$1 Billion a Day!

According to a new Oxfam report the 10 richest Billionaires in America have gotten $365 Billion dollars richer in the past year.

It is always a combination of factors that creates wealth upon wealth. In a lot of these cases these billionaires and their companies create massive value for consumers. These are the founders and heirs of the Walmarts, Teslas, Amazons and Googles of the world.

Yet, this creates “an explanation point on the nations wealth inequality” according to a recent CNN article about the Oxfam report.

It is true that the asset values of what makes up the majority of their wealth has gone up but that is only one variable in the equation. Tax law is the other big variable for those with higher net worth’s. No wants to pay 40% taxes but you really don’t if that is based on a billion dollars. Tax laws and tax cuts help create a universe where this inequity can expand.

“By contrast, the typical American worker made just over $50,000 in 2023. Oxfam found that it would take a staggering 726,000 years for 10 US workers at median earnings to make that much money.” That is one of the most startling aspects to consider with this growing gap.

Much of this equation is why so much reconsideration must be made in how we financially plan and the approaches we take with regard to our own money as non-billionaires.

Take a look at the CNN article.

https://stocks.apple.com/A6zRkYkzvQRGooFPJwXaTvw

As always, if you come across a financially related article you’d like to send my way please do! 

Best place to send them is to me.

More next time!

Jonathan