Joyce Placito
Robert ReichPSA: All billionaires under 30 — each and every one of them — have inherited their wealth.
“Self-made billionaires” are a myth.
Pēteris Krišjānis@rbreich and everytime you scratch under the surface that money is not really gained working hard.
Shadyboots@rbreich if trump had just wisely invested his inheritance in mutual funds he would be worth over $10billion today.
🔶Mark Nicoll 3.5%🏴🇬🇧🇪🇺🇺🇳@Shadyboots @rbreich
You mean if he had not sunk his wealth into scams, dodgy deals, and efforts to screw other people over, it would not only have been better for others, but better for Trump himself...
It's almost like even when rigging the system in their favour, being a self serving asshole isn't the best way to get ahead in life!
You mean if he had not sunk his wealth into scams, dodgy deals, and efforts to screw other people over, it would not only have been better for others, but better for Trump himself...
It's almost like even when rigging the system in their favour, being a self serving asshole isn't the best way to get ahead in life!
lupus_blackfur➕➕➕💯💯💯
Would that I had more than just one boost to give.
Also, many of the older supposed "billionaires".
This needs shouting from the rooftops repeatedly.
Cameron Watters@rbreich Billionaires shouldn't exist, I agree.
Is this saying that Mark Zuckerberg inherited his wealth (became a billionaire in mid-20s)?
Or is this saying that, at this moment in 2024, any billionaire who is currently under 30 has inherited their wealth.
If the latter, it's cherry-picking, and there are plenty of ways to explain why billionaires are problematic which are more intellectually rigorous.
David J. Atkinson@rbreich I personally know of one who started off quite poor. He was listed at one point by Forbes as one of America’s billionaires under age 30. The Internet dot bomb was really bad for him, as it was for all who bought into the speculation. He is longer a billionaire. Billionaires whose wealth is based on inheritance did not suffer nearly as much loss, if any. That said, inheritance makes little difference if we favor a universal wealth cap, as I do.
floydgump@rbreich Greed-made billionaire is more like it.
Jukka 💚🏳️🌈🇵🇸🇺🇦@rbreich Not doubting but a source of information would be good.
maya_b 🇨🇦I wouldn't lump Taylor Swift in with the billionaires implied, though she is one, and despite a family that would have helped her succeed in life, I do think she made most of her wealth.
And she tipped her touring crew millions, effectively paying them well over the going rates - atypical billionaire behaviour.
(also not entirely sure at what age she technically became a billionaire - she's 34 now.)
Alexa Thy
Jimmy Biscuits
GeofCoxSelf-made billionaires are indeed a myth - and not just because they have generally inherited vast wealth. There are other inherited privileges. For example, it's widely believed in the UK that Richard Branson, founder of the Virgin brand, was 'self-made' - but he started out selling records... and his Dad was a senior executive at EMI.
JonathanThat's not what their biographies say 😉😉
Schafstelze 🎗🖤@rbreich Billionaires are rich because of hard work. 100% true.
The question is, whose hard work?
@gumpfloyd @rbreich i'd fav if there'd be an alttext
xs4me2Tax the rich…
Samuel Hautamäki
ruerogers@rbreich It is especially frustrating because this country was founded by overthrowing an aristocracy, and here we are 250 years later under the thumb of another aristocracy.
spmatich vk3spm 
@rbreich where did their billions come from? They came from a nice, stable well behaved society where lots of non-billionaires do unpaid work. Where lots of other non-billionaires do work like nursing, teaching, policing and other kinds of work. The low paid and non paid people keep the society nice, stable and well behaved. Bringing up children and healing, teaching and protecting them, so they can work and be productive adults. The billionaires get to skim off the top because many many many other people are keeping things running well. No one is self made.
@rbreich But, daddy was just trying to enrich the economy of the poor(son0--just as the Republicans Hoped would happen(as long as the son continues with timely donations!)
Kevin Karhan 
@rbreich it is basically impossible to become a #billionaire by honest / "hard" labour at all.
Mayve someone can become a multi-millionaire just by being an extraordinarily successful businessperson with the right business model at the rightnplace and time...
But for every one of those there are at least two bankrupcies and for every profitable business there's one that has to foreclose and for every profitable one there's one that barely makes sends meet...
Neil E. Hodges@tk @rbreich at least those that have exceeded the threshhold of filthy rich in that they have amassed way more money than they can reasomably spend...
So like €20M+ when they can live off #RoboWealth entirely...