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I hope this is educational for people, indeed the forbes rich list is inaccurate and there is no way to know how much anyone is worth, with just 5 minutes of pl

I hope this is educational for people, indeed the forbes rich list is inaccurate and there is no way to know how much anyone is worth, with just 5 minutes of planning it all goes opaque if you so desire Although there is the aspect of the immigrant being grateful for American opportunities, its far more likely that Fayez Sarofim didn’t expect to die and had these naked assets outside of the trusts and nonprofits. Since he also had trusts and nonprofits.

manquer 2y ago
inaccurate or incomplete ? The latter is to be expected. Forbes only covers certain type of wealthy people for logistical if not also political reasons. It does not cover powerful people who control enormous wealth but ownership maybe murky what is personal wealth and what is state owned, royal families or dictators like Putin or Kim Jong Un or their extended family will never make the list. Beyond those kind of people, the murky and opaque ways that money can hidden also means it is hard to track estates that did not come from publicly made fortunes (ex: from listed company etc) that can be somewhat easily tracked. Even when public like Bitcoin and crypto, Nakomoto 's estimated ~1.1M bitcoins is worth $70B today, nobody knows who he is. There haven't been any transfers from those addresses, however that doesn't mean a part of that enormous fortune is outside the bitcoin ecosystem as real money, the owner of the wallet could be using them as security for large loans like Elon (or other rich people typically do ) does with their stock without actually selling it to minimize tax.
- yieldcrv 2y ago
  ok but yes inaccurate was the accurate word choice I wasnt talking state actors and unlinked crypto fortunes Just wealth from opaque sources and opaque vehicles All limited partners in Venture/Hedge/PE funds are opaque for example
- chgs 2y ago
  On the other hand perhaps the keys to that 70B have been lost, in which case bitcoin has deflated even more than expected.
BobAliceInATree 2y ago
He was 93 when he died. I think he knew his time was coming soon.
- bluGill 2y ago
  I have no idea what his situation was. Some people do live to over 100 so it is entirely possible that he expected another 10 years and then died in is sleep (as happened to someone else I know who died at 63). If you get a terminal cancer diagnosis you might know you have 6 months or a year, but many people don't get that much of a clue (I know one person who was down to 2 weeks when unexpectedly his body fought off the cancer and he lived many years after)

manquer 2y ago

inaccurate or incomplete ? The latter is to be expected. Forbes only covers certain type of wealthy people for logistical if not also political reasons. It does not cover powerful people who control enormous wealth but ownership maybe murky what is personal wealth and what is state owned, royal families or dictators like Putin or Kim Jong Un or their extended family will never make the list. Beyond those kind of people, the murky and opaque ways that money can hidden also means it is hard to track estates that did not come from publicly made fortunes (ex: from listed company etc) that can be somewhat easily tracked. Even when public like Bitcoin and crypto, Nakomoto 's estimated ~1.1M bitcoins is worth $70B today, nobody knows who he is. There haven't been any transfers from those addresses, however that doesn't mean a part of that enormous fortune is outside the bitcoin ecosystem as real money, the owner of the wallet could be using them as security for large loans like Elon (or other rich people typically do ) does with their stock without actually selling it to minimize tax.

yieldcrv 2y ago
ok but yes inaccurate was the accurate word choice I wasnt talking state actors and unlinked crypto fortunes Just wealth from opaque sources and opaque vehicles All limited partners in Venture/Hedge/PE funds are opaque for example
chgs 2y ago
On the other hand perhaps the keys to that 70B have been lost, in which case bitcoin has deflated even more than expected.

BobAliceInATree 2y ago

He was 93 when he died. I think he knew his time was coming soon.

bluGill 2y ago
I have no idea what his situation was. Some people do live to over 100 so it is entirely possible that he expected another 10 years and then died in is sleep (as happened to someone else I know who died at 63). If you get a terminal cancer diagnosis you might know you have 6 months or a year, but many people don't get that much of a clue (I know one person who was down to 2 weeks when unexpectedly his body fought off the cancer and he lived many years after)