Bloomberg’s ranking of the world’s richest families has revealed how heirs at the top of the list are watching their fortunes grow by millions of dollars every hour.
Currently ranked the world’s richest family, The Walton family, behind US super-giant Walmart Inc., is accumulating $4 million more every hour.
Heirs of Walmart founder and entrepreneur Sam Walton are amassing wealth on an unprecedented scale, $70,000 every minute – while employees starting work as a cashier at their stores can expect to earn just $11 an hour.
Moving up the Bloomberg rich list, the family has seen their fortune grow from $191 billion in June when they topped the list, to around $230 billion now – ever increasing.
And they are not the only family amassing an inexhaustible fortune – the world’s 25 wealthiest families now own $1.4 trillion in wealth, up $250 billion, almost a quarter, from last year, reports Bloomberg.
According to Bloomberg’s evaluation America’s richest 0.1 per cent possess more wealth than they have since 1929.
Elsewhere in Asia and Europe the pattern continues with those topping the rich list also becoming more wealthy at incredible speed.
Other families which top the rich list include the Mars family, with a confectionery fortune of $127 billion – which has grown by $37 billion since last year.
The Kochs followed shortly behind with their $125 billion ranking. The family made their billions in a business founded in crude oil, which has become a large US political donor.
Billionaire heirs are themselves stepping up to suggest a solution to the mass inequality caused by capitalism, suggesting more taxes for those with extreme wealth.
Liesel Pritzker Simmons, 17th on the Bloomberg rich list told Bloomberg: ‘If we don’t do something like this, what are we doing, just hoarding this wealth in a country that’s falling apart at the seams?
‘That’s not the America we want to live in.’
The Saudi Arabian Royal family were a new addition to the rich list this year, worth around $100 billion, reports Bloomberg.
The Al Saudi family are thought to have accumulated wealth from payouts from the Royal Diwan, the King’s executive office, over the last 50 years.
They also have founded state supporting companies including oil company Saudi Aramco, the world’s most profitable business – which its chairman Crown Prince Mohammed bin Salman has plans to take public at a $2 trillion valuation.
Coming number nine on the list is India’s richest family, The Ambanis. Mukesh Ambani, a teetotal vegetarian, bought the iconic British toy store Hamleys for £67million in May this year.
He initially made his fortune in oil refining and petro-chemicals before branching out into everything from telecoms to cable networks and tech firms.
In recent years, he has massively expanded his retail portfolio and carved deals for his business to work with key fashion labels including Canali, Burberry, Armani, Bottega Veneta, Just Cavalli and Jimmy Choo.
However the list is not exhaustive, with many families such as the Rothchilds too difficult to assess, as their wealth is dispersed around the globe – meaning they are not placed on the list.
It’s all Matrix Mammon.
Not real.
STOCK BROKERS WILL GO THE WAY OF “ATTORNEYS”. “WALL STREET MUST BE GUTTED TO PROVIDE SHELTER FOR NYCS’ HOMELESS…………..YOU DONT HAVE THE WEALTH TO START A BUSINESS?
GET A PARTNER MORON!!