Was browsing tru the daily papers when I came across “The super-rich rarely give their wealth away, as seen by the philanthropic lists, but why do they hang on to so much money”
Mr Warren E. Buffett is the runner-up on Forbes’ Billionaire list. But in terms of philanthropy, he gave more the US$42 billion for charity.
Theses kinds of actions always…. always burns a hole in me. He was born poor just like most of us struggling out of the poverty trap. With little financial support from his family, he became a guru in the financial industry. And well, hes one of very few who made it, and made it in a very big way. Nobody wants to be a Nicholas (the one we saw as a SAF advertisement) everyone wants to do something, be someone, not being constrained by financial means and numbers.
It is even demoralizing to know that even after trying hard, you might not be able to guarantee yourself a place in just mid-class society, not to mention the high life that these ppl are living in.
From the article, Oracle’s founder, Lawrence J. Ellison, who’s net worth last year was around US$16billion. At 10% rate of return, he wound need to spend more than US$30million a week simply to keep from accumulating more money than he already has. Mr Ellison would have to spend US$183000 an hour just to avoid increasing his wealth. Their fortunes are growing so fast that even their offsprings will have problem keeping the figures down and under controlled.
What a problem I would love to have.
Out of the list, only 4% of the richest Americans felt that providing an inheritance for loved ones ranked in their top five reasons for saving. Then why do they need to save so much money for? Maybe they love money, not for wat it can buy, but just for itw own sake. Perhaps they get something from having money – clout, power, the ability to dominate an industry. Or perhaps these are just competitive people who care about their position compared with other ppl on the list.
The other billionaires will probably think he’s crazy, but it may make him the only rational person on the list.
posted by ikaira @ 12:36 PM,
