What regulations do you propose?

A "maximum income"? Limiting the size of corporations? This will not stop people from becoming billionaires.

If someone invents or creates some sort of product that becomes popular, are they to be cut off at a certain point?

Who decides when they are cut off?

Please provide more detail with how you'd like to regulate. Are you regulating corporations or people? Or both?

What if someone doesn't run a corporation and simply invests in them?

So many variables.

 

[OverVolt]

What regulations do you propose?

A "maximum income"? Limiting the size of corporations? This will not stop people from becoming billionaires.

If someone invents or creates some sort of product that becomes popular, are they to be cut off at a certain point?

Who decides when they are cut off?

Please provide more detail with how you'd like to regulate. Are you regulating corporations or people? Or both?

What if someone doesn't run a corporation and simply invests in them?

So many variables.

Start with TBTF. Many bank CEO's would have lost their shirts, only instead they are getting million dollar taxpayer dime bonuses. There's your income inequality.

Its not about regulating so much as preferential treatment. GE filed a 57,000 page tax return and paid zero taxes. I think FB did too. Fair laws and fair treatment are all I would want. Not this back room dealing good ole boy 380x the average workers pay BS. As if CEOs actually produce 380x the value when its basically on the backs of their underlings.