Tag: wealth

Billionaire Wealth Hits $10 Trillion For First Time Ever Thanks To Government Stimulous

Coronavirus has boosted total billionaire wealth to its highest level ever. Since the pandemic begun, the total wealth held by billionaires around the world has grown by a quarter to over $10 trillion.

The landmark co-insides with another in the billionaire world, that of the world’s first ever $200 billionaire. Jeff Bezos’s net worth crossed the $200 mark in August, just when UBS and PwC were tallying up the data for its annual report on billionaires.

That report, released on Wednesday (7 October), shows that collective billionaire wealth has grown at its fastest rate over any period over the past decade.

Between April and July, billionaires grew their wealth by 27% from $8 trillion at the beginning of April. This was largely thanks to government stimulus packages.

“Billionaire wealth is loosely correlated with equity markets,” notes the ‘Riding the Storm’ report co-published by UBS and PwC. “From the end of March, governments’ huge fiscal and quantitative easing packages drove a recovery in financial markets.”

Over half of the stocks and shares owned by American households are held by the richest 1% according to research by Goldman Sachs
in February. As markets rise, as they have done since March, the wealthiest therefore see the biggest gains.

The CARES Act coronavirus relief package has only helped those gains. A loophole in March’s legislation allowed millionaires to benefit to the tune of about $1.7 million from the government. A further 133 large companies have since received $5 billion from the Treasury Department.

In the U.K., government stimulus packages worth over £16 billion ($20.6 billion) have gone directly into billionaire-owned companies, data in June revealed.

“This pandemic has magnified every existing inequality in our society,” says one billionaire, Melinda Gates, in launching the Gates Foundation Goalkeepers report last month.

Billionaires Donate Record Amounts, For Now

As well as boosting their wealth, coronavirus has also increased the donations of billionaires. UBS and PwC’s research finds they are giving more now than at any time in history.

The duo also note “that is likely to be only a fraction of the overall amount, given a tendency towards discretion.”

Over three quarters of wealthy families prefer to donate discretely, according to a separate study published on Tuesday (6 October).

“Their preference for discretion does mean that the extent of their societal contribution is however not always recognised,” says Guy Hudson, partner and head of marketing at Stonehage Fleming, a multi family office which published the ‘Four Pillars of Capital’ report.

But when asked, “Do you expect to give away more this year, as a result of COVID-19, than in previous years?” over half of respondents to Stonehage Fleming’s study said “No.”

UBS and PwC also found that charity was likely to be temporary. When they asked billionaires about their plans for the next 12 months, philanthropy was at the top of few agendas.

Instead, “succession

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The Economic system And Government, Wealth, And Unemployment

Political science has a relationship within the study of law. Its function is to manage The Majority strictly, in addition to all others among the many folks, primarily to guard The Individual’s God-given, unalienable rights and due to this fact for the protection of the rights of The Minority, of all minorities, and the liberties of individuals normally.

And Guns or gun management had nothing or little or no to do with it. The German individuals have been trying to rebuild from the ashes of WW1 without assist from anyone else. The structure did put it easy that legislation department made the laws, the chief department carries out the legal guidelines and the judicial department interprets the laws (State Legislation, 2019).

If we do nothing and not let our government know that we are good informed Americans, who will not let our Nation be bought out for Cash, Power and Greed. The government banned sure weapons in Australia and a gun mafia was not created. The United States has federal, state and local government.

After World Conflict I, the German government, by order of the Treaty of Versailles, stripped all residents of their proper to personal weapons. The way in which that the individuals of France eradicated their Oligarchical government was to terminate the lives of the highly effective elites.

So versus when the framers were growing the structure when there was a transparent divide between favoring a robust nationwide government and states’ government, in modern times there seems to be a pattern of favoring either side with much much less battle.…

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