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Wealth Of UK's 1000 Richest People Increased 15% In Past Year; Equal To 3.5x GDP Of Greece
Confirming yet again that the global "recovery" benefits some (very few) more than others (the non-very few), is the latest news out of the UK where the Sunday Times reports that the 1000 richest Britons now hold a cumulative £519 billion in wealth: a number which increased by 15% in the past year as the real disposable incomes of the non-richest declined. Putting this number in context, the "most well-off Britons now own the equivalent of a third of the country's gross domestic product (GDP)." Another way of looking at it: the wealth of 1000 Britons is 3.5x greater than the GDP of Greece.
More from SkyNews on a phenomenon which Marxist scholars everywhere are scratching their heads over, when the wrinkled answer is staring them all in the face from the Marriner Eccles building.
As well as the familiar names of Sir Richard Branson, Roman Abramovich and Sir Philip Green, the 2014 list features a number of new entrants.
They include Riccardo Zacconi, chief executive of King Digital Entertainment, and three other staff at the company behind the hugely popular Candy Crush Saga game.
Former Tesco boss Sir Terry Leahy and the brothers who masterminded the Grand Theft Auto franchise, Dan and Sam Houser, also join the top 1,000.
Philip Beresford, who has compiled the Rich List since 1989, said: "I've never seen such a phenomenal rise in personal wealth as the growth in the fortunes of Britain's 1,000 richest people over the past year.
"The richest people in Britain have had an astonishing year.
"While some may criticise them, many of these people are at the heart of the economy and their success brings more jobs and more wealth for the country."
This year's Rich List features 114 women - down four from 2013 but up 36 on a decade ago.
They include Tamara Mellon, who co-founded the Jimmy Choo shoes brand, and Harry Potter author JK Rowling.
The majority of those on the list live in London, with 438 of the
richest 1,000 - collectively worth £331bn - calling the capital their
home.
Hardly a surprise, considering the UK housing bubble is now officially on par with that of China (more shortly), and "suddenly" even the BOE's Mark Carney is waking up to this particular reality.
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ok, now publish their names and addresses.
...Off w/ their Heads and donate their body parts to those in need.
y3maxx ...Off w/ their Heads and donate their body parts to those in need.
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Until it is your head, then it's okay, right? Right now, millions of Africans think you are the rich one.
"Until it is your head,"
Exactly. If you don't like it, don't buy their products and services. It is as easy as that. There is no need to give government the power to confiscate wealth. Otherwise, you will soon find that government will want to confiscate your puny wealth.
https://www.youtube.com/watch?v=sztf4hcGrB4&feature=youtu.be&t=1m23s
where this wealth increase comes from ?
is it predominantly assets inflation ?
or is it renting ?
Doesn't make a ton of sense to me either. You would think wealth that size would grow closer to world GDP (if they were invested in emerging markets) or even just the UK GDP possibly combined with the US GDP. Either way, it's not even close to 15%. Could you really put a sizeble stake (enough to move the needle) in high growth companies? Doubtful.
don't worry Ronald long ago said this shit trickles down.
Yeah Trick-less.. haha magic joke on us.
OldE_Ant don't worry Ronald long ago said this shit trickles down.
Yeah Trick-less.. haha magic joke on us.
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Not a big Reagan fan. But at least he cut taxes for most, thus the benefits were more widely felt.
Not this administration because any puny tax cuts are offset with new taxes and costs such as Obamacare.
Trickle down or trickle up. It doesn't matter. In the end it is all wealth redistribution otherwise known as theft and it is wrong.
The large number of petty kings will eventually consolidate into a much smaller number of great kings. It will happen though competition.
Spastica Rex The large number of petty kings will eventually consolidate into a much smaller number of great kings. It will happen though competition.
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Fine comment. Competition still exist. It has just been manipulated and distorted so that less people can see it. Competition even exists in pure communist or even fascist states. That's why they fail as does democracy. Failure is a part of competition. It weeds out the losers and mal investment. This weeding out has been delayed for far to long.But eventually, it occurs
there is competition and competition; of the healthy kind or of the destructive kind, like WW3 social darwinism.
You have to know what you wish for; and even then you may get the short end of the rope in the tug of war.
Isn't "healthy" merely a matter of perspective?
You know I agree with you, but from an "Objective" standpoint (so chersihed by those who frequent the Hedge), any success through competition should be lauded. I reckon the logical conclusion is that should humanity obliterate itself through short-sightedness, or greed, or whatever, the clockwork universe will simply be expressing the (long-term) uncompetitiveness of Man.
Perhaps Man can't go against nature - all the war, socialism, grift, buggery, godlessness, etc. are just aspects of the man-beast's nature.
>> "Objective" standpoint (so chersihed by those who frequent the Hedge),
Dude, subtle, dry, all done with a straigh face. Brilliant.
Are we still to believe, their wealth brings jobs and prosperity.
"Are we still to believe, their wealth brings jobs and prosperity."
Their wealth is not required to bring jobs and prosperity. Please tell me more about how you think people should use their wealth. If you give government the power to control the wealth of others, you also give government the power to control your wealth.
Disclaimer: I do recognize the difference between wealth earned and wealth stolen.
Epic retard alert!
http://www.youtube.com/watch?v=920eeHqhRbo
And this one is running for higher office....lord help us.
I am sorry but this too can be missleading.
When a person invents or writes something, a great Idea and others buy it and they prosper. This is not the same as the Elected Government Giving Tax Payer's money to Bankers to give out as bonuses for the NON-Productive work they do. People in positions of trust need to be accountable for their actions......Not Protected. Bring on the Rope.
Tyler, off topic. Would you comment on this article by Bloomberg and Ritholtz this morning. Advising auto pictures this weekend were 5 years old!
By Barry RitholtzThe Truth About Auto SalesThanks for that link. For folks like myself, who are always looking for a dark side, a good slap in the face in needed on occaision.
The predictive and even descriptive value of ZH articles is extremely questionable.
Sorry, fanboys.
The comment would be edifying, I'm sure.
The title of this article might as well be, "The Sun Came Up This Morning".
LET THE TRICKLE DOWN EFFECT BEGIN!!!!
Step 1: They hire a 17 year old call girl and fuck the bejezus out of her
Step 2: They give her a few grand
Step 3: She gives it to her pimp who gives her some crack
Step 4: Now the pimp and the dealer both already have some of that wealth and they spend it also...
trickle trickle...
Kapisch?
wealth concentration in economies creates depressions
depressions create extreme wealth transfer for many
orangegeek wealth concentration in economies creates depressions
depressions create extreme wealth transfer for many
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Except for there is always wealth concentration at all phases of the economy, even a total reset. There are always the rich and powerful at any time.
Theft on a worldwide scale. Pure and simple.
"They include Riccardo Zacconi, chief executive of King Digital Entertainment, and three other staff at the company behind the hugely popular Candy Crush Saga game."
"..and three other staff .." Now that's really something.
If you make the rules and you have no morals or ethics, then you can do a lot.
Apparently they have been busy.
If you make the rules and you have no morals or ethics, then you can do a lot.
Apparently they have been busy.
Soros and Paulson Are Buying and Holding Massive Gold Positions Monday, 19 May 2014 07:50 AM By Sean Hyman
http://www.moneynews.com/SeanHyman/gold-Paulson-invest-risk/2014/05/19/i...
Why am I not surprised by this?