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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Musicman · 61-69, M

I have never understood why people have so much problems with inheritance. Everyone has parents and family that passes away and leaves them something. Would you be happier if Uncle Sam took everything in taxes? My dad left me a little money and made sure I wouldn't have to pay taxes. I appreciated that. Sadly not everyone believes in climate change so some people see no need to invest in the climate. Personally I don't believe anyone has the right to tell anyone else how or what they should invest in.

OctoberEyes · 26-30, M

@Musicman this isn’t so much about inheritance, rather that the next generation of billionaires tend not to contribute social value and economic growth, and thus hoard wealth that contributes to growing inequality.

Their precursors generated their wealth by innovation, and creating economic value. As I said in another post, a rising tide lifts all ships.

That doesn’t seem to be the case for the next generation of billionaires. When you’ve got a closed loop of immense wealth, that has an impact on the rest of society’s ability to engage in economic activity.

Would I be happier if we took everything in taxes? No. But we ought to take a fair share. Historically these people avoid their fair share, which burdens the rest of us.

The world I want to avoid is where hard work and entrepreneurship means less than family background and pre-existing wealth distributions, which seems to be the case according to some studies (i.e. inequality limits economic mobility for the next generation).

Musicman · 61-69, M

@OctoberEyes I actually have a huge problem with today's generation in general. Kids have no interest in working. They want everything handed to them while they sit online and go to protests for social issues. You want to talk about contributing, this new generation contributes almost nothing.

OctoberEyes · 26-30, M

@Musicman Every prerequisite for a basic standard of living has inflated well beyond their means, and is certainly worse than anything previous generations faced. It’s not about interest, it’s about ability. Minimum wage doesn’t even cover rent, let alone food, health care, and money leftover for fun. And forget about saving for a house. Ultimately, money was worth a lot more when you were younger.

A millennial requires 4,459 hours of minimum wage work to afford 4 years of college, compared to 306 hours for previous generations. The amount of money you have to spend to obtain the qualifications or licenses to work decent jobs puts most out of reach.

If you want to address this, address inequality and wealth hoarding, which is what we’re discussing in the OP.

Also, not sure why you take issue with people protesting for social issues. That’s our right, and is often cases necessary for social change. Not sure why you’d look at that negatively. It shows people care about the world they live in, if nothing else. And it doesn’t mean they don’t work.

Musicman · 61-69, M

@OctoberEyes I partially agree with and completely disagree with the other half. Minimum wage is a joke. As soon as you raise it everything goes up. Businesses will never let you keep the raise. The only way to ever get ahead is to aspire to earn more than minimum wage. Minimum wage shouldn't be for anyone other than kids still in school looking for part time work.