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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Spoiledbrat · F

Their wealth belonged to their ancestors and now belongs to them. It doesn't bother me.

OctoberEyes · 26-30, M

@Spoiledbrat Its not the inheritance of wealth that bothers me, it’s what they do with it afterwards.

Their ancestors were innovators, and created that wealth by growing the economy and adding social value. A rising tide lifts all ships, so they say.

But statistics indicate the next generation of billionaires, those that have inherited their wealth, just aren’t as innovative, and aren’t as philanthropic. The money is more likely to stay in a “close loop” which creates more inequality.

Spoiledbrat · F

It's not any different than having babies on welfare. @OctoberEyes

OctoberEyes · 26-30, M

@Spoiledbrat Locking out $trillions from the economy in closed loop systems for the ultra rich is way more of a drag on the economy than welfare babies.

In fact, by not investing in growth, jobs, production, innovation etc. you create the conditions for there to be more welfare babies, and more inequality.

Spoiledbrat · F

@OctoberEyes There will always be inequality. The money is theirs anyway.

OctoberEyes · 26-30, M

@Spoiledbrat the money is theirs, no one is saying it isn’t. I’m just pointing out the economic issues you create when the rich get richer and poor get poorer.

I’d rather not live in that world. Perhaps you feel differently.