"The Rich Get Even Richer"

Owen Jones owen.jones at SPAMultramail.co.uk
Fri Sep 24 16:51:01 MDT 1999

-- Not wishing to disgust everyone on the list, but their pockets are
getting bigger. Interesting how many of these horrifically rich people rely
on the stock market boom for their wealth - at present, though it seems to
have been strangely overlooked in the bourgeois media, the stock markets on
both Wall Street and in Europe seem to be heading for a crash. Remember a
few months ago the bourgeois press were boasting of how the Dow Jones had
gone over 11,000 points? This week it has crashed down hundreds of points to
not much over 10,000 - in around a week it has gone down by almost 1,000
points. Anyway, what this article of course misses out is that whilst these
parasitical fat cats get richer, ordinary people in the West are getting a
lot, lot poorer, now getting even faster here in Europe with the death of
Stalinism and Social Democracy. Some very interesting facts and figures in
this article. --OJ

The rich get even richer
Stock boom adds 60 new names to Forbes list of 400 wealthiest
September 24, 1999: 9:47 a.m. ET

NEW YORK (AP) - The soaring stock market
helped land 60 new names on this year's list of
the richest Americans, turning 35 of them into
billionaires, according to Forbes magazine's
latest ranking of the nation's wealthiest people.
Of the rookies, 19 made fortunes from
Internet-related businesses, including
Amazon.com (AMZN) Chairman Jeffrey Bezos,
ranked 18th with a net worth of $7.8 billion. Jay
Walker, founder of the online merchant
Priceline.com (PCLN), was ranked 43rd with
$4.1 billion.

Bill Gates retained his place as richest of
them all. The Microsoft Corp. (MSFT) chairman
saw his net worth grow to $85 billion from $59
billion a year ago. Gates was twice as wealthy
as the second richest American, Microsoft
co-founder Paul Allen, with a net worth of $40
billion. Warren Buffett, chairman of Berkshire
Hathaway Inc. (BRK.A), ranked third with $31

The 400 richest Americans for the first time
have collectively amassed $1 trillion, a figure
greater than the gross domestic product of
China. The total number of billionaires on the
annual list increased by 79 to 268, making 1999
the first time billionaires made up more than half
the list, Forbes said in its issue dated Oct. 11.

The minimum net worth needed to qualify for
the Forbes 400 rose to $625 million from $500
million in 1998.

Wall Street helped some on the list become
billionaires almost overnight. No. 68 Gary
Winnick joined the billionaires club just 18
months after founding Global Crossing (GBLX),
which is building a global fiber-optic
telecommunications network.

Rounding out the top five, Steve Ballmer,
Microsoft's president, was No. 4 with $23 billion,
and Dell Computer (DELL) CEO Michael Dell,
with $20 billion, was No. 5.

A college degree wasn't required to make the
list -- at least 63 members never graduated
college. Their net worth averaged $4.3 billion.
Nearly 40 percent of the list, or 149 members,
got rich the easy way: They inherited some or all
of their wealth. Their average net worth was
$2.5 billion. The 251 members who struck it rich
on their own had an average net worth of $2.7
billion. The average age of Forbes 400
members was 60, with financier Max Fisher the
oldest at 91 and Daniel Ziff, of Ziff Brothers
Investments, the youngest at 27. And nearly a
quarter of the 400 live in California. The state's
98 members on the list include many Silicon
Valley and other high-tech executives.

Copyright 1999 The Associated Press. All
rights reserved. This material may not be
published, broadcast, rewritten, or
(Oh well, property is theft and all that).

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