Tag Archives: wealth

Richest 1% of people own nearly half of global wealth, says report | Business | The Guardian

14 Oct

The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession.

According to the Credit Suisse global wealth report (pdf), a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens. However, more than $77,000 is required to be a member of the top 10% of global wealth holders, and $798,000 to belong to the top 1%.

“Taken together, the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets,” said the annual report, now in its fifth year…

“These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest. In poor countries, rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines,” said Oxfam’s head of inequality Emma Seery.

via Richest 1% of people own nearly half of global wealth, says report | Business | The Guardian.

Greed on Wall Street Prevents Good from Happening – Room for Debate – NYTimes.com

16 Mar

In this research we looked at the ethical conduct among society’s haves and have-nots. In one study we found that wealthier subjects cheated more. After five apparently random rolls of a computer die for a chance to win some cash, wealthier participants were more likely to report scores higher than 12 — even though the game was rigged so that scores higher than 12 were impossible. When we positioned assistants at four-way traffic stops and pedestrian zones, wealthy drivers in high-priced cars were more likely to cut off other drivers or ignore pedestrians. In still other studies, the wealthy were more likely to lie in negotiations and endorse unethical behavior at work, like deceiving clients for profit. Wealthier subjects even took more candy from a jar that was ostensibly for children.

via Greed on Wall Street Prevents Good from Happening – Room for Debate – NYTimes.com.

John Paulson’s Golden Touch Turns Leaden – NYTimes.com

15 Oct

Paulson  personally made $4.9B in his best year.

No wonder Occupy Wall Street took its protest this week to East 86th Street and the 28,500-square-foot limestone mansion owned by the billionaire hedge fund manager John A. Paulson. What better symbol of the excesses of Wall Street than Mr. Paulson, who made billions betting on the real estate collapse and whose opulent surroundings stand in such contrast to the million of Americans who have lost their homes?…

What’s surprising isn’t that Mr. Paulson’s returns have crashed to earth, or even that his reasoning this year has so far proved so spectacularly and consistently wrong. It’s that in lionizing Mr. Paulson and handing their money over to him, so many people succumbed to the enduring myth of the financial genius, ignoring the boilerplate that appears on every prospectus: “Past results are no guarantee of future returns.”

via John Paulson’s Golden Touch Turns Leaden – NYTimes.com.

The Great 8: Billionaires who will pay more – Patriotic Billionaire Challenge – Salon.com

10 Oct

Aka Cheapskates Rise to the Top

Salon queried the Forbes 400 richest on whether they’d be willing to pay more taxes. The vast majority ducked the question. I’m betting that most of them think they deserve what they earn. After all, did they not work hard? Yes, they did. But . . . well, more on that later.

Of 400 billionaires, only eight (including Buffet) say they are willing to pay more. Three others indicated opposition; one said maybe.

But most declined to comment at all. Oprah Winfrey, who endorsed Obama in 2008, did not respond. Nor did liberal media mogul Ted Turner. Prominent Democratic Party donors from Hollywood such as Steven Spielberg, David Geffen and Barry Diller did not express a view. Philanthropists Bill Gates and Michael Bloomberg — whom we queried repeatedly — refused to comment on Buffett’s argument, even as it became a central part of Washington’s political conversation.

On Sept. 19, President Obama rolled out his jobs plan, calling for individuals making more than $250,000 to pay higher taxes for the sake of paying pay down the deficit and funding the president’s jobs plan.

via The Great 8: Billionaires who will pay more – Patriotic Billionaire Challenge – Salon.com.

Warren Buffet: Tax the Rich

29 Aug

And Buffet should know. He’s among the richest of the rich. This is an hour-long conversation with Charlie Rose.