Wow!!!!!! It Would Take 220 Years For The World's Richest Man To Spend His Wealth

According to Oxfam it would take the world’s
richest man, Carlos Slim, 220 years to spend
all his money at a rate of $1m per day.
Since the financial crisis, the number of
billionaires in the world has more than
doubled, according to research by Oxfam
which warns that economic inequality has
“reached extreme levels” .
According to the charity, the number of
billionaires (US$) worldwide totalled 1,645
people by March 2014 - up from 793
billionaires in March 2009.
Calculations by Oxfam, which were
published earlier this year, found that the
85 richest individuals in the world owned
the same amount of wealth as the poorest
half of the global population .
This figure was based on the total wealth of
the 85 billionaires at the time of the annual
Forbes list in March 2013. According to
Oxfam’s latest research, in the 12-month
period since the last Forbes report, their
wealth has increased by 14%, or $244bn -
equating to a $668m-a-day increase.
The global report on inequality released by
the charity on Wednesday, warns that the
“billionaire boom is not just a rich country
story”. India, which had two billionaires in
the 1990s now has 65, while by March 2014
there were 16 billionaires in sub-Sharan
Africa.
In this latest report, Oxfam have calculated
the length of time it would take the world’s
richest people to spend their wealth. For
Carlos Slim , the world’s richest man, it
would take 220 years for him to spend his
$80bn fortune at a rate of $1m per day.
As Oxfam say in the report: “Once
accumulated, the wealth of the world’s
billionaires takes on a momentum of its
own, growing much faster than the broader
economy in many cases”.
The chart below shows how much the
world’s richest would make on their wealth
per day in a savings account (at an ordinary
rate of 1.9% interest and at an average
billionaire rate of 5.3%).
Oxfam’s report, endorsed by Andy Haldane,
chief economist at the Bank of England also
analyses a tax of 1.5% on all the world’s
billionaires. It found that if all the
billionaires in the world were to be taxed at
1.5% (on wealth over $1bn, as of 2014) it
could raise $74bn, or as the charity put it,
“enough money to fill the annual gaps in
funding needed to get every child into
school and to deliver health services in the
world’s poorest countries”.