Despite The Poor Economy, The Super-Rich Got Even Richer

[Voyager]

NEW YORK (CNNMoney.com) -- The super-rich got even wealthier this year, despite the stumbling economy.

Forbes magazine released its annual list of the 400 richest Americans on Wednesday, and their combined net worth climbed 8% this year, to $1.37 trillion. Wealth rose for 217 members of the list, while 85 saw a decline.

Bill Gates is yet again the richest man in America. The founder of Microsoft (MSFT, Fortune 500), the world's largest software maker, is first on the Forbes list with an estimated fortune of $54 billion, up from $50 billion in 2009. He's followed by billionaire investor Warren Buffett, who is worth $45 billion.

Larry Ellison, chief executive of Oracle (ORCL, Fortune 500), stood at No. 3 with $20 billion.

Christy Walton took the No. 4 spot, while members of her family -- whose fortune comes from Wal-Mart (WMT, Fortune 500) -- took spots 7 through 9.

Charles and David Koch, of private energy conglomerate Koch Industries, tied for No. 5 at $21.5 billion each. Both men saw their wealth skyrocket by $5.5 billion from 2009.

Michael Bloomberg, the mayor of New York City, rounded out the list at No. 10 with $18 billion.

Facebook founder Mark Zuckerberg, who clocked in at No. 35 on the list, saw his wealth rise 245% over the year -- the largest percentage increase on the list.

Forbes said 16 new members joined the list this year, including Facebook's Dustin Moskovitz and Eduardo Saverin. At 26 -- 8 days younger than Zuckerberg -- Saverin is the new youngest on the list.

By contrast, 34 people fell off the list this year. One notable drop-off is Raj Rajaratnam, founder of the Galleon Group hedge fund, who is facing 185 years in prison,

Despite the recession, finance and investment industries continued to dominate the list; 55 members are from the finance industry, while 54 are from the investments sector.

What about you - did you get richer or poorer?

[G.I.Jim]

I don't have any problem with the rich getting richer! That's the great thing about this country... If you have more ambition than the guy next to you, or you invent something better than what's out there... you can achieve success. People that believe wealth is "evil", and "unfair" to those that don't have it, make me sick.

You want wealth in this country? Go out and fucking EARN it! It's NOT an entitlement!!! Bill Gates, Donald Trump... More power to you, you smart, business savvy mother fuckers!

[RocknRoll]

...and look at the Bill Gates/Warren Buffett charity challenge. Big money has always donated big time to charities. Obviously some for name recognition and for tax benefits, but these guys are actually looking at donating $600 Billion to charity. I'll tell you what I'd rather have these guys control charitable donations rather than government hand-outs.

[pinkfloyd1973]

I don't have any problem with the rich getting richer! That's the great thing about this country... If you have more ambition than the guy next to you, or you invent something better than what's out there... you can achieve success. People that believe wealth is "evil", and "unfair" to those that don't have it, make me sick.

You want wealth in this country? Go out and fucking EARN it! It's NOT an entitlement!!! Bill Gates, Donald Trump... More power to you, you smart, business savvy mother fuckers!

And the Walton family? They get rich off the working poor and their daddy's coat tail

[conversationpc]

The rich got richer because they do what builds wealth. And most of them don't get it by inheriting it or screwing other people. They work hard for it.

As for my family, we are doing much better mostly because we paid off credit card debts but our salaries have also increased. We could be doing much better if we'd quit spending as much but we get by fairly well.

And the Walton family? They get rich off the working poor and their daddy's coat tail

Bullcrap.

[pinkfloyd1973]

The rich got richer because they do what builds wealth. And most of them don't get it by inheriting it or screwing other people. They work hard for it.

As for my family, we are doing much better mostly because we paid off credit card debts but our salaries have also increased. We could be doing much better if we'd quit spending as much but we get by fairly well.

And the Walton family? They get rich off the working poor and their daddy's coat tail

Bullcrap.

I should know, I work for the evil empire known as Walmart

[conversationpc]

The rich got richer because they do what builds wealth. And most of them don't get it by inheriting it or screwing other people. They work hard for it.

As for my family, we are doing much better mostly because we paid off credit card debts but our salaries have also increased. We could be doing much better if we'd quit spending as much but we get by fairly well.

And the Walton family? They get rich off the working poor and their daddy's coat tail

Bullcrap.

I should know, I work for the evil empire known as Walmart

My wife worked for them for several years also. Didn't have a problem with them and neither does my Mother-in-Law, who still works for them.

[pinkfloyd1973]

I should know, I work for the evil empire known as Walmart

I'd recommend quiting that job on principle if you really have a problem with them. Someone else would appreciate the chance at a decent job.

It's not that I have a problem with it (I have a job and I am glad for that), it's just the way they treat their employees. I just suck it up and go

[pinkfloyd1973]

I should know, I work for the evil empire known as Walmart

My wife worked for them for several years also. Didn't have a problem with them and neither does my Mother-in-Law, who still works for them.

Good for them, I would love for the day I can save up some money and go back to school so I can get an actual career

[The_Noble_Cause]

And most of them don't get it by inheriting it or screwing other people.

Funny, so far all of the examples mentioned in this thread (Gates, Trump, Waltons) did exactly that. Gates especially.

[hoagiepete]

Problem is while everyone consider these folks "rich", Obama considers anyone making over $250,000 "rich". Someone earning $250,000 as a couple are doing ok, but I wouldn't consider them "rich", especially if they have kids.

I can assure most of the "Obama Rich" assets are lower, having lost money when the stock market tanked and are taking salary cuts or freezes to keep their jobs...but they are still "rich" so it doesn't matter I guess.

[conversationpc]

And most of them don't get it by inheriting it or screwing other people.

Funny, so far all of the examples mentioned in this thread (Gates, Trump, Waltons) did exactly that. Gates especially.

Oooh, three examples...Wow, amazing brainpower there.

[The_Noble_Cause]

Oooh, three examples...Wow, amazing brainpower there.

They're not my examples. And I'm not the one arguing that the super-rich got where they are today by brow-sweat and bootstrap-pulling. The fact of the matter is, the super rich, which accounts for less than 1 percent of the population, is mostly inherited old money. If they had not already been born on third base, they would not be where they are today. Money begets money. For every overnight sensation like Mark Zuckerberg, you have ten Steve Forbes, or the Koch brothers.

[conversationpc]

Oooh, three examples...Wow, amazing brainpower there.

They're not my examples. And I'm not the one arguing that the super-rich got where they are today by brow-sweat and bootstrap-pulling. The fact of the matter is, the super rich, which accounts for less than 1 percent of the population, is mostly inherited old money. If they had not already been born on third base, they would not be where they are today. Money begets money. For every overnight sensation like Mark Zuckerberg, you have ten Steve Forbes, or the Koch brothers.

Ah, but you're the one making the accusation. Isn't the burden of proof on the accuser?

Secondly, I didn't say anything about the "super rich". The fact of the matter is, most people who would be thought of as "rich" made their money by earning it, not by inheriting it or screwing people over. For every Paris Hilton, there's likely 50 Herman Cains who actually struggled, worked hard, and earned their living.

[The_Noble_Cause]

Ah, but you're the one making the accusation. Isn't the burden of proof on the accuser?

I'm merely saying that Trump, Waltons, and Gates all come from blue blooded lineages and trampled on people on the way up the econmic pecking order. Not a rags-to-riches story among them.

Secondly, I didn't say anything about the "super rich". The fact of the matter is, most people who would be thought of as "rich" made their money by earning it, not by inheriting it or screwing people over. For every Paris Hilton, there's likely 50 Herman Cains who actually struggled, worked hard, and earned their living.

I'm not talking about the upper middle class. I know plenty of them, and most did it by going to school and making a better life for themselves. The original article concerns the super-rich.

[Voyager]

The rich got richer because they do what builds wealth. And most of them don't get it by inheriting it or screwing other people. They work hard for it.

Bill Gates may have in fact worked hard, but his riches came from stealing the Macintosh operating system and cloning it. So, in a way he is no different than your common ghetto thug - he just has more money and fame and a better work ethic.

[conversationpc]

The rich got richer because they do what builds wealth. And most of them don't get it by inheriting it or screwing other people. They work hard for it.

Bill Gates may have in fact worked hard, but his riches came from stealing the Macintosh operating system and cloning it.

This should be obvious but by "they" I thought it was obvious I was talking about wealthy people in general. Besides that, if Gates had cloned the Mac OS, you'd think it would be as stable as a Mac by now.

That being said, prior to OS X, the Mac OS was utter crap. We had lots of Macs with OS 7, 8, 9, etc., and almost all of them were sufficiently good at crashing.

[pinkfloyd1973]

Ah, but you're the one making the accusation. Isn't the burden of proof on the accuser?

I'm merely saying that Trump, Waltons, and Gates all come from blue blooded lineages and trampled on people on the way up the econmic pecking order. Not a rags-to-riches story among them.

Secondly, I didn't say anything about the "super rich". The fact of the matter is, most people who would be thought of as "rich" made their money by earning it, not by inheriting it or screwing people over. For every Paris Hilton, there's likely 50 Herman Cains who actually struggled, worked hard, and earned their living.

I'm not talking about the upper middle class. I know plenty of them, and most did it by going to school and making a better life for themselves. The original article concerns the super-rich.

Correct.....daddy Sam Walton worked his way up, his kids and grandkids are living off the inheritance

[conversationpc]

Correct.....daddy Sam Walton worked his way up, his kids and grandkids are living off the inheritance

Even if they are, so what? This is America, isn't it? You're allowed to be a lazy ass here, aren't you? At least they aren't on welfare and living off the government.

[S2M]

Correct.....daddy Sam Walton worked his way up, his kids and grandkids are living off the inheritance

Even if they are, so what? This is America, isn't it? You're allowed to be a lazy ass here, aren't you? At least they aren't on welfare and living off the government.

Nah, not the government....the government is living off US....

[pinkfloyd1973]

Correct.....daddy Sam Walton worked his way up, his kids and grandkids are living off the inheritance

Even if they are, so what? This is America, isn't it? You're allowed to be a lazy ass here, aren't you? At least they aren't on welfare and living off the government.

Nah, not the government....the government is living off US....

Damn straight

[pinkfloyd1973]

Correct.....daddy Sam Walton worked his way up, his kids and grandkids are living off the inheritance

Even if they are, so what? This is America, isn't it? You're allowed to be a lazy ass here, aren't you? At least they aren't on welfare and living off the government.

Oh hell, I would LOVE to never have to work another day in my life. But I would rather work an honest wage and make a living than sponge off the government or a rich relative, mebbe i need to start playing the lottery

[conversationpc]

Correct.....daddy Sam Walton worked his way up, his kids and grandkids are living off the inheritance

Even if they are, so what? This is America, isn't it? You're allowed to be a lazy ass here, aren't you? At least they aren't on welfare and living off the government.

Nah, not the government....the government is living off US....

Very true.

[squirt1]

Long live the rich !! They pay high taxes and create real jobs based on profits. Gov't jobs are dependent on taxpayers, not true profits, to foot the bill.They overpay and offer retirements that you can't get. Only thing is all those promises & pensions may go down before Social Security. Even the USPS is way in the red. Everything gov't does,that is not military & NASA should be independent contractors ! Anyway, rest easy tonight. Congress has their nest well,well secured while the recent spending has us so in debt to CHINA , you kids and your kids will pay forever.

[Voyager]

Long live the rich !!

Amen! Let the poor get poorer, and let their fucking teeth rot! May all their factory jobs be shipped to China to pad the pockets of corporate executives and investors! Go rich people!!! You rock!!!!

[slucero]

Some interesting info on the demographics of the wealthy...

http://research.stlouisfed.org/publicat ... 9707jw.pdf

Most of the rich are entrepreneurs, and most have earned their wealth. Inheritance accounts for about 8 percent of the net worth of these households in the aggregate. More than half have never inherited anything, and inherited wealth is less than 10 percent of total wealth for more than two-thirds of those who have.

From the book "The Millionaire Next Door"... a good read...

YOU OR YOUR ANCESTORS?

Most of America's millionaires are first-generation rich. How is it possible for people from modest backgrounds to become millionaires in one generation? Why is it that so many people with similar socioeconomic backgrounds never accumulate even modest amounts of wealth?

Most people who become millionaires have confidence in their own abilities. They do not spend time worrying about whether or not their parents were wealthy. They do not believe that one must be born wealthy. Conversely, people of modest backgrounds who believe that only the wealthy produce millionaires are predetermined to remain non-affluent. Have you always thought that most millionaires are born with silver spoons in their mouths? If so, consider the following facts that our research uncovered about American millionaires:

• Only 19 percent receive any income or wealth of any kind from a trust fund or an estate.

• Fewer than 20 percent inherited 10 percent or more of their wealth.

• More than half never received as much as $1 in inheritance.

• Fewer than 25 percent ever received "an act of kindness" of $10,000 or more from their parents, grandparents, or other relatives.

• Ninety-one percent never received, as a gift, as much as $1 of the ownership of a family business.

• Nearly half never received any college tuition from their parents or other relatives.

• Fewer than 10 percent believe they will ever receive an inheritance in the future.

America continues to hold great prospects for those who wish to accumulate wealth in one generation. In fact, America has always been a land of opportunity for those who believe in the fluid nature of our nation's social system and economy. More than one hundred years ago the same was true. In The American
Economy, Stanley Lebergott reviews a study conducted in 1892 of the 4,047 American millionaires. He reports that 84 percent "were nouveau riche, having reached the top without the benefit of inherited wealth. "