@Revolution:Global Business News

New Economy, Leadership, Entrepreneurship, Management, Global Business

Rich Vs. Super Rich

Posted by iBlog on September 12, 2007

Such is the case with the virtual class war between the rich and super-rich. The New York Times has been especially vocal on the topic, coming out with a number of features — such as this one and this one — and a opinion piece over the last year.In the August 5th article, Gary Rivlin writes about a self-described Silicon Valley geek who’s worth about $3.5 million — and complains that he doesn’t feel rich: “I know people looking in from the outside will ask why someone like me keeps working so hard. But a few million doesn’t go as far as it used to. Maybe in the ’70s, a few million bucks meant ‘Lifestyles of the Rich and Famous,’ or Richie Rich living in a big house with a butler. But not anymore.”

I’ve written plenty about the topic as well. In Richistan, I profile a yacht owner who complains that his 100-foot yacht is “like a dingy” compared to the huge fleet of 150-foot and 200-foot boats now crowding the seas.

The main reason for all this class envy at the top is that inequality among the rich is now at its highest level in recent history. The economic distance between mere millionaires and the richest billionaires has more than doubled over the past decade. While the average income for the top 1% of income earners grew about 57% between 1990 and 2004, it grew by more than 80% for the richest one-tenth of one percent.

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