Billion-Heirs

[b][center]All billionaires under 30 have inherited their wealth[/center][/b]
A new study finds that all billionaires under 30 possess their wealth from inheritance, rather than creating that wealth themselves. They’re the first of more than a 1,000 people due to inherent $5.2 trillion collectively.

And you can bet they’ve already got loopholes in place to avoid paying much if any inheritance tax…

I’m not against wealth inherently; if you’ve worked hard, and you’re generating social and economic value whilst getting rich, then all the power to you. But there’s something that feels wrong about an entire generation of people becoming ultra-wealthy whilst not generating any social value themselves - perhaps I’m wrong, and they’ll reinvest this money into social equality and climate solutions. But I pessimistically believe this money is destined to stay within the upper echelon, whilst the working class are left to fight over scraps after breaking their bodies across 60+ hour work weeks.

Thoughts? Am I just being jealous?

Source: https://amp.theguardian.com/business/2024/apr/03/all-billionaires-under-30-have-inherited-their-wealth-research-finds

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DS1980 · 41-45, M

Inherited wealth doesn't bother me. What bothers me is the loopholes the wealthy will jump through to enable them to avoid paying fair taxes on their wealth and assets.

The poorest amongst us have no similar luxuries.

Our country (England) is set up to keep the rich as rich as possible and the poor on their a*ses; run by legalised conmen, only in it for themselves, their rich acquaintances, big businesses.

How often in every day life do we see people being paid peanuts, earning millions for their employers whilst receiving no respect or acknowledgement but unable to do anything to instigate change because we need our jobs to pay our bills?

I'm not bitter 😜

OctoberEyes · 26-30, M

@DS1980 You’re absolutely right. A lot of tax schemes in the UK are designed to keep the rich wealthy (non-Dom status, private schools, inheritance tax loopholes with trusts).

You only need to look at the huge number of people suffering food insecurity in the UK, and how many food banks are opening, to see the growing divide between the rich and poor.

And let’s not start on energy bills, which is quite literally daylight robbery ensuring shareholders at Exxon, BP and Shell receive record profits.

It’s rotten to the core.

DS1980 · 41-45, M

@OctoberEyes I don't have your level of knowledge. The whole thing pisses me off so much I avoid reading articles about it and turn the TV off if Rishi Sunak's face appears on it.

Just personal experience, in a small company, the bosses here are just like every other rich person I have ever encountered - the only thing that matters to them is money, it is embarrassing.

I work in insurance - as a broker we apply administration fees - the poor client must always pay the fee (according to the bosses because this is how we earn our money). The rich clients do not like fees, therefore because they are rich, and therefore more prestigious to the bosses, do not have to pay fees and in some cases even receive a commission refund. I hate it.

OctoberEyes · 26-30, M

@DS1980 That’s always the way it goes, aye. Special dispensation for the rich, but fines for the poor. There are simply more ways for the rich to become richer than there are for the lower class to lift themselves out of poverty.

Agreed on Sunak’s face, too. Can’t wait for a Tory wipeout next election. But time will tell if the opposition can do anything differently…

DS1980 · 41-45, M

@OctoberEyes In many ways, I would love it if not a single person voted in the next election. I have no confidence in Labour making things better, but a 100% no vote from the country would send a message.