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World’s wealthiest families gained $312bn over past year

The Waltons of Arkansas top the list.
Image: Shutterstock
Abundant liquidity, soaring stock markets and accommodating tax policies have been favorable for growing dynastic wealth.

The world’s 25 richest families are worth $1.7 trillion, a 22% increase from a year ago.

Among the highlights:

  • The Waltons of Arkansas, who own nearly half of retailer Walmart Inc., top the list for the fourth year running with a net worth of $238.2 billion. Their fortune grew by $23 billion in the past 12 months, despite the family selling $6 billion worth of stock since February.
  • New names on the ranking include the Dassaults of France, a third-generation technology and aviation empire, and the New York-based Lauders of cosmetics-maker Estee Lauder.
  • One notable drop-off is the Lees, the family owners of South Korea’s Samsung. They fell from the list after paying an $11 billion inheritance tax following last year’s death of patriarch Lee Kun-hee.
  • While all but one of the families in the ranking added to their wealth, the gains of the luxury dynasties were especially pronounced. The fortune of the family stewards of Hermes surged 75% to $111.6 billion.
  • Surging dynastic fortunes underscore a widening wealth gap that’s been exacerbated by the pandemic. In the U.S., President Biden and congressional Democrats have proposed a raft of tax changes aimed at the rich.
© 2021 Bloomberg L.P.

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The concentration of wealth proves how nation’s competition commissions do not work.

Time for economic overhaul.

Your assumption is that acquisitions are used to build wealth. And that is where your theory goes down the drain. The competition commission only gets involved when businesses are sold. Almost all wealthy families first have a successful business before they start investing in other businesses..I am totally for the wealthy getting wealthier, they get wealthy because their assets becomes worth more, and that does not take any money from you or me, actually the opposite, all shareholders in the right shares also got wealthier.

If you do a forensic investigation into any of the above mentioned companies you will find issues that would result in sanction if the stated companies, from unfairly lobbying to keep competition out and in most instances, outright breaking of laws.

Good for them.

Anyone who doesn’t like this fact, can come up with their own innovative ideas, and put in the hours/days/months/years to build something from the ground up, instead of whining about how unfair it all is while spending small fortunes at Starbucks and clothing stores.

You are right to a certain extent, but then, currency devaluation shifts purchasing power from those who do not own assets to those who do. The mechanism is even more efficient for those who use debt to purchase assets.

End of comments.

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