The Rich Keep Getting Richer, Now Worth $37.2 Trillion
Posted by Stephanie Taylor on June 29, 2007 at 10:28 AM
According to a new report released this week, the world's richest people are getting even richer.
The wealth of the world's rich and super rich surged 11.2 percent to $37.2 trillion last year but the elite group gave less than 1 percent of their net worth to charity, a study released on Wednesday said.
For the first time, the 11th annual World Wealth Report detailed philanthropic giving, and estimated that high net worth individuals turned over $285 billion to charitable causes in 2006. That's equivalent to someone worth $100,000 giving about $766 to charity, or 0.76 percent of their wealth.
According to the report, the number of wealthy people in Singapore and India is surging--but the United States still tops the list.
The United States has the most wealthy people, followed by Japan and then Germany, according to the report's researchers.
Merrill Lynch and Capgemini said they examined the "investments of passion" of the wealthy and found that luxury collectibles such as vintage yachts and automobilies selling for hundreds of thousands of dollars were among the top items.
The report also said Boeing Co.'s wide-body private jets are being customized at about $150 million each as mobile mansions.
Earlier this year, Democrats faced stiff Republican resistance before they passed an increase to the federal minimum wage--the first raise in a decade for about 5.6 million workers, who will now make just over $15,000 a year.
$15,000 is also .01 percent of the cost of that refurbished Boeing jet. In other words, if you were rich, you could pay ten thousand workers the federal minimum wage for one year--or you could pimp your jet with gold faucets.
Comments - 11 »
Comments - 11 «
This fact is worse than ever under Bush and Chaney! The Republicans have no shame and they go out and shake the "poor
Boys" hand with a look of concern. They all need to be in Hollywood.
Posted by freeforall on June 29, 2007 at 04:29 PM
Truely, this is an insult to our intelligence.
Posted by freeforall on June 29, 2007 at 04:31 PM
The issue here should not be about how many millionaires each side had is the Congress.
The issue should be how many of these millionaires have enough ethics to support FAIR taxation as opposed to the unfair tax breaks the Republicans hand to their greedy rich cronies?
Posted by Butte on June 30, 2007 at 09:50 AM
You talk about worker's rights and minimum which I am all for and support. However, I can not support your position on immigration and I think the majority of American workers do not support this. I know when people are confronted and asked directly, they don't want to appear in a bad light so they outwardly agree when in reality they don't.
Posted by jackkat on June 30, 2007 at 11:09 AM
The Democrats didn't pass the Bills that made it possable for the rich to get richer. You know the Democrats are for the working class, even if it hurts their pocketbook. You need to read the Democrats Platform. Learn about Democrats and Republicans and you too will change to the Democratic Party.
Posted by freeforall on June 30, 2007 at 06:09 PM
It just proves that we need to reinstate the taxes for the rich and greedy.
Why do we have to pay for all the infrastructure and services that they demand.
Fair is fair, and the current tax system is definitely NOT fair!!!
Posted by Butte on July 1, 2007 at 12:09 AM
Republicans will always fight a raise in the minimum wage. The lower it is kept, the easier it is to control. It's sad that people can comment that "well, they should go to college, so they can get a better paying job." Well, everyone doesnt have the same chance in life and it's not that easy. It's really sad that the republicans want to do away with the middle class and have the very rich, and the very poor. Sounds like a socialist way of thinking.
Posted by wltpp on July 2, 2007 at 10:17 AM
it's the old trickle down economics scam,now they even want to stop the trickle!
Posted by peaceman on July 2, 2007 at 11:20 AM
Who are we the members of the pea brained under class, to dabble in the affairs of the rich and powerful. We can not blame our so called elected leaders. They are the upright primates placed in the offices to do the bidding of true leaders of our country.
Posted by Jaba on July 5, 2007 at 04:12 PM
Stop everything - the democrats are for the working class? Show me ONE dem Senator or Represenitive who is for the working class. John Edwards? Kerry, Pelosi, Reid, Feinstein, Boxer, Clinton "Big Oil" Inc??? These people are for the working class? They are all worth millions and have not worked a decent day in their pathetic lives living off the government like parasites while approving big payraises for themselves every year. When did John Edwards give YOU a payraise? This guy cut down half a gazillion trees in order to build his new mansion somewhere in the Carolinas. Clinton invested in big Arab oil. Working class, you going to make me puke. Listen...The rich, who are paying well over 50% taxes like they are now, are overtaxed. And the bottom and middle parts of America aren't making enough money to really put a dent in the national budget. So, where does that leave us? What, are the rich going to start paying 60%-75% taxes? They are already contributing the majority of the tax dollars. Can't tax the poor any higher either, because they don't have any more to give. I say we cut the salaries of the pork barrel democrats and Republicans on the Hill, and stop the pork barrel spending that the dems have earmarked for their pet projects. The American public are taxed to death. this has nothing to do with Bush and Cheney. This started in the Clinton/Algore era. Where did the budget surplus of 2001 come from? Why, the rich of course! And that's thanks to the "Gut your Military" program and "Tax the Rich" program of the 1990's.
Posted by RushBabies on July 10, 2007 at 09:22 AM
The Democrats are not worried about raising money; that's not what taxes are all about. With them it's about control, social architecture, and the illusion of punishment for the rich.
Posted by RushBabies on July 10, 2007 at 10:32 PM
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