UBS: More Billionaires inherited their wealth then gained it by entrepreneurship
UBS: More Billionaires inherited their wealth then gained it by entrepreneurship
Imho an intressting development in the completly wrong direction. However it shows the massive problem capitalism has, that it increases capital accumulation within a small group of people. It also is a strong argument against the idea of billionaires having earned their wealth.
Is this a development? Who did not know that most rich people don't work for their money?
"They call it the American Dream because you have to be asleep to believe it"
When a ultra rich person dies, you first of all had inheritance tax, which in this scale can be massive. Then it gets split for the children, which means more less rich people. There also might be charitable giving, which again is a big thing. The next generation also has a tendency to spend the money and not want to run the company. Imho very understandable.
So you tended to have a bunch of ultra rich founders of massive companies, who actually worked hard for the money. They got an unfair amount for it, but they did work. Then there used to be a group below that, who are still very very rich, but not in the same class. After a few generations of that the money was often basically gone.
*than
Fuckers start on 3rd base then think it’s easy to score a home run!
yeah before reagan we had a system where the more money you made the harder to was to make that much more. So large companies had to run better than small ones to succeed. that time is long gone.
Power is like a black hole. This isn't about wealth, it's about power. It's only concern is growing itself.
This is what I learned from the Lord of the Rings.
thank you for citing sources
This brought a smile to my face. :D
So glad repubes got rid of inheritance tax