Why should one even try anything at all?
Billionaires amass more through inheritance than wealth creation, says UBS
91–100 of 356 posts
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#92Earlier quoted context omitted.
Because it's depressing.
But what about it a Trust is depressing exactly? It's just a legal agreement for how wealth can be spent.
I’m not sure you actually read up about South Dakota Dynasty trusts nor the general context from these comments/post.
Instead, you appear to be asking a “simplistic” question feigning ignorance, rather than a serious attempt at understanding the problem.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#93Earlier quoted context omitted.
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.
It's probably a easier to target a low multi-millionaire than to mess with a billionaire.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#94This 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 c…
He must surely be an embedded character with such a prestigious background, promoted in the media, talks at the WEF, etc. Whatever he is proposing will be milk toast to the billionaires - a lighting rod to direct peoples' frustration to somewhere that won't cause any harm to those billionaires.
Institutions: Paris School of Economics School for Advanced Studies in the Social Sciences London School of Economics Massachusetts Institute of Technology
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#95Earlier quoted context omitted.
I was wondering the same thing. I've heard conflicting things and I'm not sure how to make sense of that.
I would imagine it has a lot to do with how wealthy the family was. It's easier for a single generation to waste 50 million than it will be for them to waste 50 billion. Family sizes are also much smaller so the split of the inheritance will result in larger starting wealth for each generation.
One could blow through $50 million in a month and probably not even draw much attention. Wasting $50 billion is going to take a lot of dedication and hard work to achieve, especially if any of those assets are generating income.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#96Earlier quoted context omitted.
In the US a billion is 1,000 million, not one million million.
Is it different in other countries?
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#97Yet 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".
Musk: Rich father, emerald mine money? Arnault: "In 1971, he graduated from the École Polytechnique, France's leading engineering school, and began work for his father's company. Three years later, after he convinced his father to shift the focus of the company to real estate" Gates: "His father was a prominent lawyer" "At age 13, he enrolled in the private Lakeside prep school, where he wrote his first software prog…
It's disguisting how we praise these people and consider them "just like us".
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#98Earlier quoted context omitted.
I also think it's worth calling out that his follow-up, "Capital and Ideology" in its latter sections includes several suggestions for counteracting the trend to increasing inequality. One of these is basically that _every_ person should have a windfall inheritance when they're in their early adulthood, which would give them opportunities to pursue education, try starting a business, or whatever else. And naturally,…
People whine about "wealth distribution" day and night, but at the end of the day what alternative is there to combat the (continually increasing) concentration of wealth at the top? At some point there will have to be redistribution, in some form, and the sooner society comes around to that the better off we'll all be.
Death and taxes.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#99Earlier quoted context omitted.
I also think it's worth calling out that his follow-up, "Capital and Ideology" in its latter sections includes several suggestions for counteracting the trend to increasing inequality. One of these is basically that _every_ person should have a windfall inheritance when they're in their early adulthood, which would give them opportunities to pursue education, try starting a business, or whatever else. And naturally,…
People whine about "wealth distribution" day and night, but at the end of the day what alternative is there to combat the (continually increasing) concentration of wealth at the top? At some point there will have to be redistribution, in some form, and the sooner society comes around to that the better off we'll all be.
Apparently he improved the conclusion in his second book.
In the first one it was bittersweet as he only stuck to historical evidences and what he found was that the only periods of decreasing economic inequalities were wars.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#100Earlier quoted context omitted.
In the US a billion is 1,000 million, not one million million.
Is it different in other countries?
Historically, in the UK, Australia, and other countries, "one billion" meant "one million million" (i.e. 1,000,000,000,000). Officially, at least in the UK, it now means the same as the US (i.e. 1,000,000,000)