All articles tagged with #wealth
With California’s proposed 5% billionaire tax on assets over $1 billion, ultrawealthy residents are relocating to Nevada, fueling a Las Vegas luxury real estate surge and drawing high-profile movers like Don Hankey and Sergey Brin, while others diversify properties elsewhere.
A World Inequality Report led by Thomas Piketty shows extreme global disparities: the top 0.001% hold three times the wealth of the bottom half; the richest 10% own about 75% of wealth while the poorest half has ~2%. Income is similarly skewed, with the top 10% earning more than the rest of humanity combined and the poorest half capturing under 10% of global income. The gender pay gap persists (women ~25% of global labor income), and poorer countries are squeezed by a financial system biased toward rich states, reflecting enduring institutional and historical factors.
A new study finds that spending by wealthy households is rising while spending by middle- and lower-income Americans remains largely flat, signaling a widening gap in consumer behavior.
France, once among Europe’s wealthiest, now trails the EU average in wealth per capita per Eurostat 2024 data, with Poland expected to overtake within a decade; critics cite high taxes, rising public expenditure and debt, and The Times notes the 2026 budget increases taxes while expanding subsidies, raising concerns about growth amid demographic headwinds.
Elon Musk’s net worth climbs to a record $788 billion as Tesla shares rise 4%, underscoring how Tesla’s stock performance drives Musk’s towering fortune.
A Moody's Analytics analysis of Fed, BEA and Census data shows 59% of U.S. consumer spending comes from the top 20% of earners, while the bottom 80% accounts for 41%—a near-record K-shaped divergence. With inflation and a weak job market weighing on most, high-end households and stock-market gains are sustaining spending and wealth, which is now at its highest since World War II. If the rich slow down or markets falter, lower-income workers would bear the brunt.
An NYT editorial board analysis asserts that Trump and his family profited at least $1.4 billion in his first year back in office, largely through cryptocurrency investments, overseas licensing, and real estate deals, with potential undercounts and hidden assets. The piece brands this as unprecedented exploitation of the presidency and notes broader consequences, including healthcare and food-assistance cuts affecting millions, as critics argue these wealth streams amount to pay-for-play and conflict of interest.
Despite a surge in billionaire wealth, taxes on the ultra-rich remain well below the average, fueling a renewed push for wealth taxes. In California, a proposed one-time 5% levy triggered asset shifts by Brin, Page, and Sacks and drew strong opposition from Gov. Newsom, highlighting the political and logistical hurdles. Proponents push for a simple, flat-rate tax on billionaires with an exit tax to curb capital flight, while critics warn past wealth taxes were costly and evasive, with some favoring alternatives like higher inheritance taxes or treating capital gains as ordinary income.
Long before modern markets, Romans grew wealth by diversifying investments: they stored gold and silver in secure vaults and traded metals by weight, while also investing in commodities like grain, olive oil, and wine through landholds that provided steady income. They bought artworks and real estate, and wills often left silver and gold as heirlooms. Prices fluctuated with new finds, imperial taxes, and political turmoil, but a varied portfolio helped preserve and grow wealth in an uncertain ancient economy.
Elon Musk’s net worth rose to a new record after xAI secured a giant funding round, underscoring his expanding influence in AI alongside his Tesla and SpaceX holdings.
From 2016 to today, the world’s 10 richest have exploded from a combined roughly $559B to about $2.6T, led by Elon Musk at around $682B. Sergey Brin and Larry Page follow, Bezos sits at about $260B, with Ellison, Zuckerberg, Arnault, Ballmer, Huang, and Buffett rounding out the current top 10. The shift is driven by surging tech fortunes, while Gates and Buffett have fallen thanks to philanthropy, giving away tens of billions; older names like Ortega, Slim, and the Kochs have dropped in rank as tech wealth surged. Tesla is valued around $1.5T, SpaceX about $800B, and xAI roughly $230B, underscoring a tech-driven leap in wealth.
In 2026, Americans generally consider a net worth of around $2.3 million to be wealthy, with perceptions influenced by inflation and the need for sustainable income from investments, highlighting that wealth thresholds are evolving and depend on individual goals and age.
California is implementing a controversial plan to tax billionaires, aiming to address wealth inequality, but facing significant political and public debate over its implications and effectiveness.
Mega-rich Americans are shifting their wealth away from stocks and bonds towards cash and alternative investments, driven by market volatility and inflation fears, with notable figures like Warren Buffett and Peter Thiel increasing cash reserves and diversifying their portfolios.
In 2025, the world's top 500 billionaires added a record $2.2 trillion to their wealth, driven by market booms and political events, with a small group of billionaires capturing a significant share of the gains, highlighting ongoing global wealth inequality.