Perdido 03

Perdido 03

Sunday, July 6, 2014

The More Money These Philanthropists "Give Away," The Richer They Get

In case you missed this news:

NEW YORK: Microsoft founder Bill Gates is the wealthiest living US entrepreneur, with an estimated net worth of $80.2 billion, according to Wealth-X.

The list of 10 billionaires was dominated by "technopreneurs" as six of them made their fortunes from technology or technology-related businesses, including Gates, Larry Ellison of Oracle and Facebook co-founder Mark Zuckerberg.

The 10 entrepreneurs are collectively worth $407.4 billion, accounting for about 20 per cent of the total ultra-rich wealth in America, according to Wealth-X, the global wealth intelligence and prospecting firm headquartered in Singapore. The combined market capitalisation of these 10 individuals' primary companies is $1.7 trillion, which means they have created wealth that's four times what they themselves are worth.

Legendary investor Warren Buffett, who at 83 is also the oldest person on the list, was ranked second with an estimated wealth of $64.2 billion.

 Buffett was followed by Ellison of Oracle with a net worth of $48.2 billion and businessman and Bloomberg LP founder Michael Bloomberg with $33.7 billion.

Sheldon Adelson, Chairman and Chief Executive Officer of the Las Vegas Sands Corporation, was ranked fifth with a net worth of $32.8 billion, while Google's Larry Page was placed sixth with a net worth of $31.3 billion.

 Zuckerberg, 30, is the youngest person on the list and was placed seventh with a net worth of $30.9 billion, followed by Jeff Bezos, founder and CEO of (8th, $30.5 billion); Google's Sergey Brin (9th, $30.1 billion) and Carl Icahn (10th, $25.5 billion).

All the self-made entrepreneurs on the list are active in the world of philanthropy, and six of them have joined the Giving Pledge, a campaign initiated by Gates and Buffet to encourage the world's most affluent individuals to pledge at least half of their fortunes to charity, the Wealth-X report said.

How is it that so many of these "philanthropists" who have taken the "Giving Pledge" to "give away" at least half their fortunes before they die keep getting richer and richer even as they engage in their so-called "philanthropy"?

It seems the more money they give away, the more money they accumulate.

Odd, isn't it?


  1. Odd?

    Not at all, when you see how their so-called philanthropy is strategically targeted to advance their interests, tax-free.

    1. That's it in a nutshell.

      Philanthropy used as a trickle up economic program.

      Michael, I just started reading the Piketty book, "Capital in the 21 Century."

      Have you read it?

      I'd be interested to know your thoughts.

  2. Giving away money is now just another investment.

    1. You have to spend it to make it. If you're a billionaire, at any rate...