If this surprises anyone, I have a waterfront property to sell them in Reno
Billionaires amass more through inheritance than wealth creation, says UBS
21–30 of 356 posts
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#22There 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.
Being worth 50 million puts you in the ultra high net worth category (>30M$) and you live an incredible lifestyle obviously.
But your entire net worth is 5% yearly interest on a billion dollars.
It's hard to imagine for regular people just how far a billion dollars is, you're essentially royalty at that point as far access to anything in life is concerned.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#23Re: Billionaires amass more through inheritance than wealth creation, says UBS
#24There 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.
You might not have to worry about your or your kids getting kidnapped if you're "only" a millionaire. There are probably other security considerations, too.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#25There 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…
I liked the trust funds where you only get the monthly paycheck when you have a job. No matter just a 35 hours work week otherwise no pay. E.g. only get like $8-10k/mo when you work.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#26How's amassing through inheritance instead of squandering is a bad thing? I know a lot of people who are poor because of lack of skill or bad habits.
That's a false dichotomy. Redistributing =/= squandering.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#27There 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.
Statistically, many "average" upper middle class people are very able to become low tier multimillionaires through a well educated upbringing and a good job, and good financial decisions over a long period of time.
But many of those people take their entire lives to go from "pretty well off" to "technically a multi millionaire, after many years of hard work, and planning" and got there from very reasonable expectations.
Now a billionaire is literally about a thousand* times richer than any of those people. We're talking "I literally make a difference in elections without anyone knowing my name" rich.
Maybe this is a good example of how rich billionaires don't need to be. The mere fact some people can't even imagine the difference between a factor of a literal thousand* (how ironic of me).
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#28There 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 great American tax haven: why the super-rich love South Dakota: https://www.theguardian.com/world/2019/nov/14/the-great-amer...
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#29There 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…
It's very funny to see Rothschild described as "secretive"; I thought they were one of the most well-known families in the world or at least in Europe.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#30Yet on the billionaire leaderboard the top-10 are: Musk, Arnault, Bezos, Ellison, Buffet, Gates, Zuckerberg, Balmer, Page, Bin.
Not one of them through inheritance. Sure, you have the waltons a little lower on the list.
As a person who started in the bottom decile of wealth I want to hate inheritance at least as much as the next person. But at first glance it sure doesn't look good for these "researchers".