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Originally Posted by BMWFREAK I think you are overlooking the principle behind my statement. The rich are indeed getting richer, but so are the poor people, and the middle class. Therefore, it is not entirely true that the rich are getting richer. Relative to the poor, and the middle class, they are proportionately getting richer.
Proportionately, the rich are not getting richer in relation to the poor and the middle class. There is an upward trend, which is what I attempted to describe.
You do not see that many, if any at all, celebrities/atheletes on forbes list do you? |
There are quite a few Hollywood celebs, TV stars on rich lists. Tiger Woods will likely be worth $4-5 billion when he's done. Michael Schumacher is worth about $800 million. I disagree with what you said about celebrities not being able to move into mega rich. I believe many of them are already very high in terms of their earning power because some of them can earn more than the annual profits of a billionaire's company, which they ultimately derive their asset wealth from.
Are the poor and the rich and the middle class proportionately getting richer? Perhaps it is an illusion of wealth amongst the lower classes. In my old stomping grounds, Hong Kong, a new study just came out. There are 77,000 millionaires in a city with 6 million. Their average net worth is $40 million HK, highest in Asia, but these individuals can be considered the upper/high middle class according to HK standard of living! The mega rich have seen their wealth go up even more because they own the top companies and the best property.
I don't agree that all the classes are getting richer proportionately. I say that because I think the middle class and even the poor in the US of A have been living beyond their means by using the equity in their homes. Are they really better off if they are borrowing to finance consumption and luxury items? I think not. I think not.
I was also not talking about the corporation (Google, YouTube) as an entity. I was referencing that to demonstrate access. Money makes money! If you had the access to money and top fund managers, you could have been in on that YouTube deal. You could have been involved when it was a start-up! If you were poor and unconnected, forget it. I think you will agree with my premise the rich have more opportunities to become more rich.
I bolded part of your quote. You said that the relative to the poor and the middle class, they (the rich) are proportionately getting richer. But you also say that proportionately, the rich are not getting richer in relation to the poor and the middle class.
This is neat, little discussion!