218 new billionaires averaged $500M in gains last year – how are YOU doing?
That’s right, the new Forbes list is out where we celebrate the top .000014%!
Thanks to an unprecedented concentration of wealth, the World’s supply of Billionaires jumped 27% in 2009 and the 1,011 people in the club accumulated an AVERAGE of $500M more Dollars EACH! Isn’t that great? That’s $505Bn, or 65% of America’s TARP spending handed over to 1,011 people who are, according to Forbes (The Capitalist’s Tool), clearly better than us.
They sure are doing better than us as America’s 450 Billionaires added $225Bn to their bank accounts (and that’s AFTER taxes) and the saddest thing is that amount is INCLUDED in the $1.6Tn bounce of US Total Net Worth we had after losing 18% of it in 2008. A lot of positive economic statistics are skewed by our top 1%, but even the top 1% is blown away by the top 450 (0.00014%) who are sitting on $3.6Tn of our nation’s total household wealth – 8% or 27M times more than the average citizen. Wow, I guess they are better than you – better in fact than 307,000,000 of you!
As I mentioned in “The Dooh Nibor Economy (that’s “Robin Hood” backwards),” America has become a real wealth-building machine that funnels every last cent off the bottom of the pyramid and sends it straight to the top.
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Philip R. Davis (http://philstockworld.com/) is a founder of Phil’s Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing — which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks).