US household wealth has fallen by at least $5 trillion so far this year amid an intense market selloff, according to a JPMorgan Chase note seen by Bloomberg. The losses could amount to $9 trillion by year-end, it estimated. According to the report, US billionaires are the biggest losers in …
Read More »World’s biggest sovereign wealth fund takes a hit
Norway announced on Thursday that the nation’s sovereign wealth fund, the world’s largest, lost $74 billion (- 4.9%) during the first quarter of the year due to the market turmoil caused by geopolitical tensions in Ukraine. According to the country’s central bank, which operates the $1.3 trillion fund, the world’s …
Read More »US billionaires own trillions in largely untaxed wealth – report
The 735 billionaires who call the US home have watched their wealth surge 62% over the last two years, reaching the shocking figure of $4.7 trillion, according to a report by Oxfam America released on Monday. While the billionaires’ wealth gains show no sign of slowing down, ordinary workers’ earnings …
Read More »Would giving €20,000 to every 18-year-old reduce the world’s soaring wealth inequality?
Should every 18-year-old be handed €20,000? That’s what an influential German think tank believes. It may sound somewhat utopian or even outlandish, but those who call for its implementation argue that such a policy would be for the benefit of society. The German Institute for Economic Research, for example, argues …
Read More »Musk explains why his wealth is no ‘deep mystery’
“I don’t have any offshore accounts, no tax shelters,” Musk told conservative satire website the Babylon Bee, adding that his wealth “isn’t some deep mystery.” When asked if H&R Block could do his taxes, he said: “H&R Block could easily do my taxes. I don’t need H&R Block, I could …
Read More »China overtakes US in global wealth race
China’s wealth skyrocketed over the past two decades, the consulting company said according to Bloomberg, explaining that its net worth increased by a whopping 17 times from $7 trillion in 2000 to $120 trillion in 2020. The nation accounted for about one third of the global net worth increase over …
Read More »China’s cash-strapped developer Evergrande starts repaying wealth product investors with property
Investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices, a unit of the company’s main Hengda Real Estate Group Co Ltd unit said in a WeChat post dated Saturday. The embattled corporation reportedly has an estimated 40 billion yuan ($6 …
Read More »Russia’s sovereign wealth fund cuts US dollar reserves to ZERO
The proportion of US dollars in the fund was reduced from 35% to zero, while the share of the British pound was lowered to 5%. The shares of the euro and the Chinese yuan were increased to 39.7% and to 30.4%, respectively. The share of the Japanese yen stands at …
Read More »Jeff Bezos’ wealth soars above $211 BILLION after Pentagon calls off Microsoft contract
Amazon shares jumped 4.7% on the announcement, prompting Bezos’ net worth to soar $8.4 billion on Tuesday alone. Bezos, who officially stepped down as Amazon’s CEO earlier this week but kept his 10.3% stake in the company, is now worth $211 billion – a record high since the Bloomberg index …
Read More »Money from home: Richest US families keep wealth to themselves instead of generating more, study reveals
Titled “Silver Spoon Oligarchs,” the new study showed how the top 0.01% richest Americans retained their wealth in spite of what are supposed to be high taxes levied on the ultra-wealthy. Spoiler alert: they aren’t producing useful goods, running factories, creating jobs, or any of that nonsense – they’re hoarding what they …
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