The total wealth controlled by the world's billionaires has reached $6,000,000,000,000, up nearly 20% from last year. There are now 1,542 dollar-denominated billionaires on earth.
The current levels of inequality have not been seen since 1905. Billionaires' fortunes are growing at 17%/year on average, double than the stock market average.
Billionaires are apparently getting concerned about guillotines and are trying to forestall them by endowing galleries "to share their collections with the public."
But they're not advocating for higher taxes, an end to offshore tax-havens, or an increase in estate taxes to end the cycle of hereditary privilege.
“The billionaire population is concerned about [inequality] and that may be why we are seeing this acceleration of publicly displaying art collections or partnering with public institutions so more of the public can enjoy what they have,” said John Matthews, UBS head of private wealth management. “I think it’s a big part of investment in sports franchises – it’s a way for them to say ‘I made all this money and I did it in Cleveland, Ohio, I’ve got to give back to my community and one way I’m going to do that is to make sure the stadium is great’.”
The report found that 140 of the world’s top sports teams are owned by just 109 billionaires, with two-thirds of NBA and NFL teams owned by billionaires. In the UK, nine of the 20 Premier League teams have billionaire owners, including Roman Abramovich at Chelsea, and Sheikh Mansour at Manchester City.
“There is an acceleration of these transactions as we speak, with major buyers coming from China,” Stadler said.
World's witnessing a new Gilded Age as billionaires’ wealth swells to $6tn
[Rupert Neate/The Guardian]
(via Late Stage Capitalism)
When Vancouver tech retailer NCIX went bankrupt, it stopped paying its bills, including the bills for the storage where its servers were being kept; that led to the servers being auctioned off without being wiped first, containing sensitive data -- addresses, phone numbers, credit card numbers, passwords, etc -- for thousands of customers. Also on […]
Jesse writes, "Vancouver tech retailer NCIX was driven into the ground last year (much to the morbid fascination of local techies). Now their fetid corpse is in the news again, after their SQL servers were sold for $1500 at auction without being wiped, containing the personal data – including credit card details – of thousands […]
As I wrote last week, the California Farm Bureau (which lobbies for the state's farmers) struck a deal to gut the state's Right to Repair legislation, a move that will cost farmers their right to fix their own tractors and other heavy equipment.
As more companies leverage cloud technology to unite and streamline their operations, the need for capable IT pros increases. But, as any IT guru will tell you, demand alone won’t get your foot in the door to this lucrative field. If you want to cash in on the demand and build a thriving IT career, […]
iOS 12 is finally here, which means now is the best time for aspiring developers to throw their hats into the app development game. While app development can be tricky for some, you can take an intuitive, beginner-friendly approach to understanding app creation and Apple’s latest iOS platform with the iOS 12 & Xcode 10 Bootcamp, […]
It might still be September, but the holiday season will be here before you know it, which means now is the time to think about where you want to vacation to—and what to do once you get there. To this end, we’ve scoured the Web and tracked down a number of travel hacking ebooks, gadgets, […]