Less than 1% of the world's population owns almost 50% of the world's wealth

A graph from Credit Suisse/Forbes reveals that 0.7% of people on the planet own 46% of the world's wealth. That tiny percentage controls $128.7 trillion and they've done a good job convincing the 70% who own less than $10,000 that rich people deserve tax cuts.

[via Visual Capitalist] Read the rest

The super-rich are hedging their bets by getting multiple passports

When things start getting crazy globally, rich people start looking for backup plans. Bloomberg looks at the uptick in people with enough wealth to secure a second passport, or even multiple passports. Read the rest

Latest Federal Reserve figures show widening wealth inequality, and it's much worse if you're not white

The Federal Reserve's just-published 2016 Survey of Consumer Finances reveals that income inequality is rising in the USA, with the top decile now controlling 77.1% of the nation's wealth; wealth that is increasingly retained through intergenerational bonds, meaning that wealth is apportioned by accident of birth rather than merit; and (unsurprisingly, given the foregoing), the browner you are, the less you have. Read the rest

7 years later, Sun Microsystems cofounder Vinod Khosla loses bid to privatize public beach

For 5 years, we've been tracking the tribulations of billionaire Silicon Valley VC Vinod Khosla, a co-founder of Sun Microsystems who, in 2010, bought land adjacent to a public beach in Half-Moon Bay, south of San Francisco, and then fenced off the beach and hired private security guards to chase swimmers and sunbathers off the public land. Read the rest