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You seem to be assuming that the ultra rich keep their wealth as personal wealth. This is pretty far from what actually happens. In most cases they setup foun

You seem to be assuming that the ultra rich keep their wealth as personal wealth. This is pretty far from what actually happens. In most cases they setup foundations with large endowments instead of directly passing it to heirs (though the heirs are often board members and never have to work a day in their life). You mention the Rockefellers as an example. Guess what foundation has a $4.1 billion endowment, 105 years after its founding? Where is Bill Gates putting all his money? A foundation. See where I'm going with this? I'll take arguments against r > g seriously when they account for institutional wealth instead of just personal wealth.

barry-cotter 8y ago
If you don’t hold wealth as personal wealth you don’t hold it at all. It’s not yours. There are no Rockefellers on the board of the Rockefeller Foundation. https://www.bloomberg.com/research/stocks/private/board.asp?privcapId=210269 https://www.bloomberg.com/research/stocks/private/board.asp?... One of the directors of the Ford Foundation is a Ford. https://www.tfff.org/who-we-are/board-directors https://www.tfff.org/who-we-are/board-directors None of the directors of the Carnegie Corporation are Carnegies. https://www.carnegie.org/about/trustees-and-staff/ https://www.carnegie.org/about/trustees-and-staff/ Two of the directors of the Hearst Foundation are Hearsts, of thirteen. If these foundations are attempts to keep wealth in the family they’re utter failures. At the peak of his personal wealth Rockefeller was worth over 1% of US GDP. $4 billion is nothing compared to that.
hash872 8y ago
> Where is Bill Gates putting all his money? He has.... pledged to give 99% away to charity by the end of his & Melinda's life? I don't think 'foundation' in this case means what you think it means. It's not a secret tax dodge to pass it on to their children indirectly, their heirs will get very little

barry-cotter 8y ago

If you don’t hold wealth as personal wealth you don’t hold it at all. It’s not yours. There are no Rockefellers on the board of the Rockefeller Foundation. https://www.bloomberg.com/research/stocks/private/board.asp?privcapId=210269 https://www.bloomberg.com/research/stocks/private/board.asp?... One of the directors of the Ford Foundation is a Ford. https://www.tfff.org/who-we-are/board-directors https://www.tfff.org/who-we-are/board-directors None of the directors of the Carnegie Corporation are Carnegies. https://www.carnegie.org/about/trustees-and-staff/ https://www.carnegie.org/about/trustees-and-staff/ Two of the directors of the Hearst Foundation are Hearsts, of thirteen. If these foundations are attempts to keep wealth in the family they’re utter failures. At the peak of his personal wealth Rockefeller was worth over 1% of US GDP. $4 billion is nothing compared to that.

hash872 8y ago

> Where is Bill Gates putting all his money? He has.... pledged to give 99% away to charity by the end of his & Melinda's life? I don't think 'foundation' in this case means what you think it means. It's not a secret tax dodge to pass it on to their children indirectly, their heirs will get very little