The total wealth controlled by the world’s billionaires has reached $6,000,000,000,000, up nearly 20% from last year. There are now 1,542 dollar-denominated billionaires on earth.
The current levels of inequality have not been seen since 1905. Billionaires.’ fortunes are growing at 17%/year on average, double than the stock market average.
Billionaires are apparently getting concerned about guillotines and are trying to forestall them by endowing galleries “to share their collections with the public”.
But they’re not advocating for higher taxes, an end to offshore tax-havens, or an increase in estate taxes to end the cycle of hereditary privilege.
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