Patrick Toche
1
. Economies of scale: The wealthier you are, the better the wealth management consultants and financial advisors you can afford. 2
. Liquidity premium: The wealthier you are, the greater the access to liquidity, the easier it is to take on risk and achieve greater returns. 1
. If the average return is 4%, the wealthiest earn 6% on average and the least wealthy 2%, over several decades. 2
: during the financial crisis of 2008, governments subsidized loans to ventures that would otherwise have failed.1
. Taxes on wealth and estates2
. Growth-enhancing policies1
. Rankings of wealthy individuals around the world. 2
. Returns on US universities endowments. 3
. Returns on sovereign wealth funds. Rank | Name | Wealth (Billion) | Age | Company | Country |
---|---|---|---|---|---|
1 | Bill Gates | $79.2 | 59 | Microsoft | United States |
2 | Carlos Slim Helu | $77.1 | 75 | Telecom | Mexico |
3 | Warren Buffett | $72.7 | 84 | Berkshire Hathaway | United States |
4 | Amancio Ortega | $64.5 | 78 | Zara | Spain |
5 | Larry Ellison | $54.3 | 70 | Oracle | United States |
6 | Charles Koch | $42.9 | 79 | Diversified | United States |
6 | David Koch | $42.9 | 74 | Diversified | United States |
8 | Christy Walton | $41.7 | 60 | Wal-Mart | United States |
9 | Jim Walton | $40.6 | 67 | Wal-Mart | United States |
10 | Liliane Bettencourt | $40.1 | 92 | L'Oreal | France |
11 | Alice Walton | $39.4 | 65 | Wal-Mart | United States |
12 | S. Robson Walton | $39.1 | 71 | Wal-Mart | United States |
13 | Bernard Arnault | $37.2 | 65 | LVMH | France |
14 | Michael Bloomberg | $35.5 | 73 | Bloomberg LP | United States |
15 | Jeff Bezos | $34.8 | 51 | Amazon.com | United States |
Rank | Name | Wealth (Billion) | Age | Company | Country |
---|---|---|---|---|---|
16 | Mark Zuckerberg | $33.4 | 30 | United States | |
17 | Li Ka-shing | $33.3 | 86 | Diversified | Hong Kong |
18 | Sheldon Adelson | $31.4 | 81 | Casinos | United States |
19 | Larry Page | $29.7 | 41 | United States | |
20 | Sergey Brin | $29.2 | 41 | United States | |
21 | Georg Schaeffler | $26.9 | 50 | Ball Bearings | Germany |
22 | Forrest Mars, Jr. | $26.6 | 83 | Candy | United States |
22 | Jacqueline Mars | $26.6 | 75 | Candy | United States |
22 | John Mars | $26.6 | 78 | Candy | United States |
25 | David Thomson | $25.5 | 57 | Media | Canada |
26 | Jorge Paulo Lemann | $25.0 | 75 | Beer | Brazil |
27 | Lee Shau Kee | $24.8 | 87 | Real Estate | Hong Kong |
28 | Stefan Persson | $24.5 | 67 | H&M | Sweden |
29 | George Soros | $24.2 | 84 | Hedge Funds | United States |
29 | Wang Jianlin | $24.2 | 60 | Real Estate | China |
Forbes Magazine
Rank | Name | Assets | Country | Origin |
---|---|---|---|---|
1 | Government Pension Fund | 825 | Norway | Oil |
2 | Abu Dhabi Investment Authority | 773 | Abu Dhabi, UAE | Oil |
3 | China Investment Corporation | 747 | China | Non-Commodity |
4 | SAMA Foreign Holdings | 669 | Saudi Arabia | Oil |
5 | Kuwait Investment Authority | 592 | Kuwait | Oil |
6 | SAFE Investment Company | 547 | China | Non-Commodity |
7 | Hong Kong Monetary Authority Investment Portfolio | 418 | Hong Kong | Non-Commodity |
8 | Government of Singapore Investment Corporation | 344 | Singapore | Non-Commodity |
9 | Qatar Investment Authority | 256 | Qatar | Oil & Gas |
10 | National Social Security Fund | 236 | China | Non-Commodity |
11 | Temasek Holdings | 194 | Singapore | Non-Commodity |
12 | Investment Corporation of Dubai | 183 | Dubai, UAE | Non-Commodity |
13 | Abu Dhabi Investment Council | 110 | Abu Dhabi, UAE | Oil |
14 | Australian Future Fund | 95 | Australia | Non-Commodity |
15 | Samruk-Kazyna JSC | 85 | Kazakhstan | Non-Commodity |
1.
\(r\) will remain much greater than \(g\) for decades2.
billionaires earn above average returns