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Billionaires amass more through inheritance than wealth creation, says UBS

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Re: Billionaires amass more through inheritance than wealth creation, says UBS

#11

Post by lotsofpulp »

orangepurple wrote: post #8
raincom wrote: post #6

There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…

The wealthiest and most secretive are probably the members of the Rothschild family. Today, the family's total net worth is estimated at an eye-watering $400 billion, with some estimates ranging to an astonishing $1 trillion. Ref: https://www.msn.com/en-us/money/personalfinance/the-richest-... Archive: https://archive.is/pMypx -- Anders Aslund, a Swedish economist and author, estimated this year that Putin has somewh…

That reads like something out of a tabloid in the checkout aisle of a grocery store.

It links to a website called “celebritynetworth”, which just based on the URL, has no credibility.

Re: Billionaires amass more through inheritance than wealth creation, says UBS

#12

Post by triceratops »

hilux wrote: post #9
raincom wrote: post #6

There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…

For more on this, which I really don't recommend, google "South Dakota Dynasty Trust."

Why don't you recommend it?

Re: Billionaires amass more through inheritance than wealth creation, says UBS

#14

Post by hyperfuturism »

orangepurple wrote: post #8
raincom wrote: post #6

There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…

The wealthiest and most secretive are probably the members of the Rothschild family. Today, the family's total net worth is estimated at an eye-watering $400 billion, with some estimates ranging to an astonishing $1 trillion. Ref: https://www.msn.com/en-us/money/personalfinance/the-richest-... Archive: https://archive.is/pMypx -- Anders Aslund, a Swedish economist and author, estimated this year that Putin has somewh…

Well, can't be the most secretive given how everyone knows that they are "secretive". I'd ascribe them more to being private.

The secretive are the ones that we don't even know exist (i.e. a google search would give very little), let alone that they are billionaires.

Re: Billionaires amass more through inheritance than wealth creation, says UBS

#15

Post by tylersmith »

SketchySeaBeast wrote: post #7
raincom wrote: post #6

There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…

Assuming we're not talking "I have a retirement plan and a house so my net-worth is over a million" type of millionaire, isn't passing oneself off as a multi-millionaire instead of a billionaire a distinction without a difference? I guess I don't run in those circles, but it's still fabulous wealth either way.

It's the difference between someone having $2k and $1 million dollars.

Re: Billionaires amass more through inheritance than wealth creation, says UBS

#16

Post by lnsru »

Look at the the old rich families that own retailers (Aldi and Lidl) or car makers (Porsche and BMW) or equipment manufacturers (Liebherr). And the new online millionaires. They all look like school pupils compared to old riches.

Wealth creation is a modern carrot. The wealth creation barely works in old economies with established power networks.

Re: Billionaires amass more through inheritance than wealth creation, says UBS

#17

Post by mushufasa »

This is the conclusion of Thomas Picketty's 2013 book, "Capital in the 21st Century." Due to the historical averages of the rate of return on capital, he concluded empirically that wealth will continue to concentrate to the point to inheritors, to the extent that individuals become increasingly unable through labor to achieve parity to the inheritors.

The book was very provocative in economist circles, but even the critics mostly lauded the empirical work at collecting historical data. https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Ce...

Re: Billionaires amass more through inheritance than wealth creation, says UBS

#18

Post by Dig1t »

orangepurple wrote: post #8
raincom wrote: post #6

There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…

The wealthiest and most secretive are probably the members of the Rothschild family. Today, the family's total net worth is estimated at an eye-watering $400 billion, with some estimates ranging to an astonishing $1 trillion. Ref: https://www.msn.com/en-us/money/personalfinance/the-richest-... Archive: https://archive.is/pMypx -- Anders Aslund, a Swedish economist and author, estimated this year that Putin has somewh…

Super interesting and not very well known history. Here’s a decently well done YouTube documentary about the family: https://youtu.be/IbWl40xgw0A

Re: Billionaires amass more through inheritance than wealth creation, says UBS

#19

Post by hyperfuturism »

raincom wrote: post #6

There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…

Yes, there are many such cases.

Many billionaires out there that people do not know are billionaires. Not all wealth accumulated has been broadcasted out in the public for everyone to know, only the broadcasted has been broadcasted.

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