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Related: About this forumWorld's billionaires became 20% richer in 2017, report reveals
Source: The Guardian
World's billionaires became 20% richer in 2017, report reveals
UBS report shows billionaires increased fortunes by $1.4tn, more than the GDP of Spain
Rupert Neate Wealth correspondent
Fri 26 Oct 2018 06.01 BST
Billionaires made more money in 2017 than in any year in recorded history. The richest people on Earth increased their wealth by a fifth to $8.9tn (£6.9tn), according to a report by Swiss bank UBS.
The fortunes of todays super-wealthy have risen at a far greater rate than at the turn of the 20th century, when families such as the Rothschilds, Rockefellers and Vanderbilts controlled vast wealth. The report by UBS and accountants PwC said there was so much money in the hands of the ultra-rich that a new wave of rich and powerful multi-generational families was being created.
The past 30 years have seen far greater wealth creation than the Gilded Age the UBS Billionaires 2018 report said. That period bred generations of families in the US and Europe who went on to influence business, banking, politics, philanthropy and the arts for more than 100 years. With wealth set to pass from entrepreneurs to their heirs in the coming years, the 21st century multi-generational families are being created.
The worlds 2,158 billionaires grew their combined wealth by $1.4tn last year, more than the GDP of Spain or Australia, as booming stock markets helped the already very wealthy to achieve the greatest absolute growth ever.
-snip-
UBS report shows billionaires increased fortunes by $1.4tn, more than the GDP of Spain
Rupert Neate Wealth correspondent
Fri 26 Oct 2018 06.01 BST
Billionaires made more money in 2017 than in any year in recorded history. The richest people on Earth increased their wealth by a fifth to $8.9tn (£6.9tn), according to a report by Swiss bank UBS.
The fortunes of todays super-wealthy have risen at a far greater rate than at the turn of the 20th century, when families such as the Rothschilds, Rockefellers and Vanderbilts controlled vast wealth. The report by UBS and accountants PwC said there was so much money in the hands of the ultra-rich that a new wave of rich and powerful multi-generational families was being created.
The past 30 years have seen far greater wealth creation than the Gilded Age the UBS Billionaires 2018 report said. That period bred generations of families in the US and Europe who went on to influence business, banking, politics, philanthropy and the arts for more than 100 years. With wealth set to pass from entrepreneurs to their heirs in the coming years, the 21st century multi-generational families are being created.
The worlds 2,158 billionaires grew their combined wealth by $1.4tn last year, more than the GDP of Spain or Australia, as booming stock markets helped the already very wealthy to achieve the greatest absolute growth ever.
-snip-
Read more: https://www.theguardian.com/news/2018/oct/26/worlds-billionaires-became-20-richer-in-2017-report-reveals
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World's billionaires became 20% richer in 2017, report reveals (Original Post)
Eugene
Oct 2018
OP
Unless they can build a wall of solid gold coins, without Mexican labor, who cares.
Xipe Totec
Oct 2018
#1
Jeff Bezos's Net Worth Down As Much As $14 Billion As Amazon Stock Drops
mahatmakanejeeves
Oct 2018
#3
Xipe Totec
(43,890 posts)1. Unless they can build a wall of solid gold coins, without Mexican labor, who cares.
The mob will crawl over dunes of gold coins to feast on their living flesh when the revolution comes.
Yes, I'm practicing post Trumpian hyperbole.
Hermit-The-Prog
(33,347 posts)2. these are the monsters of GOP
TrumPutin is not the monster GOP created; he's just a con who exploited a situation. The GOP has been manufacturing monsters since the Reaganites arrived. Fiscal conservatism was discarded in favor of the two Santas scheme.
"Trickle down economics" was just the mask used on tax cuts for the rich in order to get GOP voters to accept the flawed concept. This reverse Robin Hood strategy kept the background billionaires working to keep GOP in power. Who is brave enough to stop feeding a monster?
We have a chance to cut some of the strings to the GOP puppets.
America where are you now?
Don't you care about your sons and daughters?
Don't you know we need you now
We can't fight alone against the monster
-- Monster, Steppenwolf
mahatmakanejeeves
(57,459 posts)3. Jeff Bezos's Net Worth Down As Much As $14 Billion As Amazon Stock Drops
BRIEFING AMAZON EARNINGS
Jeff Bezos's Net Worth Down As Much As $14 Billion As Amazon Stock Drops
By NATASHA BACH 10:55 AM EDT
Amazon CEO Jeff Bezoss wallet is looking a little lighter. ... After the e-commerce giant announced lower-than-expected earnings in the third quarter on Thursday night, it wasnt just Amazons stock that fell.
While Amazon shares were down 8% at the opening of the market on Friday morning, Bezos, who is the companys largest shareholder, lost as much as $14 billion in personal wealth, according to CNBC estimates. Stock market selloffs earlier this month had already negatively impacted the CEOs personal wealth, with his net worth falling from $161 billion in early October to $140 billion on Oct. 11a drop of $15 billion.
This is the second time that Amazons results have fallen short of Wall Streets targets. As part of its earnings call, the company also warned that its fourth quarter would likely do the same, despite including the busy holiday season. However, the company reportedly expects its cloud and advertising businesses to see more robust growth.
As of Thursday, Bezos net worth was roughly $138 billion. Even with the losses hes incurred since then, that estimate still puts him firmly ahead of the second richest man, Bill Gates, whose net worth is currently estimated at $93 billion.
Jeff Bezos's Net Worth Down As Much As $14 Billion As Amazon Stock Drops
By NATASHA BACH 10:55 AM EDT
Amazon CEO Jeff Bezoss wallet is looking a little lighter. ... After the e-commerce giant announced lower-than-expected earnings in the third quarter on Thursday night, it wasnt just Amazons stock that fell.
While Amazon shares were down 8% at the opening of the market on Friday morning, Bezos, who is the companys largest shareholder, lost as much as $14 billion in personal wealth, according to CNBC estimates. Stock market selloffs earlier this month had already negatively impacted the CEOs personal wealth, with his net worth falling from $161 billion in early October to $140 billion on Oct. 11a drop of $15 billion.
This is the second time that Amazons results have fallen short of Wall Streets targets. As part of its earnings call, the company also warned that its fourth quarter would likely do the same, despite including the busy holiday season. However, the company reportedly expects its cloud and advertising businesses to see more robust growth.
As of Thursday, Bezos net worth was roughly $138 billion. Even with the losses hes incurred since then, that estimate still puts him firmly ahead of the second richest man, Bill Gates, whose net worth is currently estimated at $93 billion.