The Billionaire’s Club
Forbes has announced the “Forbes 400 Richest Americans” which they call “The Billionaires’ Club”. Everyone listed in this years Forbes 400 is a billionaire. That’s $1,000,000,000.
Here’s a snippet from the Forbes article at Yahoo:
This year, for the first time, everyone on The Forbes 400 has at least $1 billion. The collective net worth of the nation’s wealthiest climbed $120 billion, to $1.25 trillion.
Once again the biggest gainer is casino mogul Sheldon Adelson, with a net worth up $9 billion. Adelson’s Las Vegas Sands stock is up 125 percent since its public offering in December 2004. He has made almost $1 million an hour since the 2004 Forbes 400 was published.
Another big gainer is Warren Buffett, who added $6 billion. That wealth, and the rest of what he has accumulated as a value investor, will be given away, mostly to the Bill & Melinda Gates Foundation.
A Billion Served?
A trader I know posted this on a forum: “That’s just wrong, $1 million an hour. Half the world is starving, living on less than $3 a day, and some unknown fool is making a million US dollars an hour.”
The trader quickly added: “Adelson, if you’re reading this, give me an hour!”
I do not think we should simply take away some of this money these billionaires’ have worked hard to earn. But I do think there should be an additional tax on the super rich, such as these Forbes 400 billionaires. Any percentage tax on billions of dollars would mean tens of millions available to feed the hungry half of the world. I would be happy with this “special tax”, but I am biased since I do not have a billion dollars.
- Forbes 400 Richest Americans: The Billionaires’ Club at Yahoo!
- Sheldon Adelson profile at Forbes. Mr. Adelson makes nearly $1 million dollars per hour from his casinos.