All billionaires under 30 have inherited their wealth, research finds
All billionaires under 30 have inherited their wealth, research finds
Fifteen young billionaires are among the first wave of a $5.2tn transfer of wealth by the ageing super-rich
Research by Forbes magazine found there were 15 billionaires aged 30 or under but that none had created their own wealth (...)
None over 30 created their own wealth either.
Uh... Taylor Swift?
Taylor Swift's father comes from 3 generations of bank Presidents...
I'm not sure what you think, but Swift didn't exactly start small.
I would assume they mean nobody does everything by themselves and so can't exactly be considered "self-made"
There are a lot of people involved in creating a new album and touring the country. If these people didn't work for her then she'd be playing guitar in a bar for tips. She deserves to be rich, but the people who work for her deserve fair pay and a 0.001% cut isn't fair, it's just the way it is.
Unlike the older billionaires who earned every dollar of their billions, because they really are hundreds of thousands times more productive and economically valuable than nurses or bus drivers.
I'm not disagreeing but I wanted to post the article mostly to point out that it is completely impossible to earn such money.
Unless you’re Taylor Swift, of course, the one billionaire who gets a guillotine pass.
I own $1000
A billionaire owns at least $1,000,000,000
Thats 1 million times my savings
Same. I look forward to payday because I get to rejoin the one comma club for a couple days
Something something meritocracy...
Billionaires shouldn't exist. It's obscene.
The estate tax is way too fucking low.
It was specifically established to prevent the establishment of a hereditary aristocracy, and it is utterly failing to do its job.
You know what won't fail to do the job?
Guillotines
Millennials: The richest generation in history.
There you go, why complain all the time? You're literally the richest in history.
/s
yeah and whats the percentage over 30 and for the ones who did inherit their billions how many inherited and started with millions?
Wow I’m so shocked!!!
(Not)
This is the best summary I could come up with:
There are already more billionaires than ever before (2,781), and the number is expected to soar in the coming years as an elderly generation of super-rich people prepare to give their fortunes to their children.
Research by Forbes magazine found there were 15 billionaires aged 30 or under but that none had created their own wealth, instead benefitting from huge inheritances.
Among them are Ireland’s Firoz Mistry, 27, and his brother Zahan, 25, who each have an estimated $4.9bn from their stakes in Tata Sons, the parent company of the Indian conglomerate Tate Group, which owns car brands including Jaguar Land Rover.
The world’s youngest billionaire is Livia Voigt, 19, who has a $1.1bn fortune thanks to a 3.1% stake in WEG Industries, a Brazilian electrical equipment producer co-founded by her grandfather Werner Ricardo.
“Looking to the longer term, the exceptional wealth resulting from the boom in entrepreneurial activity since the 1990s has established a foundation for future generations of billionaire families.”
The transfer is expected to make millennials the “richest generation in history”, says research by the real estate agent Knight Frank.
The original article contains 516 words, the summary contains 183 words. Saved 65%. I'm a bot and I'm open source!
There should be a bracket where inheritance tax reaches 99% of all assets.
No shit sherlock
I'm just pointing out that it's impossible to earn. I know it's obvious.
Oh, I wasn't telling you... But to whoever though it was necessary a study to find that out.
I wonder what percentage of millionaires under 30 inherited their wealth.
I guess Kylie Jenner wasn't self-made after all. Huh? Whoda thunk?
There was literally a go fund me to make her a billionaire.
Also, every single Kardashian was made by the oj Simpson trial and that sex tape. Her cosmetics business made itself.