World’s witnessing a new Gilded Age as billionaires wealth swells to $6tn
Not since the time of the Carnegies, Rockefellers and Vanderbilts at the turn of the 20 th century was so much owned by so few
The world’s super-rich accommodate the greatest concentration of fortune since the US Gilded Age at the turn of the 20 th century, when kinfolks like the Carnegies, Rockefellers and Vanderbilts assured immense riches.
Billionaires increased their combined world-wide prosperity by almost a fifth last year to a record$ 6tn( PS4. 5tn)- more than twice the GDP of the UK. There was 1,542 dollar billionaires across the world, after 145 multi-millionaires identified their capital tick over into nine-zero fates last year, according to the UBS/ PwC Billionaires report.
Josef Stadler, the lead author of the report and UBS’s head of world ultra high net worth, said his billionaire buyers were concerned that growing inequality between rich and poverty-stricken could lead to a “strike back”.
” We’re at an inflection part ,” Stadler said.” Wealth concentration is as high as in 1905, this is something billionaires was very concerned about. The question is the influence of interest on stake- that prepares big bucks bigger and, the question is to what degree is that sustainable and at what point will society intervene and strike back ?”
Stadler supplemented:” We are now two years into the flower of the second Gilded Age .”
He said the “$ 1bn cross-examine” was how society would react to the absorption of so much better coin in the mitts of so few.
Anger at so-called robber barron families who built up enormous riches from monopolies in US rail, petroleum, sword and banking in the late 19 th century, an era 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 culture reacts to this gilded age ?,” Stadler expected.” Will the second senility death or will it continue ?”