11/7/2022 0 Comments Forbes real time wealth tracker“Now that we hear the words ‘millionaire’ and ‘billionaire’ a lot, we have sort of lost any sense of how much that actually is,” said Rachel Sherman, professor of sociology at the New School and author of “Uneasy Street: The Anxieties of Affluence.” “Today’s billionaires are yesterday’s millionaires, but a billion is still exponentially more than a million.”Īmerica’s billionaires represent both first-generation technology and finance wealth and multigenerational billionaire families like the Waltons and Marses. As a group, they have added $2.1 trillion to their combined net worth over the same period, which now totals $5 trillion. By one attempt to measure - an analysis of Forbes data by Americans for Tax Fairness and the Institute for Policy Studies - there are now 745 billionaires in the United States, compared with 614 in March 2020, when the pandemic tightened its grip on the country (and just 66 in 1990). Part of that change is how many more people are reaching stratospheric levels of wealth. As long as people believe the rules are fair and anyone can get there,” said Chuck Collins, director of the program on inequality at the left-leaning Institute for Policy Studies, a nonprofit, and author of “The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions.” “What’s changed is the rules don’t look fair, and not everybody can get there.” Slim and his chief spokesman Arturo Elias Ayub were not immediately available for comment.“The United States has always had a very high tolerance for inequality. Slim, known for his Midas touch in turning around struggling businesses and turning them into profit-making machines, told Reuters in an interview this year he was not in the habit of calculating his fortune on a regular basis. economy, his fortune would have to grow to more than $13 trillion, 17 times his current wealth, according to Sentido Comun. Garcia's Sentido Comun, which translates as "common sense," reckons Slim and his family own a fortune equivalent to 8% of Mexico's gross domestic product.įor Gates to be worth 8% of the U.S. Shares of Telmex in the second quarter rose 11% and Slim's bank, Inbursa, saw its stock advance 20 percent. billionaires' wealth, says the 5.7% increase in Microsoft share prices in the second quarter is no match for the sharp rise in valuations of Slim's companies. Garcia, who uses Forbes' calculations for U.S. Spokespeople at Forbes magazine were not immediately available for comment. "When I put Slim ahead three months ago Forbes bumped him up to second place (in world rankings) a few days later," Garcia, also the publication's editor-in-chief, told Reuters. Now he says there is no doubt whose fortune is bigger at current share values. Three months ago, Sentido Comun's Garcia begged to differ with Forbes and calculated Slim's wealth as more than Gates' - but only by a whisker. Mexico has a huge rich-poor divide, with a tiny elite holding most of the country's wealth and around half the population living on less than $5 a day.įorbes bumped up Slim because gains from his holding company Carso and fixed-line telecom Telmex added to the Mexican's fortune while shares of Buffett's Berkshire Hathaway fell in the same period. 2 spot in the world's richest stakes but was still behind Gates. Forbes magazine reported in April that Slim had overtaken billionaire investor Warren Buffett for the No.
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