Why UBS is long on the British pound

Why UBS is long on the British pound2 Hours AgoDominic Schnider of UBS Global Wealth Management says the pound is attractive for now and he would hold it until it reaches around 1.29 per dollar. He also weighs in on the Turkish lira and the Australian dollar.


Why UBS is long on the British pound2 Hours AgoDominic Schnider of UBS Global Wealth Management says the pound is attractive for now and he would hold it until it reaches around 1.29 per dollar. He also weighs in on the Turkish lira and the Australian dollar.
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Company: cnbc, Activity: cnbc, Date: 2019-10-15
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Why UBS is long on the British pound

Why UBS is long on the British pound

2 Hours Ago

Dominic Schnider of UBS Global Wealth Management says the pound is attractive for now and he would hold it until it reaches around 1.29 per dollar. He also weighs in on the Turkish lira and the Australian dollar.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, wealth, pound2, management, british, turkish, dollar, weighs, reaches, pound, ubs, schnider, long


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This chart shows just how much Elizabeth Warren and Bernie Sanders want to go after billionaires

Senator Bernie Sanders joins former Vice President Joe Biden and Senator Elizabeth Warren onstage before the start at the 2020 Democratic U.S. presidential debate in Houston, Texas, U.S. September 12, 2019. A new analysis of 2020 Democratic candidates’ tax plans reveals a stark difference in how much presidential hopefuls, particularly Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., want to go after billionaires. Their critics are also skeptical of how effectively the government can


Senator Bernie Sanders joins former Vice President Joe Biden and Senator Elizabeth Warren onstage before the start at the 2020 Democratic U.S. presidential debate in Houston, Texas, U.S. September 12, 2019. A new analysis of 2020 Democratic candidates’ tax plans reveals a stark difference in how much presidential hopefuls, particularly Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., want to go after billionaires. Their critics are also skeptical of how effectively the government can
This chart shows just how much Elizabeth Warren and Bernie Sanders want to go after billionaires Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: ganesh setty, valerie block
Keywords: news, cnbc, companies, tax, billionaires, bernie, plans, shows, democratic, chart, sanders, economists, zucman, warren, wealth, president, billion, elizabeth


This chart shows just how much Elizabeth Warren and Bernie Sanders want to go after billionaires

Senator Bernie Sanders joins former Vice President Joe Biden and Senator Elizabeth Warren onstage before the start at the 2020 Democratic U.S. presidential debate in Houston, Texas, U.S. September 12, 2019.

A new analysis of 2020 Democratic candidates’ tax plans reveals a stark difference in how much presidential hopefuls, particularly Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., want to go after billionaires.

In determining the effective tax rate each income group pays, economists Gabriel Zucman and Emmanuel Saez take into account all available information that 2020 front-runners, including former Vice President Joe Biden, have said on the campaign trail and on their respective websites. Sanders, according to the economists’ analysis, would tax the income of the wealthiest 400 in America at nearly 100%.

The candidates’ plans vary widely, and so the economists also treat private health insurance premiums as a tax on households. The analysis also assumes different rates of tax evasion and avoidance, according to their methodology.

Zucman and Saez serve as policy advisors for both the Warren and Sanders campaigns.

The chart illustrates why some on Wall Street have sounded the alarm on the possibility of Warren or Sanders becoming president instead of Biden, who is known to be more moderate and business-friendly.

The economists have their critics, too. For instance, former Treasury Secretary Larry Summers and Natasha Sarin, assistant professor at the University of Pennsylvania, view Zucman and Saez’s estimates as overly optimistic. Their critics are also skeptical of how effectively the government can enforce a wealth tax.

The main reason for such a large difference between Biden’s plan and the plans of Warren and Sanders, who calls himself a democratic socialist, has to do with proposed wealth taxes, Zucman said in an email.

Biden has not put out a formal tax plan yet, whereas Sanders’ proposed wealth tax, for example, has a tax rate up to 8% for wealth above $10 billion. Warren, meanwhile, proposes a 2% annual tax on net worth between $50 million and $1 billion, with an additional 1% levied on net worth above $1 billion.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: ganesh setty, valerie block
Keywords: news, cnbc, companies, tax, billionaires, bernie, plans, shows, democratic, chart, sanders, economists, zucman, warren, wealth, president, billion, elizabeth


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Billionaire Marc Benioff: Capitalism has ‘led to horrifying inequality’ and must be fixed

Marc Benioff co-founded cloud software company Salesforce in 1999, and as a result of the company’s success, the 55-year-old is worth $6.3 billion, according to Forbes. But even as Benioff benefits from capitalism, he criticizes the “horrifying inequality” America’s economic system has manifested in an op-ed in The New York Times on Monday. “But capitalism as it has been practiced in recent decades — with its obsession on maximizing profits for shareholders — has also led to horrifying inequalit


Marc Benioff co-founded cloud software company Salesforce in 1999, and as a result of the company’s success, the 55-year-old is worth $6.3 billion, according to Forbes. But even as Benioff benefits from capitalism, he criticizes the “horrifying inequality” America’s economic system has manifested in an op-ed in The New York Times on Monday. “But capitalism as it has been practiced in recent decades — with its obsession on maximizing profits for shareholders — has also led to horrifying inequalit
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Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: catherine clifford
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Billionaire Marc Benioff: Capitalism has 'led to horrifying inequality' and must be fixed

Marc Benioff co-founded cloud software company Salesforce in 1999, and as a result of the company’s success, the 55-year-old is worth $6.3 billion, according to Forbes.

But even as Benioff benefits from capitalism, he criticizes the “horrifying inequality” America’s economic system has manifested in an op-ed in The New York Times on Monday.

“Capitalism, I acknowledge, has been good to me,” Benioff writes. “But capitalism as it has been practiced in recent decades — with its obsession on maximizing profits for shareholders — has also led to horrifying inequality.”

The piece calls for a “new capitalism,” which, among other things, would include higher taxes on America’s richest, including himself.

“Nationally, increasing taxes on high-income individuals like myself would help generate the trillions of dollars that we desperately need to improve education and health care and fight climate change,” he writes.

Benioff also calls on company leaders to be more mindful of their total impact on society.

“First, business leaders need to embrace a broader vision of their responsibilities by looking beyond shareholder return and also measuring their stakeholder return,” Benioff says. “This requires that they focus not only on their shareholders, but also on all of their stakeholders — their employees, customers, communities and the planet.”

(Not everyone agrees. In response to Benioff’s op ed, Anand Giridharadas, author of “Winners Take All: The Elite Charade of Changing the World,” tweeted Monday, “…I don’t trust business to behave better voluntarily, any more than I trust cats with mice care,” adding that he supports raising taxes on the wealthy. “The best way to get business to behave better is to drastically reduce business’s power,” Giridharadas tweeted.)

In 2018, 26 people had the same wealth as the 3.8 billion people who make up the poorest half of humanity, according to a January report from Oxfam. Additionally, the wealth of the global population of billionaires increased by $900 billion in the last year alone and the wealth of the poorest fell by 11%, Oxfam says.

In the United States, the Gini index showed an increased concentration of wealth too. The Gini index is “a standard economic measure of income inequality,” according to the United States Census Bureau, in which a score of 0.0 indicates “perfect equality in income distribution” and a 1.0 “indicates total inequality, where one household has all of the income.” In 2018, the Gini index for the U.S. was 0.485, according to September’s American Community Survey. That’s up from 0.482 in 2017.

Benioff joins other billionaires who have taken a stand against income inequality.

Ray Dalio — who founded Bridgewater Associates out of his two-bedroom apartment in New York City in 1975 and grew it into the largest hedge fund in the world — is currently worth almost $19 billion, according to Forbes.

Still, “the American dream is lost,” Dalio told CBS’ “60 Minutes” in July, and he said that capitalism needs to be reformed.

“We’re at a juncture. We can do it together, or we will do it in conflict, that there will be a conflict between the rich and the poor,” Dalio said.

Warren Buffett, the third richest person in the world with a fortune worth $82 billion, according to Forbes, does not want to disrupt the productivity of capitalism, which he likens to the “the goose that lays the golden eggs.” Instead, Buffett suggests the country ought to better distribute resources (through taxes, for example) to take care of those who don’t have enough.

“The real problem, in my view, is — this has been — the prosperity has been unbelievable for the extremely rich people,” Buffett said on PBS Newshour in 2017. “This has been a prosperity that’s been disproportionately rewarding to the people on top.”

And Microsoft co-founder Bill Gates, currently the second richest person in the world with more than $105 billion to his name according to Forbes, says capitalism has been effective in generating output, but the wealthiest, like him, ought to be taxed more.

“As you go about doing this additional collection, of course you want to be progressive. You want the portion that comes from the top 1% or top 20% to be much higher,” Gates told CNN’s Fareed Zakaria in February.

See also:

Hedge fund billionaire Ray Dalio: ‘Capitalism basically is not working for the majority of people’

Bill Gates: Taxes on rich should be ‘much higher’ but capitalism still works — here’s why

Billionaire Warren Buffett: ‘I don’t need a tax cut’ in a society with so much inequality


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: catherine clifford
Keywords: news, cnbc, companies, capitalism, fixed, wealth, inequality, according, taxes, billion, world, income, billionaire, led, benioff, dalio, marc, buffett, horrifying


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Russian wealth fund chief points to Saudi Arabia as a precedent for repairing relations with the US

The head of Russia’s $10 billion state investment vehicle is optimistic about repairing relations with Washington, he told CNBC on Sunday, pointing to Moscow’s growing bond with Saudi Arabia as a precedent. He insisted that Russia’s growing investments in and trade with Saudi Arabia should be seen as “building bridges” rather than engaging the strategic competition that many in the West regularly warn about. “Really we are not talking about, you know, the strategic partnerships that Saudi has wi


The head of Russia’s $10 billion state investment vehicle is optimistic about repairing relations with Washington, he told CNBC on Sunday, pointing to Moscow’s growing bond with Saudi Arabia as a precedent. He insisted that Russia’s growing investments in and trade with Saudi Arabia should be seen as “building bridges” rather than engaging the strategic competition that many in the West regularly warn about. “Really we are not talking about, you know, the strategic partnerships that Saudi has wi
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Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: natasha turak
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Russian wealth fund chief points to Saudi Arabia as a precedent for repairing relations with the US

The head of Russia’s $10 billion state investment vehicle is optimistic about repairing relations with Washington, he told CNBC on Sunday, pointing to Moscow’s growing bond with Saudi Arabia as a precedent.

Russia isn’t trying to fill a void in the Middle East left by what some describe as an inward-turning America, Kirill Dmitriev, chief executive of Russia’s sovereign wealth fund (RDIF) told CNBC’s Hadley Gamble in Riyadh. He insisted that Russia’s growing investments in and trade with Saudi Arabia should be seen as “building bridges” rather than engaging the strategic competition that many in the West regularly warn about.

“Really we are not talking about, you know, the strategic partnerships that Saudi has with the U.S., and what we are doing is not against the U.S. It’s actually building something that is very positive,” Dmitriev said. “And building something that helps Saudi economy, Russian economy — and builds the friendship between our nations.”

The CEO’s comments come at a time of frigid relations between the U.S. and Russia, as the latter remains under U.S. sanctions and has been accused by the U.S. intelligence community of meddling in the 2016 election and posing a continued threat to the presidential election in 2020.

Dmitriev pointed to his country’s blossoming friendship with Saudi Arabia — something that only four years ago was in serious doubt, given the animosity between the two during the Cold War. The last few years, by contrast, have seen the creation of a historic oil production alliance led by Riyadh and Moscow, increased trade and investment, and the first state visit by a Saudi monarch to Russia.


Company: cnbc, Activity: cnbc, Date: 2019-10-13  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, repairing, trade, saudi, russias, told, state, russia, arabia, chief, seen, fund, precedent, building, russian, points, relations, strategic


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Investor Ken Fisher loses $600 million contract after making sexist comments at summit

The state of Michigan has pulled $600 million of its pension fund from wealth management company Fisher Investments after the company’s founder and CEO Ken Fisher made sexist comments at a summit in San Francisco this week. At the Tiburon conference, Fisher compared his wealth management strategy to picking up women for sex, made explicit remarks about genitalia and mentioned Jeffrey Epstein, the financier who was charged with trafficking girls this year before hanging himself in prison. Michiga


The state of Michigan has pulled $600 million of its pension fund from wealth management company Fisher Investments after the company’s founder and CEO Ken Fisher made sexist comments at a summit in San Francisco this week. At the Tiburon conference, Fisher compared his wealth management strategy to picking up women for sex, made explicit remarks about genitalia and mentioned Jeffrey Epstein, the financier who was charged with trafficking girls this year before hanging himself in prison. Michiga
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Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: emma newburger
Keywords: news, cnbc, companies, comments, sexist, making, contract, investments, conference, summit, sex, fisher, ken, investor, lot, wealth, million, tiburon, letter, investment, loses


Investor Ken Fisher loses $600 million contract after making sexist comments at summit

The state of Michigan has pulled $600 million of its pension fund from wealth management company Fisher Investments after the company’s founder and CEO Ken Fisher made sexist comments at a summit in San Francisco this week.

At the Tiburon conference, Fisher compared his wealth management strategy to picking up women for sex, made explicit remarks about genitalia and mentioned Jeffrey Epstein, the financier who was charged with trafficking girls this year before hanging himself in prison.

Michigan Chief Investment Officer Jon Braeutigam told the state’s investment board that its bureau of investments has fired Fisher Investments due to the chairman’s “completely unacceptable comments,” according to a letter obtained by The Washington Post.

Fisher was initially defiant amid the backlash in an interview with Bloomberg, in which he said that attendees had mischaracterized his comments, and that he had “given a lot of talks, a lot of times, in a lot of places and said stuff like this and never gotten that type of response.”

Fisher, whose Washington-based firm manages over $100 billion in assets, eventually apologized for his comments on Thursday in a statement from his representative.

“Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn’t have made them,” he said. “I realize this kind of language has no place in our company or industry. I sincerely apologize.”

In the audio obtained by CNBC, Fisher said at the Tiburon conference: “Money, sex, those are the two most private things for most people,” so when trying to win new clients you need to be careful.

“It’s like going up to a girl in a bar … (inaudible) …going up to a woman in a bar and saying, hey I want to talk about what’s in your pants,” he said.

Braeutigam in the letter said that Michigan’s Bureau of Investment decided to fire Fisher Investments after seeing news reports of his remarks.

“…All were in unanimous agreement that prompt termination is the correct course of action,” the letter said. “There is no excuse to not treat everyone with dignity and respect. We have high expectations of our managers (and staff), not just with regards to returns but also in how they exhibit integrity and respect to all individuals.”


Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: emma newburger
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66% of millennials think they will be ‘wealthy’—here’s how much they’re worth today

Despite wage stagnation and the soaring costs of college and housing, millennials are optimistic about their financial futures. Sixty-six percent of millennials (ages 22-37) think they’ll become wealthy, compared to 49% of Gen Xers (ages 38-53) and 25% of baby boomers (ages 54-72). That’s less than the amount boomers and Gen Xers had at the same age, Pew reports. That’s partly because millennials aren’t making more money. “Millennials in 2018 had a median household income of roughly $71,400, sim


Despite wage stagnation and the soaring costs of college and housing, millennials are optimistic about their financial futures. Sixty-six percent of millennials (ages 22-37) think they’ll become wealthy, compared to 49% of Gen Xers (ages 38-53) and 25% of baby boomers (ages 54-72). That’s less than the amount boomers and Gen Xers had at the same age, Pew reports. That’s partly because millennials aren’t making more money. “Millennials in 2018 had a median household income of roughly $71,400, sim
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Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: kathleen elkins
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66% of millennials think they will be 'wealthy'—here's how much they're worth today

Despite wage stagnation and the soaring costs of college and housing, millennials are optimistic about their financial futures. “More than other generations, millennials believe they can become wealthy someday,” MagnifyMoney finds in a 2019 survey that asks 1,000 Americans about their views on wealth. Sixty-six percent of millennials (ages 22-37) think they’ll become wealthy, compared to 49% of Gen Xers (ages 38-53) and 25% of baby boomers (ages 54-72). The different perspectives make sense. “Baby boomers are in the phase of their life where they either have already retired or are nearing the end of their career,” MagnifyMoney explains. “They know their potential for wealth building is slowing down.” As for what it means to “become wealthy,” across all generations surveyed, the majority (55%) define wealth as being able to live comfortably without worrying about their finances. Millennials are more likely to quantify wealth: 20% define wealth as having $500,000 or more, while 18% of Gen Xers and 8% of baby boomers say a net worth of $500,000 means you’re wealthy.

How much money do young people actually have?

The median net worth (assets minus liabilities) of millennial households was about $12,500 in 2016, according to the Pew Research Center. That’s less than the amount boomers and Gen Xers had at the same age, Pew reports. Boomers had around $20,700 at the same age in 1983, while Gen X households had about $15,100 at the same age in 2001. (Pew’s analysis of net worth is in 2017 dollars.) That’s partly because millennials aren’t making more money. “The individual earnings for young workers have remained mostly flat over the past 50 years,” reports Pew. “Millennials in 2018 had a median household income of roughly $71,400, similar to that of Gen X young adults ($70,700) in 2001.” Plus, life is getting more expensive, so those salaries aren’t going as far as they used to to cover the necessities, let alone the rising costs of college, housing and child care. Still, young people have a positive outlook on the future — and there’s something to be said for that. Experts agree that your thoughts and feelings can play a part in how much money you earn. “The biggest difference between wealthy people and broke people is their mindset and how they feel about money,” says Jen Sincero, best-selling author of “You Are a Badass,” who went from earning around $28,000 a year to making seven figures. If you want to build wealth, you have to start by telling yourself it’s OK, Sincero writes in her 2017 follow-up, “You Are a Badass at Making Money.” “One of the biggest obstacles to making lots of money is not a lack of good ideas or opportunities or time, or that we’re too slovenly or stupid. It’s that we refuse to give ourselves permission to become rich.”

The biggest thing holding you back from building wealth is you. Suze Orman personal finance expert


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: kathleen elkins
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Over half of Americans aren’t taking this simple step to grow their wealth

But gender also plays a role — 44% of men report they aren’t investing, compared to 59% of women. Why more Americans aren’t investingWhen it comes to investing, many Americans actually are putting money into the stock market — even if they don’t know it. Collectively, Americans usually say they’re “saving for retirement,” so they may not recognize they’re actually investing. “They never really have to think about what it is they’re investing in,” Lowry says. To combat that she recommends taking


But gender also plays a role — 44% of men report they aren’t investing, compared to 59% of women. Why more Americans aren’t investingWhen it comes to investing, many Americans actually are putting money into the stock market — even if they don’t know it. Collectively, Americans usually say they’re “saving for retirement,” so they may not recognize they’re actually investing. “They never really have to think about what it is they’re investing in,” Lowry says. To combat that she recommends taking
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Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: megan leonhardt
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Over half of Americans aren't taking this simple step to grow their wealth

If you’re stashing your hard-earned money under the mattress, or considering buying gold bars to bury in the backyard, it turns out you’re not alone. Over half of Americans, 55%, say they are not participating in the stock market, according to a new poll from MetLife of over 8,000 U.S. adults over the age of 18. The survey finds that age is definitely a factor. Gen Z (ages 18 to 24) and millennials (defined here as ages 25 to 34) are opting out in far greater numbers than older Americans. But gender also plays a role — 44% of men report they aren’t investing, compared to 59% of women. And men tend to be more likely to invest in some type of mutual or index funds and stocks. Yet when it comes to building long-term wealth, saving alone typically isn’t enough. “One of the most surprising things that people don’t realize about money is saving is not enough,” says Ramit Sethi, the best-selling author of “I Will Teach You to be Rich” Over the long term, the only way to “truly grow that money” is to invest it, Sethi tells CNBC Make It.

Why more Americans aren’t investing

When it comes to investing, many Americans actually are putting money into the stock market — even if they don’t know it. That’s because the money that you put into your retirement accounts, be it a 401(k) or an individual retirement account like a Roth IRA, are typically invested in the market. About a third of respondents to MetLife’s survey said they had a retirement plan. So why the disconnect? We tend to use the “wrong language” when it comes to investing, Erin Lowry, author of “Broke Millennial Takes on Investing,” tells CNBC Make It. Collectively, Americans usually say they’re “saving for retirement,” so they may not recognize they’re actually investing. It also doesn’t help that in many cases, you’re picking a target date fund in your 401(k), rather than choosing specific funds or stocks. “They never really have to think about what it is they’re investing in,” Lowry says. But there are still many Americans who actually aren’t investing at all. Most of the hesitation comes down to fear, Lowry says. “There’s a huge intimidation factor here,” she says. And many times, the so-called experts don’t really help, she adds, saying there’s “almost a flippancy about how intimidating it can be to start investing.” “You’re putting your hard-earned money into something that you might fundamentally not trust,” Lowry says. To combat that she recommends taking the time to read about the history of the market and basic investing principles. It may sound like homework but doing some research will help you understand that markets go through cycles and how to structure your investments to hold up against down swings.

How to get started investing


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: megan leonhardt
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Mark Zuckerberg on billionaires: The wealth is ‘unreasonable’ but ‘may be optimal’ for society

I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable.” “I understand where he’s coming from,” Zuckerberg, who is currently worth $69.5 billion according to Bloomberg’s Billionaire Index , said. In an employee question and answer session live-streamed on Thursday, a Facebook employee asked Zuckerberg to offer his perspective on Sen. Bernie Sanders’s comment that billionaires should not exist . Multi-billionaire Mark


I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable.” “I understand where he’s coming from,” Zuckerberg, who is currently worth $69.5 billion according to Bloomberg’s Billionaire Index , said. In an employee question and answer session live-streamed on Thursday, a Facebook employee asked Zuckerberg to offer his perspective on Sen. Bernie Sanders’s comment that billionaires should not exist . Multi-billionaire Mark
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Mark Zuckerberg on billionaires: The wealth is 'unreasonable' but 'may be optimal' for society

“I don’t know if I have an exact threshold on what amount of money someone should have but at some level no one deserves to have that much money. I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable.”

“I understand where he’s coming from,” Zuckerberg, who is currently worth $69.5 billion according to Bloomberg’s Billionaire Index , said.

In an employee question and answer session live-streamed on Thursday, a Facebook employee asked Zuckerberg to offer his perspective on Sen. Bernie Sanders’s comment that billionaires should not exist .

Multi-billionaire Mark Zuckerberg says that while it can be “unreasonable” how much wealth individuals can amass, it also “may be optimal” for society at large if the alternative is governments controlling all of the wealth.

Zuckerberg and his wife, Priscilla Chan, have pledged to give away 99% of their Facebook shares through the Chan Zuckerberg Initiative (CZI) over their lifetime, and “there are people who would even say even that is bad, right?” Zuckerberg said.

“We are funding science, for example. And some people I think would say, ‘Well, is it fair that a group of wealthy people get to — to some degree — choose which science projects get worked on,'” Zuckerberg said.

Indeed, some experts have argued that through philanthropy, the rich have a disproportionate or unfair influence on society, and one even called it “plutocratic.”

Though Zuckerberg told employees “I don’t know how to answer that exactly,” he said, “at some level it is not fair, but it may be optimal,” he said, “…or better than the alternative. The alternative would be the government chooses all of the funding for all of the stuff.”

Zuckerberg uses the example of the National Institutes of Health (NIH). The NIH invests nearly $39.2 billion “in medical research for the American people” annually, according to its website, and of that money more than 80% is awarded through almost 50,000 competitive grants to more than 300,000 researchers at more than 2,500 universities, medical schools and other research institutions all around the world.

As a governmental agency, the NIH has to distribute grant money widely and carefully. But private money can be invested in large sums and on risky bets, says Zuckerberg.

“Part of what makes progress happen is people taking different approaches to different things. And I think that the NIH is generally funding a lot of great work … but I also think it is pretty good that there are other people out there who are trying different approaches, who are willing to fund things and maybe take a bet,” he says. “I think you want a mix of public and private [funding] on all of this.”

Were all funding for large projects distributed through the government, that would “deprive the market and world” of a variety of ways to tackle problems, Zuckerberg said.

“I think you can think at the same time both that it is unfair that any individual might have that much wealth, yet still think it is better for everyone that there is certain choices and competition of the ideas that get to get pushed out there,” Zuckerberg said.

To be sure, not everyone sees billionaires as good for society.

Famous French economist Thomas Piketty, for example, proposes in his new book “Capital and Ideology” (out in the U.S. in March), taxing billionaires out of existence because, broadly speaking, they hamper economic growth.

Per capita income growth has fallen in the United States as the number of billionaires has exploded, Pikketty says.

“Reaganism [low taxes and small government] has begun to justify any concentration of wealth, as if the billionaires were our saviors,” Piketty told French magazine L’Obs in September. But “Reaganism has shown its limits: Growth has been halved, inequalities have doubled. It is time to break out of this phase of sacredness of property. To overcome capitalism.”

See also:

Why ‘Mark Zuckerberg is the most dangerous person in the world,’ according to this NYU business professor

Mark Zuckerberg: If I didn’t have complete control of Facebook, I would have been fired

Nearly 68% of the world’s richest people are ‘self-made,’ says new report


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: catherine clifford
Keywords: news, cnbc, companies, mark, nih, good, wealth, money, zuckerberg, large, society, unreasonable, optimal, facebook, think, billionaires, funding


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The British pound has been ‘remarkably steady,’ says CEO

The British pound has been ‘remarkably steady,’ says CEO3 Hours AgoStephen Davies of Javelin Wealth Management says the British pound has been stable because the market expects a parliamentary intervention that will force U.K. leader Boris Johnson to request for an extension to the Brexit daedline.


The British pound has been ‘remarkably steady,’ says CEO3 Hours AgoStephen Davies of Javelin Wealth Management says the British pound has been stable because the market expects a parliamentary intervention that will force U.K. leader Boris Johnson to request for an extension to the Brexit daedline.
The British pound has been ‘remarkably steady,’ says CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, british, wealth, stable, remarkably, market, ceo, pound, parliamentary, steady, request


The British pound has been 'remarkably steady,' says CEO

The British pound has been ‘remarkably steady,’ says CEO

3 Hours Ago

Stephen Davies of Javelin Wealth Management says the British pound has been stable because the market expects a parliamentary intervention that will force U.K. leader Boris Johnson to request for an extension to the Brexit daedline.


Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, british, wealth, stable, remarkably, market, ceo, pound, parliamentary, steady, request


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This chart ranks everyone (even you) by their wealth, and it’s a snapshot of inequality

The ranking gives everyone in the world a “wealth number,” from -2 (the world’s poorest) to 11 (the world’s wealthiest). There are just 150 people who have a wealth number of 10, a bracket that’s entry level net worth is $10 billion (up to just under $100 billion). Individuals with a wealth number 10 can afford to buy a sports team in a major market, the chart says, for context. You can find your own net worth number on the chart. Federal Reserve, Financial Samurai, Bloomberg Reporting, Bloomber


The ranking gives everyone in the world a “wealth number,” from -2 (the world’s poorest) to 11 (the world’s wealthiest). There are just 150 people who have a wealth number of 10, a bracket that’s entry level net worth is $10 billion (up to just under $100 billion). Individuals with a wealth number 10 can afford to buy a sports team in a major market, the chart says, for context. You can find your own net worth number on the chart. Federal Reserve, Financial Samurai, Bloomberg Reporting, Bloomber
This chart ranks everyone (even you) by their wealth, and it’s a snapshot of inequality Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: catherine clifford
Keywords: news, cnbc, companies, zuckerberg, bloomberg, number, net, gates, ranks, snapshot, wealth, worth, rich, inequality, chart, billionaires, billion


This chart ranks everyone (even you) by their wealth, and it's a snapshot of inequality

There is massive income inequality in the in the U.S. and in the world, and everyone from political candidates to billionaires are talking about it.

A recent global wealth ranking Bloomberg Businessweek put a fine point on it. The ranking gives everyone in the world a “wealth number,” from -2 (the world’s poorest) to 11 (the world’s wealthiest).

Only two people get an 11: Jeff Bezos and Bill Gates. Scoring 11 on the Businessweek ranking means you have $100 billion or more.

There are just 150 people who have a wealth number of 10, a bracket that’s entry level net worth is $10 billion (up to just under $100 billion). Elon Musk scores a 10, for example. Individuals with a wealth number 10 can afford to buy a sports team in a major market, the chart says, for context.

Compared to those very small numbers of very rich people, there are 1.3 billion people who have a wealth number of 4, a bracket that’s entry level net worth is $10,000 (up to just under $100,000). These individuals are generally, in a “median American family headed by someone who has no college education,” the chart says, and can afford a new car, the chart estimates.

At the other end of the scale, 1.5 billion adults reside in the brackets -2 through 2, meaning they have a net worth of less than $1,000, including people with a negative net worth. This population would generally be subsistence farmers and can afford “very little,” the chart says. “So you’re either poor—or a rich person on a bad day, with liabilities exceeding your assets,” according to Businessweek.

You can find your own net worth number on the chart.

Image credit: Bloomberg. Data sources: Credit Suisse Global Wealth Report 2018 for worth numbers -2 through 8. Bloomberg Billionaires Index for 9-11. Federal Reserve, Financial Samurai, Bloomberg Reporting, Bloomberg Billionaires Index.

One caveat: The numbers of people who are grouped in each net worth number are estimates, because the data used, from both the Bloomberg Billionaires Index and the Credit Suisse Global Wealth Report, are not exact, Businessweek says. (For example, Bloomberg data says there are 2,800 billionaires while Credit Suisse says there are 1,600.)

“The purchasing power figures are likewise intended to be illustrative, not hard data. For example, we say a 4 can afford a new car. The point isn’t that new cars cost $10,000 to $99,999 (although that’s the right order of magnitude). It’s that you probably need to be a 4 to afford a new car,” Bloomberg Businessweek says in the accompanying story. “Although, of course, there are 1s, 2s, and 3s who will stretch to buy one.”

What is clear from the chart is how extreme wealth inequality is.

Indeed, in 2018, the world’s wealthiest 26 individuals had the same amount of wealth as the poorest half of the population, according to an Oxfam report published in January. That’s down from the 43 wealthiest people the year before.

During the same period, the wealth of the world’s billionaires increased by $900 billion ($2.5 billion per day), while the wealth of the poorest half of the population (3.8 billion people) fell by 11%, the Oxfam report found.

Even some of the billionaires at the top of Businessweek’s ranking see a problem with such extreme wealth concentration.

Facebook CEO and founder Mark Zuckerberg — who, with a net worth of $69.8 billion, according to Bloomberg, would be a No. 10 — was asked Thursday about his thoughts on Sen. Bernie Sanders comment that billionaires should not exist. Zuckerberg said, “I don’t know if I have an exact threshold on what amount of money someone should have but at some level no one deserves to have that much money.”

“I think if you do something that is good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable,” Zuckerberg said. (Zuckerberg and his wife, priscilla Chan, have pledged to give away 99% of their Facebook shares through their non-profit, the Chan Zuckerberg Initiative.)

Bill and Melinda Gates have also said their own wealth is an undo privilege. “No, it’s not fair that we have so much wealth when billions of others have so little,” said Melinda, in the Bill and Melinda Gates Foundation’s 2018 annual letter. “And it’s not fair that our wealth opens doors that are closed to most people.”

Octogenarian and multi-billionaire Warren Buffett says the economy has overwhelmingly financially rewarded people, like him, who are at the top. Buffett is worth $82.2 billion, and would also be a wealth No. 10 on the chart.

“The real problem, in my view, is — this has been — the prosperity has been unbelievable for the extremely rich people,” he said on PBS Newshour in 2017. It “has been disproportionately rewarding to the people on top.”

The Gates and Buffett have pledged to give away more than half of their wealth through The Giving Pledge, a public commitment Buffet and Bill Gates founded and launched in August 2010.

And according to billionaire hedge fund guru Ray Dalio, the wealth inequality that exists in the U.S. may have dire consequences. Dalio has a net worth of $16.6 billion according to Bloomberg, and would therefore be a No. 10.

Current wealth inequality is unsustainable and capitalism needs to be reformed, Dalio says. “We’re at a juncture. We can do it together, or we will do it in conflict, that there will be a conflict between the rich and the poor,” Dalio said on CBS’ “60 Minutes” in July.

See also:

Billionaire Ray Dalio: U.S. economy must change or there will be ‘conflict’ between the rich and poor

Billionaire Warren Buffett says ‘the real problem’ with the US economy is people like him

Bill Gates: Taxes on rich should be ‘much higher’ but capitalism still works — here’s why


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: catherine clifford
Keywords: news, cnbc, companies, zuckerberg, bloomberg, number, net, gates, ranks, snapshot, wealth, worth, rich, inequality, chart, billionaires, billion


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