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Post by worlder on Oct 28, 2011 22:42:33 GMT -5
With all the concerns about the disparity between the rich and the poor.
The 1% and the 99%.
What do the really rich do with the money that they have in their big bank accounts?
Look I remember reading that article on the big luxuries afforded by the super wealthy.
Now I probably want some names. Once I have those names I want to see now how much they spend on luxuries but rather how much they donate to charity and other philanthropic efforts.
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Post by clockworkgirl21 on Oct 28, 2011 22:55:38 GMT -5
www.celebritynetworth.com/Closest I can come is this site. It lists the net worth and salary of various famous people, not just celebrities. It's nice to know Mario Andretti gets $100 million to drive around in circles.
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Post by gyeonghwa on Oct 28, 2011 23:05:19 GMT -5
Some one posted, way back when (I think it was Vene), about what you could buy with 1 billion dollars. Apparently, you can horde as many precious artworks to yourself as you can.
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Post by aboveathletics on Oct 28, 2011 23:37:00 GMT -5
Who cares? Why shouldn't they do whatever the fuck they want with their money. It's THEIRS. Besides, it's not like their wealth is hurting you, I mean apart from making you all jelly.  |
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Post by gyeonghwa on Oct 28, 2011 23:44:14 GMT -5
Um, WTF was that?
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Post by Armand Tanzarian on Oct 28, 2011 23:56:38 GMT -5
Working in a wealth management division I can tell you what most high-net worth people spend on based on the things we help sell them: - More investments. The richer you are the more options are available to you in the form of structured as well as custom investments. In today's world anything can be invested in. Minimum investments for certain structured investments on, say commodities: $50k-$1M.
- Property. Despite housing crashes this is still a favorite among the affluent. Even if its not buying houses for investments sake (via rental income), some rich people may choose to keep more than one house: one near their workplace and one near their preferred weekend hideout.
- Holiday packages. This is a no-brainer, but would you be able to spend thousands to go to some foreign country to blow more thousands in a casino? That is a very popular option with the Chinese millionaires (and prior to this the Japanese). A weekend off would consist of them flying to, say Singapore for a weekend in the casinos, or Borneo for a golf outing. The Japanese used to have stories of people flying to Southeast Asia in the morning, playing 18 rounds, then flying back again.
- Access and fame. Probably the least thought of, but most important aspect of wealth is the notoriety. In business, its not just what you do but who you know. This is why you have events where the rich and famous rub shoulders with one another. And oftentimes if you're an up-and-comer, you have to pay to get in. And I don't mean an upfront fee, that is rare. For instance if you want to meet the regional manager of a bank, you have to invest millions in his bank, become one of his most prized customers, in order for him to grovel at your feet. Access, perhaps more than anything I said above, is still the biggest prize a rich person can have. Which is why people still grovel at the feet of Donald Trump; not because he's a successful businessman-he isn't-but because he has so many friends that he can connect you anyone in the world. And that makes a person truly powerful.
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Post by Napoleon the Clown on Oct 29, 2011 0:00:30 GMT -5
Who cares? Why shouldn't they do whatever the fuck they want with their money. It's THEIRS. Besides, it's not like their wealth is hurting you, I mean apart from making you all jelly. Stop trolling or I'll stop being nice. |
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Post by worlder on Oct 29, 2011 0:00:34 GMT -5
Working in a wealth management division I can tell you what most high-net worth people spend on based on the things we help sell them: - More investments. The richer you are the more options are available to you in the form of structured as well as custom investments. In today's world anything can be invested in. Minimum investments for certain structured investments on, say commodities: $50k-$1M.
- Property. Despite housing crashes this is still a favorite among the affluent. Even if its not buying houses for investments sake (via rental income), some rich people may choose to keep more than one house: one near their workplace and one near their preferred weekend hideout.
- Holiday packages. This is a no-brainer, but would you be able to spend thousands to go to some foreign country to blow more thousands in a casino? That is a very popular option with the Chinese millionaires (and prior to this the Japanese). A weekend off would consist of them flying to, say Singapore for a weekend in the casinos, or Borneo for a golf outing. The Japanese used to have stories of people flying to Southeast Asia in the morning, playing 18 rounds, then flying back again.
- Access and fame. Probably the least thought of, but most important aspect of wealth is the notoriety. In business, its not just what you do but who you know. This is why you have events where the rich and famous rub shoulders with one another. And oftentimes if you're an up-and-comer, you have to pay to get in. And I don't mean an upfront fee, that is rare. For instance if you want to meet the regional manager of a bank, you have to invest millions in his bank, become one of his most prized customers, in order for him to grovel at your feet. Access, perhaps more than anything I said above, is still the biggest prize a rich person can have. Which is why people still grovel at the feet of Donald Trump; not because he's a successful businessman-he isn't-but because he has so many friends that he can connect you anyone in the world. And that makes a person truly powerful.
If I had great wealth to spare, I would NEVER spend it like how you described. |
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Post by clockworkgirl21 on Oct 29, 2011 0:07:56 GMT -5
It sure makes me less sympathetic when they bitch about their taxes. Most people spend 90% of their money on shelter and food, they spend 5% on food and the rest on yachts.
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Post by priestling on Oct 29, 2011 0:09:31 GMT -5
if I had great wealth, four things I'd do immediately, if I won something multi-million: a million to cystic fibrosis research, a million to cancer research, a million to something space-related, and a million to our local soup kitchen/food pantry.
After that? After paying off our own bills and owning our place free and clear, getting the place set up how we like? making sure our friends and family are, if not comfortable, then in a better place.
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Post by Armand Tanzarian on Oct 29, 2011 0:10:00 GMT -5
Working in a wealth management division I can tell you what most high-net worth people spend on based on the things we help sell them: - More investments. The richer you are the more options are available to you in the form of structured as well as custom investments. In today's world anything can be invested in. Minimum investments for certain structured investments on, say commodities: $50k-$1M.
- Property. Despite housing crashes this is still a favorite among the affluent. Even if its not buying houses for investments sake (via rental income), some rich people may choose to keep more than one house: one near their workplace and one near their preferred weekend hideout.
- Holiday packages. This is a no-brainer, but would you be able to spend thousands to go to some foreign country to blow more thousands in a casino? That is a very popular option with the Chinese millionaires (and prior to this the Japanese). A weekend off would consist of them flying to, say Singapore for a weekend in the casinos, or Borneo for a golf outing. The Japanese used to have stories of people flying to Southeast Asia in the morning, playing 18 rounds, then flying back again.
- Access and fame. Probably the least thought of, but most important aspect of wealth is the notoriety. In business, its not just what you do but who you know. This is why you have events where the rich and famous rub shoulders with one another. And oftentimes if you're an up-and-comer, you have to pay to get in. And I don't mean an upfront fee, that is rare. For instance if you want to meet the regional manager of a bank, you have to invest millions in his bank, become one of his most prized customers, in order for him to grovel at your feet. Access, perhaps more than anything I said above, is still the biggest prize a rich person can have. Which is why people still grovel at the feet of Donald Trump; not because he's a successful businessman-he isn't-but because he has so many friends that he can connect you anyone in the world. And that makes a person truly powerful.
If I had great wealth to spare, I would NEVER spend it like how you described. If I had money, I'd give you a million and take you up on that. But since I don't, can you tell me what you'd spend it on? (besides, say charity, because rich people do that too, though primarily as a tax shield) |
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Post by gyeonghwa on Oct 29, 2011 0:14:47 GMT -5
It does matter if their money is ill-gotten and they refuse to pay their share to society.
It matters when there are money making machines like private prisons.
Even what I posted about art matters. You see, some rich folks wants art that they cannot have or obtain legally so they hire people to steal if for them using criminal means.
It matters when they can buy expensive things while laying of their workers, which make them turn to desperate things for money.
You were saying?
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Post by aboveathletics on Oct 29, 2011 0:20:01 GMT -5
It does matter if their money is ill-gotten and they refuse to pay their share to society. It matters when there are money making machines like private prisons. Even what I posted about art matters. You see, some rich folks wants art that they cannot have or obtain legally so they hire people to steal if for them using criminal means. It matters when they can buy expensive things while laying of their workers, which make them turn to desperate things for money. You were saying? I agree with you at least about the private prisons. Anyone who got wealthy off of government contracts paid for with tax (read: stolen) money are lower than filth. However, if you are a company that provides useful products or services that people VOLUNTARILY pay for, you don't owe anyone anything IMO. I find the concept of paying a supposedly "fair share" of taxes bewildering. Say 2 guys are walking through a park, one wealthy and one poor. A mugger jumps out of the bushes and robs them both. The rich man suffers little hardship from the theft, while the poor man has trouble making rent the next month because he needed the money that was stolen from him. Is the problem here that the mugger didn't steal enough from the rich man, or is the problem rather that he's a fucking thief who stole their money. That being said, I would support increasing taxes on the wealthy if it meant lowering or eliminating taxes on the poor and middle class. But that's not really what's being discussed here. I see cries every day complaining that the rich aren't paying enough, but rarely if ever hear complaints that the poor are paying too much in tax, which IMO is in fact a serious and pernicious problem in our society. |
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Post by Vene on Oct 29, 2011 0:32:42 GMT -5
Your opinions are not worth the electrons you inconvenienced.
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Post by DeadpanDoubter on Oct 29, 2011 0:33:39 GMT -5
Of course! It's all so SIMPLE. I, after all, voluntarily use electricity, shelter, food, and a bank account for my money to be deposited in (my university and employer will not cut checks that I could otherwise cash, and my landlords will NOT accept cash). I just need to stop buying these things! It'll all be FIXED!
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