Comments on: Who Was or Is The Richest Man in the U. S.? http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: tony http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-275318 tony Tue, 08 Apr 2008 12:53:47 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-275318 sir/madam ; i am tony from poor family india , i dont have father my father was farmer in my village , 22 my age,i have my mother & one sister only, i dont khow how to maintain my family we dont have own house also ..... somebody help us, please i am pleading you name of jesus help us please ,,,shamju999@hotmail.com sir/madam ; i am tony from poor family india , i dont have father my father was farmer in my village , 22 my age,i have my mother & one sister only, i dont khow how to maintain my family we dont have own house also ….. somebody help us, please i am pleading you name of jesus help us please ,,,shamju999@hotmail.com

]]> By: ROSE http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-225657 ROSE Mon, 04 Feb 2008 01:42:38 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-225657 If Bill Gates is the riches man in the U.S. with a net worth of 82 billion and that is only one person. My question is, what would happen if he and other multi-billioners got together and gave back to the people that made them that rich? What I am getting at is if the U.S population is only 301,139,947 and they gave 1 million to each person they wouldn't even spend half of a billion dollars. That brings me to my next question, why are there so many people loosing their homes and living in poverty here in the U.S? It doesn't sound fair to me. If Bill Gates is the riches man in the U.S. with a net worth of 82 billion and that is only one person. My question is, what would happen if he and other multi-billioners got together and gave back to the people that made them that rich? What I am getting at is if the U.S population is only 301,139,947 and they gave 1 million to each person they wouldn’t even spend half of a billion dollars. That brings me to my next question, why are there so many people loosing their homes and living in poverty here in the U.S? It doesn’t sound fair to me.

]]> By: Money Articles For The Week Of March 16, 2007 » Silicon Valley Blog About Money http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-88038 Money Articles For The Week Of March 16, 2007 » Silicon Valley Blog About Money Fri, 16 Mar 2007 15:05:39 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-88038 [...] All Financial Matters has Who Was or Is The Richest Man in the U. S.? There are two answers to this question. Find out at JLP’s site! [...] [...] All Financial Matters has Who Was or Is The Richest Man in the U. S.? There are two answers to this question. Find out at JLP’s site! [...]

]]> By: evan andersen http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-88010 evan andersen Fri, 16 Mar 2007 13:13:26 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-88010 Finally, Someone has done their math on real rates of income. It is amazing how people stretch bias on inflation. The media loves this because it will work for their numbers. JD was the wealthest to date if I am not mistaken. Good to see that it has not gone to Gates' head though, he has helped a lot with the fight on AIDS. Evan Andersen Lydia Capital Finally,

Someone has done their math on real rates of income. It is amazing how people stretch bias on inflation. The media loves this because it will work for their numbers. JD was the wealthest to date if I am not mistaken. Good to see that it has not gone to Gates’ head though, he has helped a lot with the fight on AIDS.

Evan Andersen Lydia Capital

]]> By: John http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-87950 John Fri, 16 Mar 2007 07:01:32 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-87950 Another thing to take into consideration.. Bill Gates isn't the richest person in the world, and probably never will be. What do I mean? Well, those 'in the know' realize that Forbes publishes the list of "official" richest people. In other words the 'known' rich people, the people who actually pay taxes.. the people who are in the public. The real richest people on the planet are far richer than Bill Gates.. and how do I know this? Well when you have friends who work in private equity firms in Switzerland who deal with people with net worths that would put the Forbes list to shames, you get to discover a lot of things that are not "public knowledge", let's put it that way. My conclusion? Bill Gates is the richest tax-paying person in the world ;-) Not the richest in the world in absolute. :-) Another thing to take into consideration.. Bill Gates isn’t the richest person in the world, and probably never will be. What do I mean? Well, those ‘in the know’ realize that Forbes publishes the list of “official” richest people. In other words the ‘known’ rich people, the people who actually pay taxes.. the people who are in the public.

The real richest people on the planet are far richer than Bill Gates.. and how do I know this? Well when you have friends who work in private equity firms in Switzerland who deal with people with net worths that would put the Forbes list to shames, you get to discover a lot of things that are not “public knowledge”, let’s put it that way.

My conclusion? Bill Gates is the richest tax-paying person in the world ;-)
Not the richest in the world in absolute. :-)

]]> By: Jay http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-87111 Jay Tue, 13 Mar 2007 06:06:05 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-87111 How rich can the rich get and the poor get poor before the cards fall? Obviously, rich people's money has to come from somewhere (the masses). What would it take in terms of wages of the lower/middle class to hurt that of the upper class? Where's an economist when you need one? :) One thing that has been asserted is that wages have been stagnant (not sure if this is in nominal or real terms) while corporate profits have been rather good. I don't think this article addressed this part of the argument did it? How rich can the rich get and the poor get poor before the cards fall? Obviously, rich people’s money has to come from somewhere (the masses). What would it take in terms of wages of the lower/middle class to hurt that of the upper class? Where’s an economist when you need one? :)

One thing that has been asserted is that wages have been stagnant (not sure if this is in nominal or real terms) while corporate profits have been rather good. I don’t think this article addressed this part of the argument did it?

]]> By: JLP http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-87092 JLP Tue, 13 Mar 2007 04:03:33 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-87092 <em>FYI…your post calculation is correct but shows $82 Million, not $82 Billion.</em> LOL! I ain't used to workin' with such big numbers. FYI…your post calculation is correct but shows $82 Million, not $82 Billion.

LOL! I ain’t used to workin’ with such big numbers.

]]> By: Bobby http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-87091 Bobby Tue, 13 Mar 2007 03:51:34 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-87091 FYI...your post calculation is correct but shows $82 <b>M</b>illion, not $82 <b>B</b>illion. FYI…your post calculation is correct but shows $82 Million, not $82 Billion.

]]> By: Rob http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-86987 Rob Mon, 12 Mar 2007 23:13:42 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-86987 No doubt the rich are getting richer, which makes complete sense since they have more disposable income to save, whereas the bottom 20% is probably living paycheck to paycheck. I was just pointing out that your median/mean ratio doesn't necessarily mean that. Your elaboration is more convincing, though I still see a couple of flaws: One is that an increase of 76% over 10 years really isn't that much and doesn't strike me as particularly remarkable. Even if the bottom 20% is stagnant, it doesn't strike me as the top 20% are pulling away at an inordinate rate. I would like to see what the differentials are over every 10 year period in the last century to see if it is really more extreme now. Another is that the people in the bottom 20% 10 years ago are in most cases not the same people that are in the bottom 20% today. This is the same misconception inherent in the argument that "minimum wage workers" have not gotten a raise in [X] number of years. It is highly unusual that people making minimum wage at one point in time are the same people that are making minimum wage many years later. The same is true for net worth, which almost as a rule takes time to acquire. Many of the people in the bottom 20% 10 years ago were just starting out or fairly young, and now, 10 years later, are much higher in the percentile rankings. I know it is true for me - I had negative net worth 10 years ago. So it is completely rational to expect that to some extent the lower tiers don't grow as much as the upper tiers - you're not taking the age/time factor into consideration. I would be interested to see the same numbers broken down by age group - for example, how is the net worth of people in the bottom 20% and top 20% changing just for people in the 40-45 age group. No doubt the rich are getting richer, which makes complete sense since they have more disposable income to save, whereas the bottom 20% is probably living paycheck to paycheck. I was just pointing out that your median/mean ratio doesn’t necessarily mean that. Your elaboration is more convincing, though I still see a couple of flaws: One is that an increase of 76% over 10 years really isn’t that much and doesn’t strike me as particularly remarkable. Even if the bottom 20% is stagnant, it doesn’t strike me as the top 20% are pulling away at an inordinate rate. I would like to see what the differentials are over every 10 year period in the last century to see if it is really more extreme now.

Another is that the people in the bottom 20% 10 years ago are in most cases not the same people that are in the bottom 20% today. This is the same misconception inherent in the argument that “minimum wage workers” have not gotten a raise in [X] number of years. It is highly unusual that people making minimum wage at one point in time are the same people that are making minimum wage many years later. The same is true for net worth, which almost as a rule takes time to acquire. Many of the people in the bottom 20% 10 years ago were just starting out or fairly young, and now, 10 years later, are much higher in the percentile rankings. I know it is true for me – I had negative net worth 10 years ago. So it is completely rational to expect that to some extent the lower tiers don’t grow as much as the upper tiers – you’re not taking the age/time factor into consideration.

I would be interested to see the same numbers broken down by age group – for example, how is the net worth of people in the bottom 20% and top 20% changing just for people in the 40-45 age group.

]]> By: LAMoneyGuy http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/comment-page-1/#comment-86975 LAMoneyGuy Mon, 12 Mar 2007 22:16:07 +0000 http://allfinancialmatters.com/2007/03/12/who-was-or-is-the-richest-man-in-the-u-s/#comment-86975 For under 25%, median went from 1.2 to 1.7 (+41.6%), mean went from -.2 to -1.4 (-600%). For 90-100%, median went from 836.7 to 1,430.1 (+70.9%) and mean went from 1,766.7 to 3,114.2 (+76.3). Looks to me like a case of the rich getting richer. Also, the "just over median" group that you are referring to. For the 50-75th percentile of net worth households, median went from 117.1 to 170.7 (+45.8), and mean went from 122.6 to 185.4 (+51.2%). This group grew their net worth by substantially more than the bottom end, but well short of the top end. I haven't even suggested that the rich getting richer is bad, simply that it's happening. (jlp, sorry for the multiple comments, I had a < in my comment) For under 25%, median went from 1.2 to 1.7 (+41.6%), mean went from -.2 to -1.4 (-600%). For 90-100%, median went from 836.7 to 1,430.1 (+70.9%) and mean went from 1,766.7 to 3,114.2 (+76.3). Looks to me like a case of the rich getting richer.

Also, the “just over median” group that you are referring to. For the 50-75th percentile of net worth households, median went from 117.1 to 170.7 (+45.8), and mean went from 122.6 to 185.4 (+51.2%). This group grew their net worth by substantially more than the bottom end, but well short of the top end.

I haven’t even suggested that the rich getting richer is bad, simply that it’s happening.

(jlp, sorry for the multiple comments, I had a < in my comment)

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