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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MasterLee · 56-60, M

Only a jealous leftist issue.

DS1980 · 41-45, M

@MasterLee I am not jealous of the rich, sir. I am comfortable, have holidays, a brilliant family and am happy. It is the attitude and entitlement of the rich that I do not like, not the fact that they have money. As I have stated, most with money only care about their wealth and that does not sound very fulfilling to me.

OctoberEyes · 26-30, M

@MasterLee I think if you can make a $ billion whilst creating social and economic value, then all the power to you. Enjoy your success.

But that’s not what we’re discussing here. This is about the next generation of billionaires not having worked for their wealth, and potentially not reinvesting it into the future.

This isn’t a “leftist” issue. No one here is complaining about capitalism. The rich hoarding wealth is inherently an issue for everyone.

MasterLee · 56-60, M

@OctoberEyes how

OctoberEyes · 26-30, M

@MasterLee The trillions being transferred as inheritance was originally made by innovation, and by creating social and economic value. A rising tide lifts all ships, so to speak.

But what happens if the next generation of billionaires aren’t innovating, aren’t creating value, and aren’t “lifting the tide”, but rather dragging on the economy? Wealth concentrated in the upper class will mean the rest of society doesn’t have the resources to engage in economic activity.

So the conversation is this; billionaires can absolutely help stimulate a thriving economy (e.g. production, innovation, stability). But capital tends to grow faster than the overall economy, and income on capital is not evenly distributed. Average wealth of the rich is on the up, whilst inequality grows.

Also, reporting from UBS indicates 2nd and 3rd generation billionaires are less likely to be philanthropic, but rather more protective of their wealth, because unlike their innovative forefathers who had confidence in generating wealth, their inheritors do not (which will be seen in opposition to taxes).

To peg this conversation as “leftist” isn’t at all accurate.

MasterLee · 56-60, M

@OctoberEyes no one cares but leftists. They earned it. They do what they want with it.

OctoberEyes · 26-30, M

@MasterLee Oh, I see. You don’t actually care about the subject, nor do have any desire to understand it. So long as you can shoehorn the word “leftist” in there, you’re happy.

My mistake! Just so you’re aware, hoarding wealth and not contributing to social and economic growth is generally antithetical to virtues of the right, such as capitalism and the market economy.

MasterLee · 56-60, M

@OctoberEyes oh I understand it completely. I just do not see it as an issue. I have no desire to tell anyone how to spend their money.

Hoarding wealth? It's their's. I bet you wish all wealth be handed over to some liberal government after death lol

They create jobs and invest in companies. I bet all your jobs, assuming you work, came from the poor.

They buy luxury items keeping people employed. They support the economy a lot.

OctoberEyes · 26-30, M

@MasterLee You’ve just demonstrated you’ve not read or comprehended a single thing I’ve written.

The issue is, no - 2nd and 3rd generation billionaires tend not to invest in the wider economy. Hence the growing disparity in income from capital vs wages.

It’s rather anti-conservative to not invest in social value and economic growth, which is the issue with the new generation of billionaires who create close looped systems where there is no investment.

But by all means hang on to your outdated ideas of left / right market economies.

DS1980 · 41-45, M

@OctoberEyes I think you are wasting your time with this one OE 😂

MasterLee · 56-60, M

@OctoberEyes because I disagree but of course.

MasterLee · 56-60, M

@DS1980 apparently you don't accept differing opinions. How unique. Not.

DS1980 · 41-45, M

@MasterLee All opinions are good sir. The OP's issue is that your argument was not related to his original post. Have a good evening.

MasterLee · 56-60, M

@DS1980 of course. Live in the bubble.

DS1980 · 41-45, M

@MasterLee Rattled money bags? Good night sir

OctoberEyes · 26-30, M

@MasterLee It’s not that I don’t accept differing opinion, I mean I’m still conversing with you aren’t I. It’s that I don’t believe you listened to anything I said.

You said “they create jobs and invest”, but my entire point is they don’t.

Where the original billionaires created social and economic value through innovation, the inheritors of their wealth are less innovative and more guarded of their fortunes. Again, 2nd and 3rd generation billionaires, based on studies, tend to be less philanthropic and more closed with their fortunes.

When you amass huge wealth but aren’t contributing that to economical growth, the natural outcome is more inequality. Conservatives would say “reinvest in social and economic growth, and make everyone more prosperous”. Again, this idea about rising seas lifts all boats.

Surely you understand my point? This isn’t about right or left, this is about market economics, inequality and growth.

MasterLee · 56-60, M

@OctoberEyes I understand your point but you do not understand mine. We should agree to disagree.