Chillin' out till it needs to be funded
Even as Forbes updated its annual list of billionaires with Carlos Slim making it to the top, Bloomberg introduced a version of the World’s Wealthy that updates asset values real time. Carlos Slim tops both lists with $68 bln in assets, followed by Bill Gates at $62 bln. Mark Zuckerberg did make the Forbes list, but many would be attracted to a new daily habit of checking people’s wealth just from knowing that Mark is not in the Top 20 of the 1226 lucky Gazillionaires who made a $1 bln cut off on the list. The other to follow is mining magnate Eike Batista even as Jamie Dimon and Vikram Pandit are not expected by default to fight for a place on the list. Bloomberg announced a new Top 20 tracker – The Bloomberg Billionaire index that updates their asset values in Oil, mining or other on a daily basis, with both Slim and Zuckerberg among others showing daily changes of $400-$700 mln this week.
The Bloomberg report concentrates on the Top 20 at any time, no. 20 being Lakshmi Mittal at $22.4 bln and Mukesh Ambani ten spots ahead at $25.4 bln.
The list is announced to be the ownership of Matt Miller, Mark Zuckerberg making it after the exercise of 140 mln restricted stock during the IPO if he sticks to getting a 28% stake in his company. Newt Sponsor Sheldon Adelson gets behind Li Ka Shing with Larry Ellison (Oracle) leading the rest of them behind Warren Buffet, Bill Gates (#2) and of course LVMH rich Bernie Arnault. Aussie Miner Georgina Rinehart was also among the top gainers this year ending with $18 bln after a big sale to Posco.
The 1226 people on the Forbes list account for $4.6 Tln of the World’s wealth. Amancio Ortega making it to #5 on the Forbes list, having a shopping list that includes the Torre Picasso a43 story skyscraper in Madrid.
Americans in fact seemed to be skewing up the Rich Pyramid in their own way according to the IRS as it got easier for an American to be part of the Top 1%
And the facts, according to a new report from the IRS, are that the incomes of the top one percent fell in 2009, just as they did in 2008 and 2007.
The total adjusted gross income of the top one percent fell more than 20% in 2009 to $1.33 trillion, down 35% from their peak in 2007.
To become part of the one percent in 2009, a household needed $343,927 in adjusted gross income. That’s down from $380,354 in
2008. (To get into the top 0.10 percent, you eneded $1.4 million in income, down from $1.8 million in 2008 and $2.1 million in 2007).
The taxes paid by the one percent also fell. They paid $318 billion in taxes in 2009, compared to $450 billion in 2007. As a result, their share of total U.S. income taxes paid fell to 36.7% in 2009 from 40% in 2007.