Yes, the rich got richer in 2024, with the wealth of billionaires growing at a record pace. This was due to a number of factors, including high interest rates and the continued success of wealthy individuals' investment strategies.
In 2024, the wealth of billionaires increased by $3 trillion, which is three times faster than the previous year.
The world's 500 richest people had a combined net worth of $10 trillion.
Elon Musk, Mark Zuckerberg, and Jensen Huang were among the billionaires who saw their wealth increase.
In the first quarter of 2024, the top 10% of workers in the United States owned 67% of the country's wealth, while the bottom 50% owned 2.5%.
The wealth gap between the rich and the poor has become more pronounced over time.
Wealthy people often save and invest a portion of their income regularly.
In 2024, money market funds and CDs were popular investment choices due to high interest rates.
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Where are these high interest rates? My bank doesn't pay enough to make savings or cd's worthwhile. Meanwhile my 2.5% son sec raise was more than eaten up by electricity, rent, food, gas, insurance, hospitals and doctors.
ReplyDeleteYeah, but 10 trillion USD isn't what it used to be. I wonder how that would look if it were converted to something like real money, not "reserve currency."
ReplyDelete$1.5 trillion.
ReplyDeleteIsn't that about the same amount Joe Biden pissed away on various spending?
What are the rich doing with their money. Musk is setting lots of things in motion that look to make life better for lots of people. Contrast that with the politicians and hangers-on in DC. There was a time where one guy had so much money that the US govt was asking him for loans.
ReplyDeleteI did some estate planning where I set my property into a trust for my daughter. As a late baby boomer who did not save for retirement until my 30's I am worth just over $2 million and I am living pay check to pay check.
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