There we have it. It’s just pure envy and punishment. Nothing to do with making poor people better off. Even if you confiscated 100% of their wealth and distributed it, it would come to something like an iPhone each, not a house or even car each.https://twitter.com/AOC/status/1127270688925134849 …
You don't agree. Okay. But please don't make up falsehoods to support your position. If you'd confiscated 100% of the wealth of U.S. based UHNWIs it would come to approx 26k USD per US individual. Much more than an iPhone and certainly within the range for a car.
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Net worth of U.S. based UHNWIs according to Wealth-X 2017 report: 8719 billion USD U.S. population according to United States Census Bureau: 327 million people
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Adding the top ten in https://en.wikipedia.org/wiki/List_of_Americans_by_net_worth … gives $694.3b, or $2123 per capita. iPhone Xs Max 512 GB is US$1449 plus tax. Add AppleCare+ for $299 (to make sure poor people actually have a working phone for a couple of years) and you're up to $1748 plus tax. It's pretty close.
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UHNWU is >$30m. There are 70000 such in the USA. The tweet I quoted said only 10 individuals would be affected. So you’re talking about something very different.
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That's the thing with wealth concentration: In the quoted tweet I increased the threshold from 30M to 1B, a factor of 30x, went from 70000 people to only 600, a factor of 100x, but the total net worth only decreased by 3x. (those 607 ppl = the top 0.0001%)https://twitter.com/oe1cxw/status/1127515814935052289 …
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Some *families* “live” on that salary.
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