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Gilded Age for Billionaire Offspring as $5.2 Trillion Wealth Transfer Accelerates

Posted: Thu Nov 30, 2023 11:32 am
by TrueTexan
The Swiss bank UBS released a report Thursday showing that a massive transfer of wealth from billionaire business founders to their heirs is underway and accelerating, with trillions of dollars in assets moving from those who accumulated fortunes through entrepreneurship to family members whose vast riches are owed to the simple accident of birth.

In the 12-month period between April 2022 and April 2023, newly created billionaires acquired more wealth through inheritance than entrepreneurship for the first time since UBS began studying billionaire wealth trends in 2015. The bank, a friend of the super-rich, said that 53 heirs inherited nearly $151 billion in wealth during the study period, exceeding the $140.7 billion amassed by billionaire entrepreneurs.

"This year's report found that the majority of billionaires that accumulated wealth in the last year did so through inheritance as opposed to entrepreneurship," Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, said in a statement. "This is a theme we expect to see more of over the next 20 years."

The latest edition of the Billionaire Ambitions Report estimates that the number of global billionaires rose by 7% during the one-year period analyzed by UBS, up from 2,376 to 2,544. The U.S. alone had 751 billionaires as of April 2023, 20 more than it had in 2022.

After falling in the wake of the coronavirus pandemic—during which billionaire wealth soared as millions died across the globe—billionaires' collective net worth "recovered by 9% in nominal terms from USD 11.0 trillion to USD 12.0 trillion," UBS found.

UBS estimates that more than 1,000 billionaires are over the age of 70 and poised to hand a combined $5.2 trillion down to their heirs over the next several decades, perpetuating inequality that is eroding democracies and fueling social uprisings worldwide.
https://www.commondreams.org/news/billi ... h-transfer

Yet the Repugs want to cut taxes for their wealthy donors again and again. I suggest we look back at the best boom of the economy we have seen in the last 75 years. It would be the 1950s under Eisenhower. Apply the tax rate of 1956 adjusted for inflation. The government would have plenty of money and the economy would be great because the collected tax money would be infused back into the economy not sitting in accounts of the wealthy. Also tax at the highest rate any money being sent into overseas accounts.

I know, this one of those ideas that falls into the hold out your hands put wishes in ones and crap in the other and see what fills up first category.

Re: Gilded Age for Billionaire Offspring as $5.2 Trillion Wealth Transfer Accelerates

Posted: Thu Nov 30, 2023 11:43 am
by sig230
TrueTexan wrote: Thu Nov 30, 2023 11:32 am
The Swiss bank UBS released a report Thursday showing that a massive transfer of wealth from billionaire business founders to their heirs is underway and accelerating, with trillions of dollars in assets moving from those who accumulated fortunes through entrepreneurship to family members whose vast riches are owed to the simple accident of birth.

In the 12-month period between April 2022 and April 2023, newly created billionaires acquired more wealth through inheritance than entrepreneurship for the first time since UBS began studying billionaire wealth trends in 2015. The bank, a friend of the super-rich, said that 53 heirs inherited nearly $151 billion in wealth during the study period, exceeding the $140.7 billion amassed by billionaire entrepreneurs.

"This year's report found that the majority of billionaires that accumulated wealth in the last year did so through inheritance as opposed to entrepreneurship," Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, said in a statement. "This is a theme we expect to see more of over the next 20 years."

The latest edition of the Billionaire Ambitions Report estimates that the number of global billionaires rose by 7% during the one-year period analyzed by UBS, up from 2,376 to 2,544. The U.S. alone had 751 billionaires as of April 2023, 20 more than it had in 2022.

After falling in the wake of the coronavirus pandemic—during which billionaire wealth soared as millions died across the globe—billionaires' collective net worth "recovered by 9% in nominal terms from USD 11.0 trillion to USD 12.0 trillion," UBS found.

UBS estimates that more than 1,000 billionaires are over the age of 70 and poised to hand a combined $5.2 trillion down to their heirs over the next several decades, perpetuating inequality that is eroding democracies and fueling social uprisings worldwide.
https://www.commondreams.org/news/billi ... h-transfer

Yet the Repugs want to cut taxes for their wealthy donors again and again. I suggest we look back at the best boom of the economy we have seen in the last 75 years. It would be the 1950s under Eisenhower. Apply the tax rate of 1956 adjusted for inflation. The government would have plenty of money and the economy would be great because the collected tax money would be infused back into the economy not sitting in accounts of the wealthy. Also tax at the highest rate any money being sent into overseas accounts.

I know, this one of those ideas that falls into the hold out your hands put wishes in ones and crap in the other and see what fills up first category.
And remove the cap on SS Tax.

The Fat Chance pile just keeps growing because the US citizens are willfully ignorant.

Re: Gilded Age for Billionaire Offspring as $5.2 Trillion Wealth Transfer Accelerates

Posted: Thu Nov 30, 2023 12:40 pm
by CDFingers
Back in the day, before we knew about CO2 and climate change and so on, there were Funny Cars. Frequently just before a run, they'd put bleach on the track and spin the tires on it to get the rubber soft for better traction. It was called a "bleach burn out". Instead of bleach, that's what billionaires' trust fun kids are good for. Only. Not much else.

Of course, I make ze joke.

CDFingers

Re: Gilded Age for Billionaire Offspring as $5.2 Trillion Wealth Transfer Accelerates

Posted: Thu Nov 30, 2023 5:57 pm
by highdesert
Not all billionaires are like Warren Buffet and Bill Gates who are giving their money away. Most people including millionaires and billionaires will pass their estates down to their children or other relatives or non-profits or educational intuitions usually their alma mater. That is if we don't outlive our money.