How Rich Are the 400 Richest Americans?

[Octafish]

How Rich Are the 400 Richest Americans?

And What They Do With Their Money

by LAWRENCE WITTNER
CounterPunch, Oct. 27, 2014

EXCERPT...

According to Forbes, a leading business magazine, the combined wealth of the 400 richest Americans has now reached the staggering total of $2.3 trillion. This gives them an average net worth of $5.7 billion–an increase of 14 percent over the previous year.

With fortunes far beyond the dreams of past kings and potentates, these super-wealthy individuals enjoy extraordinary lifestyles. Larry Ellison, the third wealthiest man in the United States (with $50 billion, an increase of 22 percent) reportedly has “15 or so homes scattered all around the world.” Among his yachts are two exceptionally big ones, each over half as long as a football field. In fact, they’re large enough for him to play basketball while on board. If a ball bounces over the rail, Ellison has a powerboat following along to retrieve it.

SNIP...

Furthermore, the richest Americans often use their wealth to campaign against the public good. Pre-eminent among them are Charles and David Koch, the sons of a wealthy founder of the John Birch Society, as well as the fourth and fifth richest Americans (with $84 billion). Over the years, the Koch brothers have used their vast wealth to champion the abolition of public schools, the postal system, minimum wage laws, Social Security, Medicare, Medicaid, the Food and Drug Administration, and the Environmental Protection Agency. Bankrolling a broad variety of rightwing groups and foundations, they have zealously opposed legislation providing for environmental protection, health care reform, and limits on campaign contributions. As massive financers of rightwing election campaigns–including more than $400 million to candidates in 2011-2012 alone–they have been very effective in pulling the Republican Party and American politics rightward.

Even Americans who place some of their enormous wealth in tax exempt foundations often use them for questionable purposes. Since 2008, the Gates Foundation–funded by Bill Gates (the nation’s wealthiest individual, with $81 billion)–has spent at least $2 billion to undermine public schools by promoting charter schools, high-stakes standardized testing, and other corporate educational initiatives. The Gates Foundation has also played a key role in creating organizations opposing teacher unions and teacher tenure. Meanwhile, the Walton Foundation contributed more than $750 million to these efforts. In Milwaukee, the Walton Foundation funded the organizations that developed and pushed through that city’s school voucher program. In addition, both the Gates and Walton Foundations have funded the work of ALEC, the rightwing operation that has successfully promoted the passage of state laws that restrict voting rights, weaken unions, privatize education, harass immigrants, encourage “Stand Your Ground” behavior, and, of course, provide big tax cuts for the rich.

CONTINUED...

http://www.counterpunch.org/2014/10/27/how-rich-are-the-400-richest-americans/

Lawrence Wittner is Professor of History emeritus at SUNY/Albany. His latest book is “What’s Going On at UAardvark?” (Solidarity Press), a satirical novel about campus life.



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