If I Were A Rich Man…
It’s headlines like the following that really make you want to…cringe. I’ll put it nicely.
“Billionaires Feel The Pinch, Too.” It’s on Forbes.com for anybody who’s interested in the actual article. Of course the subline goes on to clarify: “Members of the Forbes 400 - the richest people in America - have seen their total net worth rise a piddling 2% in the past year. That’s still a cool $30 billion, so don’t cry ‘em too many tears.”
Thanks for the clarification, because I was starting to get a bit misty eyed there.
Forbes has once again published its top 400 richest Americans. And in a completely unsurprising ranking, Mr. Bill Gates III still tops the list with 57.0 billion dollars.
Warren Buffett with 50 billion takes second while Lawrence Ellison comes in at third with significantly less: a mere 27. Then fourth, fifth, sixth and… sixth… are all Waltons, somehow or another tied to WalMart founder Sam Walton. Jim Walton possesses a cool 23.4 billion, his brother S. Robson Walton has slightly less at 23.3, while their sister Alice Walton and sister-in-law Christy Walton tie at 23.2.
Michael Bloomberg - yes, that Bloomberg - has 20 billion, brothers Charles and David Koch move up the list from last year, most likely thanks to the turn oil took for the majority of this year. They tie for ninth with 19 billion each.
So what can they tell us about the economy? They, who make up that elite of the elite, the crème de la crème, the guys (and girls) with the most bling…
While some of them gave practical advice which Forbes saw fit to include in their article, we might be able to glean something not in what they but what they do…
For example, the world-renowned possessor of many wives (not all at once, of course), the business equivalent of Survivor, and a particularly atrocious toupee, just began construction on his first project in the Middle East: the Trump Tower Dubai. Of course, he’s only #134 on the list with a measly net worth of 3 billion. So really, what does he know?
Ronald Wanek is even further down the list, but he stands out because of the boyishly enthusiastic smile he gave Forbes cameras. Which makes sense, since he’s only twenty-four. His claim to fame? Facebook. And no, it wasn’t through any oft-talked about racy pictures he posted. While he can’t say that he invented the Internet, he can claim that he altered it significantly by introducing the social network that caught on across the world. Apparently, connectivity is profitable.
Finally, if you want only the best, or the richest opinion, here’s Bill Gates on the subject:
“I am an impatient optimist. The world is getting better, but it’s not getting better fast enough, and it’s not getting better for everyone.” He believes that companies should match profitmaking with a novel idea: helping fellow humans. And unlike too many, he actually puts his money where his mouth is.
Obviously, the strategy isn’t working out too badly for him so far, so really, it might even be worth a shot.
http://www.smartprofitsreport.com/archives/2008/good_stocks_to_invest_in491.html
Thursday, September 18, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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Tom Humes