With a total worth estimated by Forbes magazine at $205.3 Billion this collection
of heirs and heiresses, according to a United Nations’ report published in
2012, has more wealth than the yearly Gross Domestic Product produced in 146 of
the world’s 192 member nations. For
perspective, these children of fortune have more assets derived from birth than
the collective sweat all the citizens of Peru
or New Zealand
can output in a year. Their total gilt
is only slightly less than that produced by Ireland ’s hard working populace.
What do these members of the
lucky birth set do with all this fortune bestowed upon them? The Koch Brothers are using their father’s
fortune to fund right-wing causes that help the rich and powerful while the
middle class and poor are left to their own devices. Bloomberg Business
Week estimates David to have given only 3% of his wealth to philanthropic
causes between the years 2003-2007 (no mention of poor Charles). The Walton family, during the very same
period says Bloomberg’s weekly, gave only 2% of their net worth to charity. As for the one foreigner on the list, Ms.
Bettencourt, it is estimated she gives less than 1% of her net wealth to
charity each year according to French press reports.
By contrast Ted Turner, says Business Week, gave 65% of his net worth,
a wealth estimated at a meager $2.3 Billion…and he actually worked to build his
empire. Others who worked personally to
build their fortunes were often shown to have given more than 10% of their net wealth
to charity. Warren Buffett and Bill
Gates, two men who worked to build their collective fortune to more than $120
Billion, are giving all their wealth away.
It seems our very richest heirs
and heiresses do not believe they should allow much of their wealth to “trickle
down.” It seems their papa’s hard
earned cash was built only to keep these creatures and their offspring comfortable
and well fed.
I think that is selfish and sad. What do you think?
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