Members phkrause Posted October 31, 2024 Author Members Posted October 31, 2024 Billionaires flex historic power Illustration: Brendan Lynch/Axios Billionaire DNA is coursing through the U.S. election system like never before, Axios' Zachary Basu writes. Why it matters: In an election that both sides see as existential, the guardrails for political spending are vanishing. Today's billionaires are shredding populist taboos, driving news cycles and increasingly shaping the terms of American democracy. ?️ The big picture: 150 billionaire families have spent a total of $1.9 billion in support of presidential and congressional candidates this cycle, according to a report by Americans for Tax Fairness released one week before the election. That's $700 million (58%) more than the $1.2 billion spent by more than 600 individual billionaires during the 2020 election, according to the group's analysis. A Financial Times analysis published this week found that billionaires had contributed at least $695 million, or 18%, of the total funds raised by the presidential candidates and allied groups. At least $568 million of that has gone to former President Trump's campaign and allied groups, compared to about $127 million to support Vice President Harris. ? Between the lines: Those figures likely underestimate the true totals, given the extent to which some mega-donors choose to conceal their identity when funding political causes. Bill Gates privately revealed recently that he had donated $50 million to the main super PAC supporting Harris, after decades of strategically steering clear of politics, the N.Y. Times reports. Michael Bloomberg, the billionaire former mayor of New York City, also quietly donated $50 million to the dark money arm of the same super PAC, Future Forward, according to The Times. ? Zoom in: Of the more than 800 billionaires in the U.S., none has invested as much time, money and personal credibility into electing one candidate as the world's richest man, Elon Musk. Musk, who obsessively promotes Trump on his X platform, has poured over $118 million into a super PAC that has effectively taken over Trump's ground game in key swing states. That includes Pennsylvania, where Musk has drawn legal scrutiny with his $1 million daily giveaways to registered voters in the prize battleground state. Musk has massive interests with the federal government — both through contracts and regulatory probes of his companies — and is eyeing a role as head of Trump's proposed "government efficiency commission." ? Zoom out: The entrenched influence of billionaires in the U.S. election goes beyond just cash donations. Trump himself is, of course, a billionaire — one whose new business ventures over the last four years will create a tangled web of conflicts if he's re-elected president. His running mate, Sen. JD Vance (R-Ohio), is a protégé of right-wing billionaire Peter Thiel, who bankrolled Vance's 2022 Senate run and lobbied Trump to put him on the Republican ticket. The billionaire owners of the Washington Post (Jeff Bezos) and L.A. Times (Patrick Soon-Shiong) ignited controversy by blocking their newspapers from endorsing Harris. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted November 8, 2024 Author Members Posted November 8, 2024 Rich get richer Donald Trump won the presidential election, but he wasn't the only one who had a good day. The wealth of the world’s 10 richest people also soared by a record amount as Elon Musk, Jeff Bezos, Bill Gates and others benefited from the outcome. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted December 4, 2024 Author Members Posted December 4, 2024 What billionaires and their advisers say keeps them from giving more and faster Marie Dageville and her husband Benoit Dageville became billionaires overnight when his data cloud company, Snowflake, went public in September 2020. After that life changing moment, Marie, a former hospice nurse, then set out to learn how to urgently give away that new fortune. https://apnews.com/article/billionaires-giving-pledge-marie-benoit-dageville-b5dca08e17e55b65226db20ce94a1b4c? Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted December 8, 2024 Author Members Posted December 8, 2024 Bezos vs. Musk Illustration: Maura Losch/Axios The world's two richest men and biggest space entrepreneurs both believe humanity's survival depends on life beyond Earth — for very different reasons, Axios' Dave Lawler and Alison Snyder report. Blue Origin founder Jeff Bezos explained this week that his vision is to move all polluting industries into space to preserve Earth. His rival Elon Musk envisions inhabiting space as a way for humanity to live on beyond Earth, if a cataclysm strikes our planet. Why it matters: Both are pouring tens of billions of dollars into space travel with those endgames in mind. ? Bezos' vision is for Blue Origin to lay the groundwork such that "the next generation, or the generation after that, will be able to move polluting industry off Earth, and then this planet will be maintained as it should be," he said Wednesday at the N.Y. Times' DealBook conference. In Bezos' view, human civilization needs to continually use more and more energy in order to advance. But Earth's resources are finite and must support many life forms beyond humans. That means tapping natural resources beyond Earth. "There is no plan B. We have to save Earth," Bezos said. ? Musk's SpaceX is actively drawing up plans for what life could look like on Mars, including specialized spacesuits and domed habitats, the N.Y. Times reports. Musk has repeatedly argued that a mass extinction event on Earth, such as an asteroid strike, is inevitable. "Either become a spacefaring civilization or die," he tweeted in September. "Those [are] the two choices." The bottom line: Both billionaires could make an astronomical amount of money from their space ventures even if their dreams don't come to fruition. SpaceX is considering selling shares at a $350 billion valuation, Bloomberg reported this week. That's because its Starlink satellite system and Starship mega-rocket — developed to fund and power Musk's Mars ventures — are already so valuable to governments and militaries here on Earth. Blue Origin is growing more slowly, but Bezos argued Wednesday that it will ultimately be more profitable than Amazon. ps:I don't think so guys!! Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted December 12, 2024 Author Members Posted December 12, 2024 How a Decades-Old Loophole Lets Billionaires Avoid Medicare Taxes For most working Americans, paying their share of the taxes that fund Medicare is an unavoidable fact of life. It’s so automatic for many workers that they may not even realize it takes a bite out of every paycheck. In theory, everyone is required to contribute to the country’s health insurance program for seniors, no matter how poor or rich, from cashiers to CEOs. https://www.propublica.org/article/medicare-tax-loophole-steve-cohen? ps:The burden for those on the lower bracket will just get greater these next 4 years!! Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted December 12, 2024 Author Members Posted December 12, 2024 The Secret IRS Files ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing. https://www.propublica.org/series/the-secret-irs-files? Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted January 21, 2025 Author Members Posted January 21, 2025 Billionaires’ wealth soared in 2024, anti-poverty group says as the elites prepare for another Davos DAVOS, Switzerland (AP) — Billionaires’ wealth grew three times faster in 2024 than the year before, a top anti-poverty group reported on Monday as some of the world’s political and financial elite prepared for an annual gathering in Davos, Switzerland. https://apnews.com/article/davos-2025-trump-wef-elon-musk-billionaires-ee121c56f6828021cb864de927383c7b? Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted April 3, 2025 Author Members Posted April 3, 2025 ? The first $300 billion man Photo illustration: Neil Jamieson for Forbes The world has a record 3,028 billionaires, worth a cumulative $16 trillion, according to Forbes' World Billionaires List, unveiled today. Elon Musk is the richest person on Earth, and the first whose net worth has topped $300 billion. Mark Zuckerberg ($216 billion), Jeff Bezos ($215 billion), Larry Ellison ($192 billion) and Bernard Arnault ($178 billion) round out the top five. See the list ... Read the press release. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted April 3, 2025 Author Members Posted April 3, 2025 CHART OF THE DAY America’s wealthiest 1 percent can afford to buy 99 percent of homes in the U.S. (Source: Redfin) Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted May 16, 2025 Author Members Posted May 16, 2025 NEWS DIVE Fans line up outside Angel Stadium for an opening day Major League Baseball game. (AP Photo/Mark J. Terrill) Priced out of America’s favorite pastimes. Corporate profiteering and taxpayer-funded industry handouts are driving a wedge between Americans and their sports teams. Thanks to wealthy team owners and Big Business-bought local governments, what was once a fun and accessible activity has quickly become an expensive and sprawling luxury entertainment enterprise, driving countless working-class families out of a quintessential American experience. Between 1999 and 2020, sporting event ticket prices grew twice as fast as other consumer costs. Even if you manage to get yourself in the stadium doors, good luck trying to budget inside: Concessions are an exploding $20 billion industry. Between the cost of entry and food, the average family of four now pays $240 to attend a Major League Baseball game. We can’t have nice things. It’s not just sports games: “Funflation,” the post-pandemic rise in demand for in-person entertainment experiences, including concerts, has given both owners and Live Nation-Ticketmaster (an alleged monopoly that controls over 80 percent of the country’s large venue ticket sales) cover to hike prices and squeeze every last penny out of their fans. This includes dynamic and surge pricing. Sports teams will use any justification to raise prices: When teams win, ticket prices go up, and when they lose, ticket prices also go up. Meanwhile, studies show Americans are willing to go above and beyond to attend their favorite entertainment events — even going into debt. Even when we pay for them. As reported by the consumer advocacy group Groundwork Collaborative, sports profiteering is made possible thanks to taxpayers’ contributions. Virtually all major arenas and stadiums are subsidized by state or local governments, mostly through tax-exempt development bonds and property tax exemptions. Between 2020 and 2023, Americans covered a whopping 40 percent of construction costs — $750 million — to build five new professional sports stadiums, creating a hugely profitable real-estate side hustle for team owners. Developers and local lawmakers argue that stadium development is good for local economies, but research consistently finds that stadium subsidies have little impact on job growth or tourism revenue. Because billionaires. Professional sports team owners are among the country’s richest and most powerful people. The wealthiest 20 percent of owners are worth a combined $557 billion, up 16 percent just from 2024, thanks in part to a tax loophole that allows owners to write off their teams’ hundreds of millions of dollars in value. However, at Trump’s urging, Republicans’ proposed budget bill would slash this billionaires’ write-off in half. Catch the next game? Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted July 15, 2025 Author Members Posted July 15, 2025 MAP OF THE DAY “The mega rich are not fleeing high-tax states.” (Source: Data Pulse) Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted July 30, 2025 Author Members Posted July 30, 2025 Millionaires multiply across the US, but most find it’s not all mansions and champagne The number of millionaires in the United States is soaring. A report from Swiss bank UBS finds about 1 in 10 American adults now has a net worth of at least $1 million, with 1,000 new millionaires added every day last year. Read More. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted December 7, 2025 Author Members Posted December 7, 2025 ? "Billion-heir" boom Data: UBS/PwC Billionaires database. Chart: Axios Visuals 91 people worldwide became billionaires through inheritance this year, coming into a record $298 billion in wealth combined, Axios' Emily Peck writes from a new UBS report. ? We're in the middle of what's expected to be the world's largest-ever wealth transfer, as baby boomers die and leave behind their money, houses and other assets. ?♀️ About 30% of the year's new "billion-heirs" were women — though men still make up the overwhelming majority of the ultra-wealthy. ? The overall number of billionaires hit a new high of 2,919 this year, UBS says, with collective wealth of $15.8 trillion. Go deeper. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted January 16 Author Members Posted January 16 ? Stat du jour: America's largest landowner Los Angeles Rams owner Stan Kroenke before a preseason game in August. Photo: Kyusung Gong/AP Stan Kroenke — the billionaire owner of the L.A. Rams and Denver Nuggets — became the largest private landowner in America last month, according to The Land Report. His purchase of 937,000 acres of ranchland in New Mexico brings Kroenke's total holdings to 2.7 million acres across the West. Go deeper (N.Y. Times gift link) ... Top 100 landowners. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted February 24 Author Members Posted February 24 💰 Stat du jour: Women billionaires Illustration: Eniola Odetunde/Axios 154 women billionaires now live in the U.S. That's 14% of the total of 1,135 — 981 men are billionaires, The Wall Street Journal reports (gift link). "These women have roughly the same size median net worth as the men do, at just over $2 billion," the Journal reports, citing data from Altrata, a global wealth intelligence company. 🤑 On the list: Heirs including Walmart's Alice Walton, corporate leaders including Fidelity CEO Abigail Johnson, major philanthropists MacKenzie Scott and Melinda French Gates, and pop-culture powerhouses Taylor Swift, Kim Kardashian and Rihanna. Between the lines: About 60% of U.S. women billionaires were at least partly self-made as of 2024, up from about 40% five years earlier. 💄 Case in point: Barbados-born Rihanna's $1 billion fortune isn't even reliant on her music career. It comes from companies she founded — Fenty Beauty and lingerie brand Savage X Fenty. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted March 3 Author Members Posted March 3 The Shadow Campaign Behind The Iran Strike As U.S. forces attack Iran, a dark-money network of anti-Muslim billionaires, fossil fuel empires, and arms dealers is suddenly far closer to its goal. Editor’s note: As the United States attacks Iran, we are republishing our June 26, 2025, story on the dark money operatives pushing for regime change in the country. As President Donald Trump draws the country into hostilities with Iran, shadowy conservative groups working to gut consumer protections, slash climate policy, roll back abortion rights, and push America to the far right have also been pouring millions into influential think tanks advocating for regime change in the country. While overthrowing Iran’s government could risk prolonged instability and bloodshed in the region, the efforts could please the neoconservative billionaires and benefit the fossil fuel interests funneling dark money to the think tanks. Donors Trust, a dark money group with deep ties to Supreme Court mastermind Leonard Leo, has donated more than $2.7 million to the far-right, anti-Muslim Center for Security Policy from 2020 to 2023. A significant portion of Leo’s dark money came from a record-breaking $1.6 billion donation from Barre Seid, a conservative, pro-Israel billionaire who reportedly helped fund the anti-Iran film Obsession: Radical Islam’s War With the West. During that same timeframe, the anti-Iran think tank Foundation for the Defense of Democracies received more than $1.6 million from the Sarah Scaife Foundation, one of the country’s most powerful conservative groups. The Sarah Scaife Foundation, a major donor to the authors of Project 2025 blueprint for remaking the government, is financed by the Mellon oil and banking fortune. A more internationally engaged Iranian government free of U.S. sanctions could lead to increased development of the country’s vast oil reserves, but experts say an attempted regime change could lead to extensive violence and upheaval in the region. Hold the powerful accountable with a donation. Give a one-time donation in any amount to fund The Lever‘s mission to hold the powerful accountable through reader-supported investigative journalism. Every cent helps. That hasn’t stopped these dark money-funded think tanks from rattling their sabers. The Foundation for the Defense of Democracies — which employs former Trump and George W. Bush Iran hawks and worked with Trump’s 2018 State Department on an “Iran disinformation” project — has advocated for the Iranian populace to “seize this moment” and overthrow the current government. And the Center for Security Policy — backed by weapons manufacturers including the maker of the “bunker buster” bombs Trump dropped on Iran’s nuclear facilities and founded by a Ronald Reagan staffer who pushed for a McCarthy-style investigation into supposed jihadi infiltration of the U.S. government — is also cheering on the hostilities. In recent news broadcasts and essays, think tank staffers have alleged that Iran has coordinated with Mexican cartels to “conduct attacks on U.S. soil” and has ballistic missiles that “can reach America.” “Fortunately,” wrote one of the staffers, “we can trust President Trump to take the correct course of action at the appropriate time to protect America.” Here are some other podcasts: https://www.levernews.com/tag/podcast/ Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Editor’s note: As the United States attacks Iran, we are republishing our June 26, 2025, story on the dark money operatives pushing for regime change in the country. As President Donald Trump draws the country into hostilities with Iran, shadowy conservative groups working to gut consumer protections, slash climate policy, roll back abortion rights, and push America to the far right have also been pouring millions into influential think tanks advocating for regime change in the country. While overthrowing Iran’s government could risk prolonged instability and bloodshed in the region, the efforts could please the neoconservative billionaires and benefit the fossil fuel interests funneling dark money to the think tanks. Donors Trust, a dark money group with deep ties to Supreme Court mastermind Leonard Leo, has donated more than $2.7 million to the far-right, anti-Muslim Center for Security Policy from 2020 to 2023. A significant portion of Leo’s dark money came from a record-breaking $1.6 billion donation from Barre Seid, a conservative, pro-Israel billionaire who reportedly helped fund the anti-Iran film Obsession: Radical Islam’s War With the West. During that same timeframe, the anti-Iran think tank Foundation for the Defense of Democracies received more than $1.6 million from the Sarah Scaife Foundation, one of the country’s most powerful conservative groups. The Sarah Scaife Foundation, a major donor to the authors of Project 2025 blueprint for remaking the government, is financed by the Mellon oil and banking fortune. A more internationally engaged Iranian government free of U.S. sanctions could lead to increased development of the country’s vast oil reserves, but experts say an attempted regime change could lead to extensive violence and upheaval in the region. Hold the powerful accountable with a donation. Give a one-time donation in any amount to fund The Lever‘s mission to hold the powerful accountable through reader-supported investigative journalism. Every cent helps. That hasn’t stopped these dark money-funded think tanks from rattling their sabers. The Foundation for the Defense of Democracies — which employs former Trump and George W. Bush Iran hawks and worked with Trump’s 2018 State Department on an “Iran disinformation” project — has advocated for the Iranian populace to “seize this moment” and overthrow the current government. And the Center for Security Policy — backed by weapons manufacturers including the maker of the “bunker buster” bombs Trump dropped on Iran’s nuclear facilities and founded by a Ronald Reagan staffer who pushed for a McCarthy-style investigation into supposed jihadi infiltration of the U.S. government — is also cheering on the hostilities. In recent news broadcasts and essays, think tank staffers have alleged that Iran has coordinated with Mexican cartels to “conduct attacks on U.S. soil” and has ballistic missiles that “can reach America.” “Fortunately,” wrote one of the staffers, “we can trust President Trump to take the correct course of action at the appropriate time to protect America.” Here are some other podcasts: https://www.levernews.com/tag/podcast/
bonnie1962 Posted March 3 Posted March 3 phkrause,interesting if true. I have no way of knowing if it is or not but it brings a couple of issues to mind. Perhaps someone would like to explain how in depth information is obtained concerning the wicked wealthy conservatives and how the massive fraud in MN was overlooked or ignored by the ever diligent democrats . Shoved under their nose they could not grasp what was going on. Whistle blowers had meeting after meeting and the democrats in charge did not see a thing wrong as at least 9 billion went who knows where. Some has been traced to terror groups. Now here they do seem to know the players,large amounts of money and a threat to the US Quote
Members phkrause Posted April 23 Author Members Posted April 23 💸 Charted: 5 richest (with a twist) Data: Forbes. Chart: Axios Visuals Reranking the world's billionaires ... by altruism. Forbes calculated how much the biggest billionaire givers would be worth if you added donations back into their net worths. Elon Musk — the world's richest person by nearly $600 billion — still holds the top spot, "but he loses serious ground to his more charitable contemporaries." Musk has disbursed just 0.06% of his fortune to those in need. In the rerank, Bill Gates would be the second-wealthiest person in the world instead of the 19th. In third: Warren Buffett, who has "donated more than 278,000 Class A shares of his conglomerate Berkshire Hathaway — worth some $200 billion if he still held them." The intrigue: "MacKenzie Scott, who climbs 58 rungs when adding back her immense charitable giving, to No. 26. Meanwhile, her ex-husband Jeff Bezos, who has given far less to charity, drops out of the planet's top five in our rerank." Go deeper. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted April 29 Author Members Posted April 29 💰 Billionaire tax on track for California ballot Supporters hold signs advocating for a billionaire tax in California yesterday. Photo: Caroline Brehman/Bloomberg via Getty Images A controversial proposal in California to temporarily increase taxes on billionaires has enough signatures to qualify for the November ballot, a labor union backing the measure says. The proposal would impose a one-time, 5% tax on the net worth of individuals worth more than $1 billion living in the state as of Jan. 1, 2026. Real estate, pensions and retirement accounts are excluded. The goal is to generate $100 billion in revenue, which would largely be used to offset federal funding cuts to healthcare for low-income people. Mainstream Democrats, including Gov. Gavin Newsom, oppose the tax because they fear it will drive away the wealthy and hurt the state's economy. Go deeper. Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted Monday at 12:38 AM Author Members Posted Monday at 12:38 AM Billionaires brace for pitchforks Illustration: Aïda Amer/Axios. Stock: Getty Images America's billionaires are developing their own prescriptions for AI-fueled inequality, anxious to defuse a populist revolt aimed at their ballooning fortunes, Axios' Zachary Basu writes. Why it matters: The AI boom has dramatically raised the stakes of the wealth-tax debate, unleashing a technology that could wipe out millions of jobs while minting the world's first trillionaires. Populist politicians, particularly on the left, have cast this as capitalism's next great reckoning: an even deeper concentration of wealth and power in an economy already rigged for the elite. 🔬 Zoom in: Some of the richest men in tech have warned for years AI could destabilize the economy. Many suggest the answer is not deceleration or wealth taxes, but shared abundance. Jeff Bezos, the world's fourth-richest man, said on CNBC last week that the bottom 50% of earners should pay zero federal income tax. Sam Altman, the CEO of OpenAI and a longtime proponent of universal basic income, now favors "universal basic compute" — giving people access to AI's productive power instead of a fixed cash payment. OpenAI went further in April with a New Deal-style social contract. Elon Musk, whose SpaceX IPO could help make him the world's first trillionaire, has called for "universal HIGH INCOME" checks from the federal government — arguing robots will drive so much growth that inflation won't follow. Between the lines: The billionaires and AI leaders floating these ideas are keenly aware that the politics of extreme wealth could turn dangerous fast. In a January essay, Anthropic CEO Dario Amodei made what he called "a pragmatic argument" for billionaires to support higher taxes on AI wealth. "If they don't support a good version," Amodei wrote, "they'll inevitably get a bad version designed by a mob." OpenAI named the same risk in its April policy blueprint, warning that AI could leave "power and wealth becoming more concentrated instead of more widely shared." 🎨 The big picture: Anti-billionaire politics has become an organizing principle for the Democratic Party, which remains in search of a durable post-Trump identity. In Congress, Sen. Elizabeth Warren (D-Mass.) called Wednesday for overhauling the tax code, including new taxes on wealth and data centers, to ensure Americans share in the economic gains of AI. New York state lawmakers this week passed Mayor Zohran Mamdani's pied-à-terre tax on luxury second homes above $5 million. The bottom line: The billionaire tax fight is becoming a test of whether AI creates shared prosperity — or a level of wealth concentration that Amodei warns could "break society." Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
Members phkrause Posted 20 hours ago Author Members Posted 20 hours ago 💰 Super rich vs. regular rich Data: Capgemini World Wealth Report. Chart: Emily Peck/Axios The booming stock market is making lots of people richer, especially those who are already spectacularly rich. Globally, ultra-high-net-worth individuals — those with $30 million or more in investable assets — saw their wealth increase nearly 10%, Axios' Emily Peck writes from a new report by consulting firm Capgemini. So-called "millionaires next door," with $1 million to $5 million, saw growth of less than 8%. 👀 Between the lines: The AI boom was the main driver overall for rich people's wealth last year, says Luca Russignan, global head of Capgemini Research Institute for Financial Services. The general public may soon get access to those same assets, particularly through mega-IPOs later this year, but likely won't see the same returns as early-stage investors. Download the report ... Quote phkrause When the righteous are in authority, the people rejoice; But when a wicked man rules, the people groan. Proverbs 29;2
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