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Yeah its suspicious that there are not more well known individuals who got wealthy in this way. Actually my biggest conspiracy theory is that there are far mor

Yeah its suspicious that there are not more well known individuals who got wealthy in this way. Actually my biggest conspiracy theory is that there are far more very wealthy people in the world than is let on. Government statistics on wealth distribution are completely blind to all sorts of capital income and internationally hidden money.

yieldcrv 3y ago
yeah, doesn't take a conspiracy, the idea of any transparency of ownership in some assets is extremely recent, its not a complete idea as it doesn't cover much, and its even more recent that ways of circumventing those disclosures were less numerous. the basis for all “net worth” listicles come from extrapolating mandated disclosures, and are rarely the complete picture for anyone and trusts can own anything with no record of the trust’s existence, and no disclosure of who manages or is a beneficiary of the trust and even when that exists from one point in time, a trustee or beneficiary can be hotswapped in the blink of an eye they may have no tax footprint to cause reporting, and their mere existence isn’t enough for a subpoena to go through to service providers like banks, accountants, lawyers so yeah the government knows nothing, the service providers don't know the full picture, lawyers and trust companies may only have an incomplete picture and even the beneficiaries likely have no idea, all the while their net worth is miscalculated by every pocket watcher in existence additionally, people in most developed nations don’t have to go international for this or an equivalent concept. the “stigma” towards international/offshore ownership can also be viewed as the high tax nation being protectionist of its domestic less accountable industry and finally, liquidity liquidity liquidity. what America has scaled up is a market environment where the most kinds of things can be turned into cash and other assets faster than anywhere and anytime in the history of markets. and this concept isnt done yet. many of these secret high net worth holders cant sell their properties to cash if they wanted to, but can in the future.

yieldcrv 3y ago

yeah, doesn't take a conspiracy, the idea of any transparency of ownership in some assets is extremely recent, its not a complete idea as it doesn't cover much, and its even more recent that ways of circumventing those disclosures were less numerous. the basis for all “net worth” listicles come from extrapolating mandated disclosures, and are rarely the complete picture for anyone and trusts can own anything with no record of the trust’s existence, and no disclosure of who manages or is a beneficiary of the trust and even when that exists from one point in time, a trustee or beneficiary can be hotswapped in the blink of an eye they may have no tax footprint to cause reporting, and their mere existence isn’t enough for a subpoena to go through to service providers like banks, accountants, lawyers so yeah the government knows nothing, the service providers don't know the full picture, lawyers and trust companies may only have an incomplete picture and even the beneficiaries likely have no idea, all the while their net worth is miscalculated by every pocket watcher in existence additionally, people in most developed nations don’t have to go international for this or an equivalent concept. the “stigma” towards international/offshore ownership can also be viewed as the high tax nation being protectionist of its domestic less accountable industry and finally, liquidity liquidity liquidity. what America has scaled up is a market environment where the most kinds of things can be turned into cash and other assets faster than anywhere and anytime in the history of markets. and this concept isnt done yet. many of these secret high net worth holders cant sell their properties to cash if they wanted to, but can in the future.