535
Next generation of billionaires collect more wealth from inheritance than from work, says UBS
(www.theguardian.com)
this post was submitted on 30 Nov 2023
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Billionaires don't "work". At least not in the sense that they get some amount of money that's in any way in relation to the value they create. They shuffle around money to do things for them and sometimes that makes them more money. Calling that "work" lessens the meaning of that word and gives them too much credit.
They make more money because they already have so much money. At those levels, the money makes itself.
It's like slavery with extra steps.
No they don't really do that either, they pay people to do it for them.
It's also impossible to work hard enough to "earn" a billion dollars. Billionaires are billionaires because they stole the wages and wealth from the workers who helped them succeed. None of them "earned" it because it's literally impossible to be such a good worker that you're worth a billion.
Yep.
Billions come from suppressing wages and benefits, making the employees pay more out of pocket for benefits, understaffing so fewer employees do more work both on and off the clock, and constantly reducing product quality to squeeze more profits from the system. Charge customers the most you can get away with.
This feeds the shareholders. The shareholders prop up the board (who also collect huge payouts along with the C-suite) who then throw money at the C-suite because the BoD are probably all CEOs somewhere else too. Everyone gives themselves raises.
You, too, can be a shareholder, but unless you have a few million invested your ROI will be insignificant…if you’re lucky, a lifetime of investment might get you a retirement.
It takes money to make money. LOTS of money.
Slight clarification: they pay people to shuffle money around to make them more money. It's all automated at this point to ensure they don't have to do anything.