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Old 10-02-2019, 06:23   #1
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What It Takes to Be in the 1% Around the World

What It Takes to Be in the 1% Around the World
Much more ☞ https://www.bloomberg.com/news/artic...-part-of-the-1
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Old 10-02-2019, 06:44   #2
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pirate Re: What It Takes to Be in the 1% Around the World

LOADSA MONEY...!!!
Cant buy you love.. but you sure can afford the illusion.
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Old 10-02-2019, 07:13   #3
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Re: What It Takes to Be in the 1% Around the World

In almost every case, it takes being born to very rich parents.
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Old 10-02-2019, 07:41   #4
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Re: What It Takes to Be in the 1% Around the World

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Originally Posted by Dennis.G View Post
In almost every case, it takes being born to very rich parents.
Close, but not quite.

Forbes says that 30 percent of the Forbes 400 members inherited their wealth and the remaining 70 percent are entirely “self-made.”

But a new report* claims that the story of self-made wealth on the Forbes list is just that – a story.

The report, from the left-leaning United for a Fair Economy, says that 40 percent of the Forbes 400 richest Americans inherited a “sizeable asset from a spouse or family member.”
* “Born on Third Base”Born On Third Base | United for a Fair Economy
Or ☞ https://d3n8a8pro7vhmx.cloudfront.ne...pdf?1448056427

United for a Fair Economy

See also “Millionaire Parents Say Their Kids Are Unfit to Inherit” ☞ https://www.cnbc.com/id/47859258
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Old 11-02-2019, 06:10   #5
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Re: What It Takes to Be in the 1% Around the World

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Originally Posted by Dennis.G View Post
In almost every case, it takes being born to very rich parents.
Quote:
Originally Posted by GordMay View Post
Close, but not quite.
Actually, not even close. "Almost every case" implies something on the order of 90% or more. Certainly it would imply at least 3/4ths of the time. In reality, the fringe estimates put it at 2/3rds of the time at the very most, and the more realistic estimates put it in the neighborhood of half, possibly even less.


So, no, nowhere close to "almost ever case."
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Old 21-11-2021, 04:25   #6
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Re: What It Takes to Be in the 1% Around the World

The Richest People in the World 2021

2,755 billionaires and millionaires make up the Forbes list of the richest people in the world. That’s 660 more than in 2020, even though the pandemic devastated the global economy.
Altogether these billionaires are worth $13.1 trillion, up from $8 trillion in 2020.

The pandemic did not bother them
In fact, the group of billionaires and millionaires in the world managed to accumulate 5 billion dollars more, during the pandemic year, than they had in the year before that.

The 400 wealthiest Americans saw their collective fortune increase 40% over the last year, to $4.5 trillion.

Forbes:
World list ➥ https://www.forbes.com/billionaires/
American list ➥ https://www.forbes.com/forbes-400/

Today’s Winners and Losers Reflects changes since 5pm EST of prior trading day
https://www.forbes.com/real-time-bil.../#9c53f2a3d788

Bloomberg Billionaires Index [updated daily]https://www.bloomberg.com/billionaires/
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Old 21-11-2021, 04:34   #7
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Re: What It Takes to Be in the 1% Around the World

Nope, not me. I'll never have enough time for my wealth to accumulate to those levels. My philosophy is as long as you have enough to be comfortable and do the things you want/need, then that's enough. Anything more is surplus.
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Old 21-11-2021, 04:44   #8
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Re: What It Takes to Be in the 1% Around the World

The wealthiest pay almost no tax


ProPublica recently published a report [1], on how billionaires, including Jeff Bezos, Elon Musk, and Warren Buffett pay minimal federal income tax, relative to their vast fortunes.

Jesse Eisinger, one of the journalists responsible for the story, discussed his key takeaways on the latest episode of The New York Times' "Sway" podcast. [2]

Eisinger explained how some of America's wealthiest people have minimized their incomes and paid zero federal income tax in recent years, argued that philanthropy isn't a substitute for government, and called for changes to the tax system.

Here are Eisinger's 15 best quotes, lightly edited and condensed for clarity:
https://markets.businessinsider.com/...source=markets

[1] “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax”
~ by Jesse Eisinger, Jeff Ernsthausen and Paul Kiel, for ProPublica
https://www.propublica.org/article/t...oid-income-tax

[2] NYT "Sway" podcast ➥ https://www.nytimes.com/2021/06/14/o...eisinger.html?
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Old 21-11-2021, 04:46   #9
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Re: What It Takes to Be in the 1% Around the World

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Nope, not me. ..
Did you have to look at the list[s], to know that?


I said to my friend: "I wish I was a billionaire, just like my dad..."
My friend said "Whoa, your dad was a billionaire?"

I said "no, he also wished he was..."

I started a charity for the billionaire hedge fund investors affected by the Game Stop Short Squeeze.
But Soon after, I realized there’s already a Charity for them, The US Government.
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Old 21-11-2021, 08:06   #10
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Re: What It Takes to Be in the 1% Around the World

The US tax code is ridiculously complex. Despite rhetoric to the opposite, the tax code is s form of central government control over the economy to funnel investment into preferred areas by maximizing after tax financial returns.
The US should vastly simply its income tax side, and institute a VAT which taxes consumption. The VAT should also tax stock/financial instrument buying and selling. That in and of itself would solve the inequity of ultra-rapid high frequency stock trading which is currently limited to only the best heeled trading companies.
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Old 21-11-2021, 08:33   #11
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Re: What It Takes to Be in the 1% Around the World

I'm at a disadvantage here because when I tried Gord's link I hit a paywall. Apparently I've tried to read stuff a few times on Bloomberg already this month an hit my free limit.

In any case, and not knowing the specifics of the graphic, it seems that the discussion in the thread is not really about the top 1% at all. It is about the top 0.1%, or some number smaller than that. The top 1% is really not a very exclusive group. When not cruising I live in a small city of ~100,000 people. Assuming it is an average type of place, which is a pretty fair assumption for this Colorado city, that means that 1000 people who live there are in the top 1%. I know many of those 1000 people. Some live ostentatious lifestyles, most do not. Some were born to wealthy parents, perhaps a majority were not. Most are small business owners. I know quite a few people born with no connection to wealth who worked their way into the top 1%, and not through tech startups, internet businesses or TikTok.

Lumping 1 of 100 people in with Bezos, Musk and Buffett is like mixing a couple apples in with a crate of oranges, or more accurately a few apples in with a truckload of oranges.
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Old 21-11-2021, 09:13   #12
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Re: What It Takes to Be in the 1% Around the World

I bet almost everyone reading this thread is easily within the top 5% of global wealth, and most will be 1-percenters. My quick search for "global median income" turns up various numbers, but all generally come in around $1,000 USD or less (Example).

So even my paltry income, which puts me well into the poverty level here in Canada, still has me richer than 80% of the global population.

Here's one fun tool to play with. It only measures income, not wealth, but it's not hard to see where you likely fall: https://howrichami.givingwhatwecan.org/how-rich-am-i

Another perspective is to look at national levels. According to this data, anyone with over $4.4 million in wealth (all wealth, including homes) is a 1-percenter in the USA. Again, I bet most CF users fall into this group.


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Old 21-11-2021, 11:05   #13
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Re: What It Takes to Be in the 1% Around the World

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Originally Posted by Mike OReilly View Post
I bet almost everyone reading this thread is easily within the top 5% of global wealth, and most will be 1-percenters.

Another perspective is to look at national levels. According to this data, anyone with over $4.4 million in wealth (all wealth, including homes) is a 1-percenter in the USA. Again, I bet most CF users fall into this group.
Mike am I reading you correctly,... you believe most CF users have a net worth over $4.4M USD?

Based on my short time here and the majority of threads I've read,... I find that hard to believe.

Best regards

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Old 21-11-2021, 11:14   #14
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Re: What It Takes to Be in the 1% Around the World

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Mike am I reading you correctly,... you believe most CF users have a net worth over $4.4M USD?

Yes... if not the majority, then certainly a high percentage. Might be an interesting poll.
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Old 21-11-2021, 12:57   #15
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Re: What It Takes to Be in the 1% Around the World

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Mike am I reading you correctly,... you believe most CF users have a net worth over $4.4M USD?

Based on my short time here and the majority of threads I've read,... I find that hard to believe.
Have to agree. I have no doubt that SOME of the participants here have that kind of net worth, but I doubt that the majority do. Otherwise, why so very many threads on how to buy a boat for $50k, fit it out for cruising on a minimal budget, and then go cruising for $3k or $4k per month?
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