Billionaire investor Charlie Munger on Wednesday acknowledged worldwide “tension” over wealth inequality but said critics of the ultra-rich are “motivated by envy.” “It is the nature of our species that we look around us at other people and are envious of them if they have more than we do,” added Munger, the vice chairman of Berkshire Hathaway (BRK-A, BRK-B). “That envy has always been a big problem.” Munger, 98, made the remarks in an exclusive interview with Yahoo Finance’s… Source link
Read More »Banks Are Giving the Ultra-Rich Cheap Loans to Fund Their Lifestyle
(Bloomberg) — Billionaire hedge fund manager Alan Howard paid $59 million for a Manhattan townhouse in March. Just two months later he obtained a $30 million mortgage from Citigroup Inc. Denis Sverdlov, worth $6.1 billion thanks to his shares in electric-vehicle maker Arrival, recently pledged part of that stake for a line of credit from the same bank. For Edgar and Clarissa Bronfman the loan collateral is paintings by Damien Hirst and Diego Rivera, among others. Philippe Laffont, meanwhile,… Source link
Read More »The Ultra-Rich Are Saving Their Money Instead of Spending It – Now the Middle Class Is ‘Buried’ In Debt
Chip Somodevilla / Getty Images It’s easy to roll our eyes at outlandish spending from billionaires – say, buying NFTs or yachts – but their spending is good for the overall economy. Their savings, however, are not so good, according to new findings published in the Chicago Booth Review, which reports that the 1% has “buried” the middle class in debt with their saving habits. See: The Hype Around NFTs: What Are They? And How Pricey Do They Get?Find: These 15 Billionaires Got Richer… Source link
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