This video from the USA is called Headzup: Bush’s X-Mas Message For The Richest One Percent.
By Tom Mackaman:
“A nine-figure fortune won’t get you much mention these days”
Forbes publishes list of 400 richest Americans
16 October 2006
For the first time in the history of its compilation, the Forbes magazine list of the 400 richest Americans includes only individuals who hold a net worth estimated at over one billion dollars.
That personal wealth valued at one billion dollars has become rather humdrum in the US stands testament to the staggering accumulation of riches in the hands of the few.
As Forbes itself put it, “a nine-figure fortune won’t get you much mention these days, at least not here.”
The total combined wealth of the 400 richest Americans now stands at $1.25 trillion.
This figure has expanded by $120 billion in only one year.
The figure $1.25 trillion is practically unfathomable.
But to give some indication of its magnitude, consider that if it were divvied up among the entire US population of 300 million, every man, woman and child could be cut checks of well over $4,000.
Or contemplate that the net worth of the 400 wealthiest Americans now far surpasses the value of the entire Canadian economy, as measured by GDP, and is nearly twice the GDP of Australia.
Perhaps most strikingly, the personal wealth of the Forbes 400 now stands at over 10 percent of the total American GDP.
Where is all this money coming from?
For each individual, Forbes specifies a “source” for their enormous wealth.
Analysis demonstrates that although the US is generating obscene levels of personal wealth, few of the oligarchs owe their fortune to productive sectors of the economy.
In the entire Forbes 400 list, only 19 members are to be found in the category of “manufacturing.”
The richest of these—Eli Broad, who with $5.8 billion is number 42 on the list—in fact earned his fortune in real estate development and life insurance.
Eight in the category are inheritors of fortunes that were first built up decades earlier or even in the nineteenth century.
One specialized in the manufacture of “leisure craft.”
Another, H. Ty Warner—at $4.5 billion number 52 on the list—manufactured the “Beanie Baby” toy.
Two, Mitchell and Steven Rales—worth $2.6 billion and $2.5 billion, respectively—are in fact industrial raiders responsible for buying up and closing down factories.
Their original fortune, inherited from their father, was in real estate.
See also here.
USA: the poor getting poorer.