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Swiss bank favoured by super-rich says 1,000 billionaires are likely to pass on $5.2tn to their children over next 20 years
Newly minted billionaires have collected more of their wealth from the deaths of relatives than through their own work and entrepreneurship, according to a Swiss bank favoured by the super-rich.
Of the 137 people who became billionaires in the 12 months to this April, 53 inherited a combined $150.8bn (£119bn) from their family, the report by UBS found. This exceeds the combined $140.7bn created by “84 new self-made” billionaires over the same period.
The bank said it was the first time in the nine-year history of its annual report on the fortunes of the richest 0.00004% of society that “the next generation of billionaires accumulated more wealth through inheritance than entrepreneurship”. | |
Submitted at 11-30-2023, 04:16 PM by sleeppoor | |
0 Comments | |
Damn, surprised he made it that far. RIP you magnificent, drunk bastard. | |
Submitted at 11-30-2023, 01:43 PM by Jimmy Labatt | |
The infamy of Nixon's foreign-policy architect sits, eternally, beside that of history's worst mass murderers. A deeper shame attaches to the country that celebrates him | |
Submitted at 11-30-2023, 02:42 AM by sleeppoor | |
The first ever strikes and a solidarity blockade against the US carmaker could force it to rethink its entire anti-union model, says journalist Martin Gelin | |
Submitted at 11-30-2023, 01:37 AM by Disruptive Emotional-Support Pig | |
DEAD AT LAST | |
Submitted at 11-30-2023, 01:52 AM by thirteen3seven | |
They wield the important power of determining a victim’s manner of death—but they’re susceptible to both political pressure and racial bias. | |
Submitted at 11-29-2023, 10:13 PM by sleeppoor | |
The indictment for the brazen murder-for-hire plot brings more heat onto India for its alleged transnational assassination program. | |
Submitted at 11-29-2023, 10:02 PM by sleeppoor | |
Pope Francis is evicting US Cardinal Raymond Burke, an outspoken critic, from his Vatican apartment and revoking his salary.
Cardinal Burke is part of a group of American conservatives who have long opposed the Pope's plans for reforming the Catholic Church.
A Vatican source told the BBC that Pope Francis has not yet carried out his intention to evict the 75-year-old.
And the decision is not meant as a personal punishment, the source added.
Instead, it comes from the belief that a person should not enjoy cardinal privileges while criticising the head of the church. | |
Submitted at 11-29-2023, 07:12 PM by Irn-Bru | |
An uncharacteristic level of honesty from Politico. | |
Submitted at 11-29-2023, 06:11 PM by Disruptive Emotional-Support Pig | |
The Ohio Supreme Court suspended an attorney who defecated into a Pringles potato chip can and then tossed it into a parking lot of a crime-victim advocacy center.
Criminal defense attorney Jack A. Blakeslee's conduct called into question his fitness to practice law, the court decided.
Blakeslee's defense? He said he didn't target anyone but had a habit of putting his feces in Pringles cans and randomly throwing them from his car. He claimed he pulled the Pringles prank at least 10 times that year.
But the court didn't buy it and said Blakeslee purposely chose the Haven of Hope in Cambridge as his "drop zone." Surveillance video captured the incident in November 2021.
Blakeslee had known the victim advocates at the center for years and was scheduled to see them in court 15 minutes after the Pringles deposit. At the time, Blakeslee was representing someone accused in a capital murder case. | |
Submitted at 11-29-2023, 04:34 PM by sleeppoor | |
The 12-year-old boy stole the construction vehicle from outside a middle school, leading police in an hourlong pursuit without headlights on, police said. | |
Submitted at 11-29-2023, 06:33 AM by deathray | |
With criticisms of Israel's conduct in Gaza mounting, the IDF is hastily organizing briefings for members of Congress. | |
Submitted at 11-29-2023, 01:19 AM by Mordant | |
In a shocking, horrifying incident at Shawnee Mission East High School, a Black student was hospitalized after being attacked by a white male student. Despite being the victim, she faces suspension in a case highlighting systemic racism and administrative negligence. | |
Submitted at 11-29-2023, 12:14 AM by another lurker | |
Netanyahu "boasted about having gone against" U.S. wishes by launching a ground invasion of Gaza and raiding the Palestinian territory's largest hospital on the pretense that Hamas was hiding a command center on the facility's grounds—a claim that has not been substantiated. | |
Submitted at 11-28-2023, 08:59 PM by Mordant | |
According to various reports throughout 2023, the Pentagon is working on directed-energy weapons as one of its top priorities. While reports indicate that the military is facing hitches in development, billions of dollars are still being poured into directed-energy technology. | |
Submitted at 11-28-2023, 05:44 PM by sleeppoor | |
French authorities have arrested the leader of a multinational tantric yoga organization on suspicion of indoctrinating female followers for sexual exploitation | |
Submitted at 11-28-2023, 05:24 PM by sleeppoor | |
"I can see that one of my friends is apparently watching a ton of cheesy, soft porn stuff," a user said of Plex's Week in Review email and Discover Together feature. | |
Submitted at 11-28-2023, 04:45 PM by sleeppoor | |
Submitted at 11-28-2023, 04:40 PM by sleeppoor | |
Despite long advocating small government and local control, Republican governors and legislators across a significant swath of the country are increasingly overriding the actions of Democratic cities — removing elected district attorneys or threatening to strip them of power, taking over election offices and otherwise limiting local independence.
State lawmakers proposed nearly 700 bills this year to circumscribe what cities and counties can do, according to Katie Belanger, lead consultant for the Local Solutions Support Center, a national organization focused in part on ending the overreach it calls “abusive state preemption.”
The group’s tracking mostly found “conservative state legislatures responding to or anticipating actions of progressive cities,” she said, with many bills designed to bolster state restrictions on police defunding, abortion, and LGBTQ and voting rights. As of mid-October, at least 92 had passed. | |
Submitted at 11-28-2023, 04:31 PM by sleeppoor | |
Submitted at 11-28-2023, 04:28 PM by sleeppoor | |

Swiss bank favoured by super-rich says 1,000 billionaires are likely to pass on $5.2tn to their children over next 20 years
Newly minted billionaires have collected more of their wealth from the deaths of relatives than through their own work and entrepreneurship, according to a Swiss bank favoured by the super-rich.
Of the 137 people who became billionaires in the 12 months to this April, 53 inherited a combined $150.8bn (£119bn) from their family, the report by UBS found. This exceeds the combined $140.7bn created by “84 new self-made” billionaires over the same period.
The bank said it was the first time in the nine-year history of its annual report on the fortunes of the richest 0.00004% of society that “the next generation of billionaires accumulated more wealth through inheritance than entrepreneurship”.
Damn, surprised he made it that far. RIP you magnificent, drunk bastard.
The infamy of Nixon's foreign-policy architect sits, eternally, beside that of history's worst mass murderers. A deeper shame attaches to the country that celebrates him
The first ever strikes and a solidarity blockade against the US carmaker could force it to rethink its entire anti-union model, says journalist Martin Gelin
DEAD AT LAST
They wield the important power of determining a victim’s manner of death—but they’re susceptible to both political pressure and racial bias.
The indictment for the brazen murder-for-hire plot brings more heat onto India for its alleged transnational assassination program.
Pope Francis is evicting US Cardinal Raymond Burke, an outspoken critic, from his Vatican apartment and revoking his salary.
Cardinal Burke is part of a group of American conservatives who have long opposed the Pope's plans for reforming the Catholic Church.
A Vatican source told the BBC that Pope Francis has not yet carried out his intention to evict the 75-year-old.
And the decision is not meant as a personal punishment, the source added.
Instead, it comes from the belief that a person should not enjoy cardinal privileges while criticising the head of the church.
An uncharacteristic level of honesty from Politico.
The Ohio Supreme Court suspended an attorney who defecated into a Pringles potato chip can and then tossed it into a parking lot of a crime-victim advocacy center.
Criminal defense attorney Jack A. Blakeslee's conduct called into question his fitness to practice law, the court decided.
Blakeslee's defense? He said he didn't target anyone but had a habit of putting his feces in Pringles cans and randomly throwing them from his car. He claimed he pulled the Pringles prank at least 10 times that year.
But the court didn't buy it and said Blakeslee purposely chose the Haven of Hope in Cambridge as his "drop zone." Surveillance video captured the incident in November 2021.
Blakeslee had known the victim advocates at the center for years and was scheduled to see them in court 15 minutes after the Pringles deposit. At the time, Blakeslee was representing someone accused in a capital murder case.
The 12-year-old boy stole the construction vehicle from outside a middle school, leading police in an hourlong pursuit without headlights on, police said.
With criticisms of Israel's conduct in Gaza mounting, the IDF is hastily organizing briefings for members of Congress.
In a shocking, horrifying incident at Shawnee Mission East High School, a Black student was hospitalized after being attacked by a white male student. Despite being the victim, she faces suspension in a case highlighting systemic racism and administrative negligence.
Netanyahu "boasted about having gone against" U.S. wishes by launching a ground invasion of Gaza and raiding the Palestinian territory's largest hospital on the pretense that Hamas was hiding a command center on the facility's grounds—a claim that has not been substantiated.
According to various reports throughout 2023, the Pentagon is working on directed-energy weapons as one of its top priorities. While reports indicate that the military is facing hitches in development, billions of dollars are still being poured into directed-energy technology.
French authorities have arrested the leader of a multinational tantric yoga organization on suspicion of indoctrinating female followers for sexual exploitation
"I can see that one of my friends is apparently watching a ton of cheesy, soft porn stuff," a user said of Plex's Week in Review email and Discover Together feature.
Despite long advocating small government and local control, Republican governors and legislators across a significant swath of the country are increasingly overriding the actions of Democratic cities — removing elected district attorneys or threatening to strip them of power, taking over election offices and otherwise limiting local independence.
State lawmakers proposed nearly 700 bills this year to circumscribe what cities and counties can do, according to Katie Belanger, lead consultant for the Local Solutions Support Center, a national organization focused in part on ending the overreach it calls “abusive state preemption.”
The group’s tracking mostly found “conservative state legislatures responding to or anticipating actions of progressive cities,” she said, with many bills designed to bolster state restrictions on police defunding, abortion, and LGBTQ and voting rights. As of mid-October, at least 92 had passed.