While most people have less and less money in their pockets due to crises and saving is becoming increasingly important, according to a current Oxfam study, the super-rich were even able to multiply their assets during exactly this time. How exactly? Let us explain!
Elon Musk, Jeff Bezos and Mark Zuckerberg
Corona, Ukraine war, Energy crisis and rampant inflation – the crises of recent years have meant that people have to spend more money in the supermarket, at the gas station or on a warm home. However, global developments seem to be leaving most of the super-rich without a trace. Even more: like a current one Oxfam Study As can be seen, the world’s billionaires have been able to increase their wealth enormously despite crises.
That’s what they have five richest men in the world, which according to the Forbes list includes tech giant Elon Musk, Amazon founder Jeff Bezos and Meta boss Mark Zuckerberg, have more than doubled their money since 2020 and made an average profit of $14 million – per hour, mind you! How much do you earn per hour?
In the clip: Why do the rich keep getting richer?
Taylor Swift is also among the billionaires
Also the pop icon Taylor Swift only broke the billion mark last year. And not just through their music. Because just by selling Fan Articles The 34-year-old earns in the three-digit million range. It is particularly easy for the superstar to earn millions through the rights to images, videos, etc.
And that’s not all: With an investment banker as a father, it would be almost unthinkable that she would have her entire life Money not also clever creates. And true to the motto “The woman is herself,” she does it on her own – and with success. However, that only accounts for a portion of Taylor Swift’s income stream.
Also interesting: How many millions are in Oscar host Jimmy Kimmel’s account? We’ll tell you that here. Have you always wanted to know how Ariana Grande became a multimillionaire at 30? Find out here!
That’s why the wealth of the super-rich is growing
Why are the super-rich getting richer and richer despite crises, while ordinary citizens have to tighten their belts more and more? To put it simply: Most billionaires distribute their assets different investment classes. You invest in, for example property or rare raw materials like gold, have broad stock portfolios or government bonds. This means they cover different industries and can better cushion crises.
And: the larger your assets become, the more interest you receive, which in turn leads to the wealth becoming even greater and you receiving even more interest. This compound interest effect ensures that your assets do not melt away even when inflation is high, as the interest income exceeds the inflation losses.
And the rest? You may have a savings account or a money market account that earns very low interest. If interest rates are lower than inflation, your assets will not grow but will instead be literally eaten up by inflation. This is even faster with a non-interest checking account. This is illustrated by the following calculation example: If you have around 1,000 euros in your checking account, this money will lose value at the current inflation rate of 3.7 percent. If inflation remained constant for twelve months, you would only be able to afford goods worth 964.32 euros because products and services have become more expensive. After just over 19 years, your assets would have been halved.
According to Oxfam, the wealth of the five richest men in the world has more than doubled from $405 billion to $869 billion since 2020. The assets of all billionaires combined grew by $3.3 trillion over the same period. According to calculations by the emergency aid and development organization Oxfam, 791 million workers worldwide have lost an average of almost a month’s wages since 2020.
Four-legged friends can be rich too
Will there soon be the first dollar trillionaire?
Elon Musk applies loudly “Forbes”-Liste with a fortune of $241.6 billion as the richest person in the world – almost a quarter of a trillion US dollars! According to Oxfam, the current growth rate of the wealth of the super-rich would mean that in just ten years there could be a person whose wealth breaks the one trillion dollar mark. That’s $1,000 billion, a number with twelve zeros, while at the same time global poverty is growing. According to Oxfam, nearly five billion people, the poorest 60 percent of humanity, became $20 billion poorer.
In order to prevent the gap between rich and poor from widening even further, the organization is calling for a wealth tax of two percent for assets larger than five million euros, and correspondingly more for higher assets. For Germany, the NGO estimates that the state could earn $93.6 million per year, even though only 0.24 percent of people in this country would be affected by such a tax. The state could then invest this money in education, health care and social security, so-called common goods from which everyone could benefit, the super-rich as well as all other employees.
2024-01-24 22:08:03
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