Next Generation of Billionaires Collect More Wealth from Inheritance than Work, Says UBS

THE GUARDIAN: Swiss bank favoured by super-rich says 1,000 billionaires are likely to pass on $5.2tn to their children over next 20 years

Luxury yachts in Monaco. Photograph: Eric Gaillard/Reuters
Newly minted billionaires have collected more of their wealth from the deaths of relatives than through their own work and entrepreneurship, according to a Swiss bank favoured by the super-rich.

Of the 137 people who became billionaires in the 12 months to this April, 53 inherited a combined $150.8bn (£119bn) from their family, the report by UBS found. This exceeds the combined $140.7bn created by “84 new self-made” billionaires over the same period.

The bank said it was the first time in the nine-year history of its annual report on the fortunes of the richest 0.00004% of society that “the next generation of billionaires accumulated more wealth through inheritance than entrepreneurship”.

Benjamin Cavalli, the head of strategic clients at UBS Global Wealth Management, said: “This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated $5.2tn to their children.” » | Rupert Neate, Wealth correspondent | Thursday, November 30, 2023

Billionaires Are Lining Up to Fund Donald Trump’s Anti-Democratic Agenda

THE GUARDIAN: The more disturbing Trump’s public proclamations become, the more US plutocrats seem to want him to win

‘On Veterans Day, Trump pledged to ‘root out the communists, Marxists, fascists and the radical-left thugs that live like vermin within the confines of our country’.’ Photograph: Carlos Barría/Reuters
As an ever-greater portion of the nation’s total wealth goes to the top, it’s hardly surprising that ever more of that wealth is corrupting US politics.

In the 2020 presidential election cycle, more than $14bn went to federal candidates, party committees, and Super Pacs – double the $7bn doled out in the 2016 cycle. Total giving in 2024 is bound to be much higher.

That money is not supporting US democracy. If anything, that money is contributing to rising Trumpism and neofascism.

There is a certain logic to this.

As more and more wealth concentrates at the top, the moneyed interests rationally fear that democratic majorities will take it away through higher taxes, stricter regulations (on everything from trade to climate change), enforcement of anti-monopoly laws, pro-union initiatives and price controls

So they’re sinking ever more of their wealth into anti-democracy candidates.

Donald Trump is going full fascist these days and gaining the backing of prominent billionaires. » | Robert Reich | Tuesday, November 21, 2023

The public doesn’t understand the risks of a Trump victory. That’s the media’s fault: With democracy in the balance, the press must relay the crucial importance of this election and the dangers of a Trump win »

Patient privacy fears as US spy tech firm Palantir wins £330m NHS contract: Awarding of contract to create new data platform prompts immediate concerns about security of medical records »

Michael Lambert : Why Did These BILLIONAIRES Back BREXIT?

Oct 21, 2023 | It was easy for some billionaires to recommend Brexit, the result of which was unlikely to affect them. Many of the national newspapers such as the Sun, The Times, The Telegraph and the Daily Mail all recommended Brexit and yet they are all owned by those who do not pay tax in the UK and whose proprietors live in other countries.

Prominent businessmen such as Jim Ratcliffe of Ineos, Anthony Bamford of JCB fame, James Dyson, the manufacturer of vacuum cleaners and Bernie Ecclestone all recommended Brexit. Such men are extremely rich and were unlikely to be affected by Brexit. In order to reduce his tax bill Ratcliffe moved to Monaco, Bamford is being investigated by HMRC, Dyson moved his business to Singapore and Ecclestone has just received a suspended 17-month prison sentence for attempting to deceive HMRC. He was also ordered to pay them around £530 million pounds.


Excellent analysis. Thank you.

The rich haven't got enough yet; so, Sunak is mulling tax cuts for them. That's to save his own skin, of course, after those disastrous by-election results this week. It's almost certainly curtains for Sunak anyway, whichever way one slices it. But I suppose he will want to go out in a blaze of glory.

I have always been a committed democrat, but I must say that after many years of ordinary folk being dished out crap, I'm really beginning to have second thoughts about it.

I know what Churchill said about democracy as a form of government back in 1947 and, until recently, I bought into the idea. But is democracy really the best form of government? In recent years, it has failed the people miserably. Not so, the super-privileged few; it has served them well. Very well! They've gone from strength to strength, regardless. – © Mark Alexander

‘Saint-Tropez Has Become LVMH Ville’: Locals Slam Super-rich ‘Takeover’

THE GUARDIAN: The annual influx of billionaires is leading to ‘odious’ practices in the French Riviera town

Local people say the annual summer influx of the global super-rich is becoming too much. Photograph: Dragos Cosmin photos/Getty
It’s probably the world’s only fishing village where it’s easier to buy a €25,000 “mini” Celine handbag, a €4,000 Christian Dior trench or a €2,000 Rimowa suitcase than it is to pick up a rod and tackle.

Ever since Brigitte Bardot started cavorting on its beaches in the 1950s, Saint-Tropez has been better known as a place to catch a glimpse of a celebrity than a fresh sea bass. But now longsuffering locals are warning that the annual influx of the global super-rich is becoming too much – even for them.

“Independent restaurants, hotels and cafes are all being bought by luxury groups,” says Vérane Guérin, a municipal councillor. “It’s becoming not Saint-Tropez, but LVMH Ville.”

LVMH, the luxury goods company founded and run by Europe’s richest person, Bernard Arnault, owns the town’s Celine, Dior and Rimowa stores as well outlets for several of its other brands, including Fendi and Loewe. The conglomerate, whose official name is LVMH Moët Hennessy Louis Vuitton, also owns two of the town’s fanciest hotels: the Cheval Blanc and the White 1921.

There are LVMH restaurants serving its Moët & Chandon champagne, a Dior cafe, and even “LV by the Pool” – a beach club with branded sun loungers and parasols. » | Rupert Neate in Saint-Tropez | Friday, September 29, 2023

The Billionaires Who Made Our World: Jeff Bezos | BBC Select

Sep 26, 2023 | The transformation of Jeff Bezos has been extraordinary. He leads a life of luxury and glamor while vying with Elon Musk as one of the planet’s richest men. But Bezos wasn't always so glamorous. This revealing documentary charts his rise from computer geek to ruthless businessman, building Amazon into one of the world's biggest corporations. But who is the real Bezos and what drives his ambition?

Stream the full story with The Billionaires Who Made Our World on BBC Select here.

U.S. Accuses Amazon of Illegally Protecting Monopoly in Online Retail: The Federal Trade Commission and 17 states sued Amazon, saying its conduct in its online store and services to merchants illegally stifled competition. »

Prime Power: How Amazon Squeezes the Businesses Behind Its Store: Twenty years ago, Amazon opened its storefront to anyone who wanted to sell something. Then it began demanding more out of them. »

The Lincoln Project: US Taxes on Billioaires

Joe Biden on US tax rates on billionaires.

MacKenzie Scott Reveals Details of Her $14bn in Donations to 1,600 Non-profits

THE GUARDIAN: Billionaire whose wealth largely comes from her divorce from Jeff Bezos has signed pledge promising to give away over half

MacKenzie Scott has not given any interviews about her donations, opting to discuss her reasons in essays posted on Medium and now on Yield Giving. Photograph: Evan Agostini/Invision/AP
The billionaire philanthropist MacKenzie Scott’s donations have yielded more than $14bn for about 1,600 non-profits since 2019, according to her new website Yield Giving, which was unveiled on Wednesday night.

Scott’s wealth largely comes from her divorce from the Amazon founder, Jeff Bezos. She has signed the Giving Pledge, promising to give away more than half. Forbes currently estimates her net worth at $27bn.

Scott has not given any interviews about her donations, opting to discuss her reasons in essays posted on Medium and now on Yield Giving.

Until now, Scott and her team secretly contacted organizations they were interested in, then offered donations after receiving data. On Wednesday, Scott announced plans to introduce an “open-call process”, to allow non-profits to send information for evaluation. » | Associated Press in New York | Thursday, December 15, 2022

Yield Giving.

The Billionaire Class: A Threat to Democracy? | Business Beyond

May 20, 2022 • There are just a few thousand billionaires in the world. But their number is rising. And combined, they control a vast chunk of the entire wealth of the planet. They are also getting wealthier. According to Oxfam, the 10 richest in the world have doubled their collective wealth since the start of the coronavirus pandemic - helped by soaring stock markets and our increased reliance on technology.

In this edition of Business Beyond, we'll look at what it takes to become a billionaire in the countries which produce the most. We'll even speak with one. And we'll ask a key question: should billionaires be allowed to exist?

‘Extra Level of Power’: Billionaires Who Have Bought Up the Media

THE GUARDIAN: Elon Musk joins a list of men to use their wealth in the hope of extending their political influence

Elon Musk arrives for the Met Gala in New York on 2 May. Photograph: Andrew Kelly/Reuters
Elon Musk’s $44bn takeover of Twitter is a “chilling development” in billionaires’ desire to increase their political influence by buying up many of the world’s largest and most influential media brands, a leading British analyst has warned.

Claire Enders, founder of Enders Analysis, said the super-rich have long sought to buy newspapers to help push their agendas and it was now possible to “count on one hand the big media brands that aren’t owned by an oligarch or other billionaire”.

“It’s another sign that the super-wealthy wish to control assets that give them an extra level of power,” she said. “Whatever they may say, that’s the reason why they buy them.

“It is now unusual for major news media not to be owned by a billionaire, and that is why the Guardian [owned by the independent Scott Trust], the Financial Times [owned by the employee-owned Japanese media group Nikkei] and the BBC are consistently shown to be the most trusted news brands.”

The billionaires who now control vast swathes of the media landscape include: » | Rupert Neate, Wealth correspondent | Tuesday, May 3, 2022

Here’s What It’s Like Having $100 Billion vs. $1 Billion | Robert Reich

Mar 29, 2022 • Americans worth over $100 billion:

Elon Musk: $270B
Jeff Bezos: $190B
Bill Gates: $135B
Warren Buffett: $130B
Larry Page: $119B
Sergey Brin: $115B
Larry Ellison: $113B

Times Have Never Been Better for Billionaires.

Feb 16, 2022 • These are very difficult times for working families. But for billionaires and the CEOs of large corporations, times have never been better. I’m on the Senate floor to explain why.

How Billionaires Devoured the World | The Mehdi Hasan Show

Jan 19, 2022 • The 10 richest men in the world doubled their wealth during the pandemic while millions sank deeper into poverty and sickness. In his book "Davos Man: How the Billionaires Devoured the World," author Peter Goodman of the New York Times explores with Mehdi how the ultra-rich are responsible for things like climate change, violence, and the crumbling of democracy.

Millionaires Call On Governments Worldwide to ‘Tax Us Now’

THE GUARDIAN: Group of 102 wealthy people say tax would help tackle gulf between rich and poor

Gemma McGough, a British entrepreneur and founding member of Patriotic Millionaires UK.Photograph: PA
More than 100 members of the global super-rich called on Wednesday for governments around the world to “tax us now” to help pay for the pandemic response and tackle the gulf between rich and poor.

The group of 102 millionaires and billionaires, including Disney heiress Abigail Disney, said the current tax system is rigged in their favour and needs to be rewritten to make taxation fairer for hard-working people and restore trust in politics.

“As millionaires, we know that the current tax system is not fair,” they said in an open letter published on Wednesday. “Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic – yet few if any of us can honestly say that we pay our fair share in taxes.”

The super-rich signatories, who brand themselves as “patriotic millionaires”, called for the introduction of “permanent wealth taxes on the richest to help reduce extreme inequality and raise revenue for sustained, long-term increases in public services like healthcare”. » | Rupert Neate Wealth correspondent | Wednesday, January 19, 2022

I’m a Therapist to the Super-rich: They Are as Miserable as Succession Makes Out

THE GUARDIAN – OPINION: Many billionaires I work with have trust issues, lack a sense of purpose and struggle with shame, guilt and fear

Brian Cox as Logan Roy in Succession. Photograph: HBO/David M. Russell
If I had a dollar for every time I’ve heard the term “first world problems”, my bank account would look similar to those of my clients. I work as a psychotherapist and my specialism is ultra-high net worth individuals.

I got into working with billionaires by accident. I had one wealthy client, who passed my name around to their acquaintances. They are called the 1% for a reason: there are not that many of them and so the circle is tight.

Over the years, I have developed a great deal of empathy for those who have far too much. The television programme Succession, now in its third season, does such a good job of exploring the kinds of toxic excess my clients struggle with that when my wife is watching it I have to leave the room; it just feels like work.

What could possibly be challenging about being a billionaire, you might ask. Well, what would it be like if you couldn’t trust those close to you? Or if you looked at any new person in your life with deep suspicion? I hear this from my clients all the time: “What do they want from me?”; or “How are they going to manipulate me?”; or “They are probably only friends with me because of my money.” » | Clay Cockrell | Monday, November 22, 2021

Billionaires Fight to Privatize & Monopolize Space Infrastructure as Earth Burns & Workers Organize

Jul 22, 2021 • As the world’s richest man flies his Blue Origin rocket into suborbital space, here on Earth calls are growing to tax the rich and let Amazon unionize. Billionaire Jeff Bezos has faced strong criticism after Tuesday’s flight, for which he thanked Amazon workers and customers who “paid for all of this.” Bezos traveled to the edge of space just days after another billionaire, Virgin Group founder Richard Branson, took a similar trip on a Virgin Galactic spacecraft. “The richest and most powerful people in the world are turning their eyes away from the planet and to the stars,” says Paris Marx, a writer and host of the podcast “Tech Won’t Save Us.” “We need to question whether we should be dedicating so much resources to this kind of grand vision of a future that may never arrive,” Marx says. We also speak with journalist Peter Ward, author of the book “The Consequential Frontier: Challenging the Privatization of Space,” who says billionaires who have monopolized large sectors of the economy are seeking to do the same for space infrastructure. “It’s not the worst thing to have the private sector involved. It’s just it can’t be where they have complete control,” Ward says.

Billionaire Petition

The Billionaire Class Is Scared. They Should Be

Bill Gates doesn’t like the idea of having his excessive wealth taxed to the degree that Elizabeth Warren wants to tax it. Jeff Bezos isn’t happy about Bernie Sanders repeatedly calling out his unethical treatment of workers. All over the country, billionaires are running scared of what’s on the horizon, and its about time. They’ve had it too good for too long, while screwing the very people who they depend on. Ring of Fire’s Farron Cousins explains what’s happening.

Global Billionaires Are Terrified Of Alexandria Ocasio-Cortez

Billionaires, CEOs, and other people who have devoted their lives to money are gathered in Davos, Switzerland, and they all seem to have one thing on their mind right now: Representative Alexandria Ocasio-Cortez. The billionaires at the summit are freaking out over her idea to raise marginal tax rates on income over $10 million to 70%, which is actually not as high as it had been in the past. Her policies are popular, and that’s what scares these billionaires, as Ring of Fire’s Farron Cousins explains.

Bernie Sanders Takes On Billionaire CEOs

Bernie is fighting to bring workers their share of the wealth. Cenk Uygur, Ana Kasparian, and Francesca Fiorentini, hosts of The Young Turks, break it down.

The Billionaire Class Is Not Fit to Rule – Paul Jay

The ruling elites are creating a world where the majority of people suffer the consequences of the climate crisis and massive unemployment while the super-rich use artificial intelligence to save themselves - a commentary by TRNN’s Senior Editor

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