Subscribe to Receive the Daily Report

Friday, July 7th, 2023

World’s 500 richest people added $852 billion to their wealth in first half of 2023

Author:     Jake Johnson
Source:     Raw Story
Publication Date:     July 6, 2023 | 8:16 AM ET
 Link: World’s 500 richest people added $852 billion to their wealth in first half of 2023
Stephan:  

America’s tax structure is so skewed to benefit the rich that it has created two Americas that have very little in common, the uber-rich and everyone else. The uber-rich travel differently, live differently, eat differently, get different healthcare. They make more per minute than many Americans make in their entire lifetime. These two worlds are so different that the majority cannot really comprehend what the world of the uber-rich is like. The uber-rich similarly can not really comprehend what the world of a typical middle class or poor American family is like. Medical bankruptcy, college debt, mortgage default, have no reality to the uber-rich, just as the majority of Americans cannot imagine flying to Paris for a dinner or London for a play.

Elon Musk Credit: Angela Weiss / AFP

The 500 richest people on the planet collectively added $852 billion to their fortunes in the first half of 2023 due in large part to a record-breaking rally in the U.S. stock market.

According to a Bloomberg analysis of its Billionaires Index, the world’s richest people added an average of $14 million per day to their wealth over the past six months, “the best half-year for billionaires since the back half of 2020, when the economy rebounded from a Covid-induced slump.”

Tesla CEO and Twitter owner Elon Musk saw the largest net worth boost of any global billionaire, adding nearly $97 billion in the first half of the year. Mark Zuckerberg, the chief executive of Meta, saw his wealth grow by close to $59 billion, the second-largest gain of any billionaire.

“They can afford to pay their fair share in taxes,” Americans for Tax Fairness said Wednesday in response to the Bloomberg analysis.

In the U.S., capital gains are only taxed when they’ve been realized, such as […]

Read the Full Article

1 Comment

  1. Rev. Dean on Saturday, July 8, 2023 at 7:13 am

    The rich just do not seem to want to share their wealth so that other people can become healthier!