Not since the time of the Carnegies, Rockefellers and Vanderbilts at the turn of the 20 th century was so much owned by so few
The world’s super-rich regard the greatest concentration of affluence since the US Gilded Age at the turn of the 20 th century, when houses like the Carnegies, Rockefellers and Vanderbilts restrained gigantic riches.
Billionaires increased their combined world rich by almost a fifth last year to a record$ 6tn( PS4. 5tn)- more than twice the GDP of the UK. There was 1,542 dollar billionaires in various regions of the world, after 145 multi-millionaires realized their money tick over into nine-zero fates last year, according to the UBS/ PwC Billionaires report.
Josef Stadler, the lead scribe of the report and UBS’s head of global ultra high net worth, said his billionaire patients were concerned that growing inequality between rich and poverty-stricken could lead to a “strike back”.
” We’re at an rhythm point ,” Stadler said.” Wealth concentration is as high as in 1905, this is something billionaires was very concerned about. The problem is the power of interest on affair- that starts big money bigger and, the question is to what expanse is that sustainable and at what site will society occur and strike back ?”
Stadler supplemented:” We are now two years into the meridian of the second Gilded Age .”
He said the “$ 1bn doubt” was how society would react to the absorption of so much fund in the sides of so few.
Anger at so-called robber barron families who built up immense fortunes from monopolies in US rail, lubricant, steel and bank in the late 19 th century, an age of rapid industrialisation and growing inequality in America that became known as the Gilded Age, led to President Roosevelt breaking up companies and trusts and increasing taxes on the wealthy in the early 1900 s.
” Will there be similarities in accordance with the rules society reacts to this gilded age ?,” Stadler requested.” Will the second senility purpose or will it start ?”
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