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Us Super-Rich Hit New Wealth Record Five Years After Financial Crisis

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http://www.theguardian.com/business/2013/sep/16/us-super-rich-recover-losses-financial-crisis-forbes

Five years after the financial crisis, America's super-rich have recovered all their losses to see their wealth reach an all-time high.

According to Forbes magazine the 400 wealthiest Americans are worth a record $2.02 trillion (£1.4tn), up from $1.7tn in 2012, a collective fortune slightly bigger than Russia's economy. In another sign of fizziness at the top of the economy, the cost to enter the billionaires' club has also gone up to levels not seen since the 2008 crash. In 2013, an aspiring plutocrat needs at least $1.3bn to make the Forbes list – the highest since just before the collapse of Lehman Brothers sent stock markets plummeting.

Bill Gates has been named as the richest American for the 20th year in a row, with a personal fortune of $72bn. The computer entrepreneur turned philanthropist recovered his position as the world's richest man in May, when he overtook mobile phone tycoon Carlos Slim, who had held the top spot for the previous four years.

Gates, the university drop-outwho founded Microsoft and has given away $28bn since 1994, saw his fortune grow by $6bn since 2012, partly helped by a rise in Microsoft's stock price since August.

I wonder how much he has made giving his money away?

Still great news that the rich are getting richer the recovery is well under way. Pretty soon it will trickle down to us all....

wealth-trickle-down.jpg

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It's almost as if money printing has resulted in a transfer of wealth away from the general public and to the 'first recipients' of the freshly printed cash - the bankers and those near the top of the money pyramid.

Exactly as predicted from day one of QE by many here and on the financial blogs and forums. Too bad the general public is so fecking thick that they don't mind being sheared of their wealth like sheep.

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It's almost as if money printing has resulted in a transfer of wealth away from the general public and to the 'first recipients' of the freshly printed cash - the bankers and those near the top of the money pyramid.

Exactly as predicted from day one of QE by many here and on the financial blogs and forums. Too bad the general public is so fecking thick that they don't mind being sheared of their wealth like sheep.

Spot on...QE has no benefit other than for banksters and mega-rich who can trade with insider information

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Spot on...QE has no benefit other than for banksters and mega-rich who can trade with insider information

That's wealth creation, that is.

For somewhat Orwellian values of 'Wealth' and 'Creation', that is.

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Sky News 8/4/13

' Net wealth - the value of residential buildings and financial assets less outstanding debts - is estimated to have hit £7.05trn at the end of 2012.

But the increase has not been shared equally between the top and bottom rungs of society, with the top 10% accumulating wealth at a much greater rate.

Researchers for Lloyds TSB Private Banking said that despite the current tough state of the economy, there has been a £2.71trn increase over the past decade, equal to a gain of £86,000 per household since 2003.

Lloyds said a rise in financial assets has boosted the increase in household wealth over the last decade, contributing £1.7trn to the overall increase.

The value of household wealth has grown at a faster rate (62%) than either gross household disposable incomes (44%) or the consumer price index (29%), since 2002.'

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