{"id":10486,"date":"2017-02-14T01:00:09","date_gmt":"2017-02-13T14:00:09","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10486"},"modified":"2017-02-14T01:00:09","modified_gmt":"2017-02-13T14:00:09","slug":"the-rich-get-richer-michael-yardney","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-rich-get-richer-michael-yardney\/","title":{"rendered":"The rich get richer – Michael Yardney"},"content":{"rendered":"

Just eight of the richest people on earth own as much combined wealth as half the human race.\u00a0\u00a0 That\u2019s right – they own as much wealth as the poorest half of humanity \u2013 that’s 3.6 billion people represented in the bottom half who\u2019s average wealth works out to less than $120 per person.\u00a0 So what\u2019s happening?\u00a0 Michael Yardney<\/strong> helps us understand.<\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:\u00a0 <\/b>Not sure if you\u2019re aware, but did you know that just eight of the richest people on Earth own as much combined wealth as half the human race? That\u2019s according to a recent report by Oxfam. A really interesting study, and I want to get the feedback here from Michael Yardney.
\nGood day, Michael.
\nMichael:\u00a0 <\/b>Hello, Kevin.
\nKevin:\u00a0 <\/b>Michael from Metropole Property Strategists, of course, a regular guest on our show.
\nMichael, should we be concerned? Is it disturbing that so few people have so much wealth?
\nMichael:\u00a0 <\/b>I can understand why it concerns people, and an Oxfam director came out and said it\u2019s obscene so much wealth is held in the hands of so few. I think there\u2019s another way of looking at it, Kevin, that yes, there will always be a disproportion, but let\u2019s have a look at what these wealthy people have done for the community instead of looking at what else we could do.
\nKevin:\u00a0 <\/b>Okay, let\u2019s do that. That\u2019s a very positive thing to do.
\nMichael:\u00a0 <\/b>It\u2019s easy to point a finger, it\u2019s easy to say that they\u2019re taking advantage of the tax system or that the system is unfair, but let\u2019s not forget all the jobs they\u2019ve created in the various companies owned by these people who create economic activity by providing goods and services.
\nAnd instead of demonizing them, I think what\u2019s also interesting, I did some homework and research to see how philanthropic they are. Can I quickly go through that, Kevin?
\nKevin:\u00a0 <\/b>Please. I think it would be very helpful. Thank you.
\nMichael:\u00a0 <\/b>They\u2019re billionaires and they were born at the luckiest time in history, and six of them are hailing from America, which is the wealthiest country in the world. But when you look at them, the first one is Bill Gates.
\nHe\u2019s co-founder of Microsoft, the richest man in the world. But you probably have heard that he set up the Bill and Melinda Gates Foundation, who so far have donated $30 billion \u2013 not million \u2013 because their core belief is that giving people the tools to gain a healthy life rather than giving handouts is going to help them.
\nThe number two person on this rich list of eight billionaires was Amancio Ortega, the founder of Zara Clothes. Similarly, he set up the Amancio Ortega Foundation, which only last year gave 25 oncology radiotherapy units to hospitals in Spain at the value of 40 million euro.
\nWarren Buffet is on the list. He\u2019s 86 years old, and every year, he donates money. Last year alone, he donated $2.86 billion of shares in Berkshire Hathaway, plus he\u2019s set up the Giving Pledge Foundation with Bill Gates, allowing and encouraging other wealthy people to continue giving money during their lifetime.
\nNumber four on the list of these wealthy eight people is Carlos Slim, the Mexican business magnate who owns one of the big telecommunications companies there. He has just recently given $4 billion worth of investments, and he\u2019s got another $6 billion that he had donated to charity.
\nJeff Bezos, the founder of Amazon, is worth $42 billion, and he has donated to many nonprofit projects.
\nMark Zuckerberg, who founded Facebook, number six on the list, is a major philanthropist. He has pledged to give away 99% of his Facebook shares to charitable causes.
\nLarry Ellison, the founder of Oracle, and Michael Bloomberg and other people who make up the list have all similarly done this.
\nSo, Kevin, what does all this show? I think it shows that wealthy people recognize that true wealth has nothing to do with how much money you have or how many properties you have or how many businesses or shares; it actually shows that in their life, they have recognized the importance of paying it forward and helping other people and giving back to the community.
\nKevin:\u00a0 <\/b>Yes. It\u2019s interesting reading a little bit further into this information from Oxfam. They say that the bottom half, the average wealth is less than $120 per person. It is such a wide gap, isn\u2019t it?
\nMichael:\u00a0 <\/b>It definitely is, but I think the other thing to remember is that while these wealthy people were doing so well and building their wealth, the poor people in the world over the last couple of years are more and more being pulled out of poverty. Look at all those people in China who have moved from rural China, farms and the rice paddies, to cities. There has been a lot of middle-class wealth created in the world, as well.
\nSo let\u2019s not forget these billionaires and all other entrepreneurs around us have become wealthy by growing businesses, by employing people, by creating value, and making your and my money move through the community.
\nSo in my mind, we should have more businesspeople and applaud them. I\u2019m doing my best bit at running my little business, and I know you are too, Kevin. I don\u2019t think we should knock or be jealous of the wealthy people.
\nKevin:\u00a0 <\/b>No, definitely not. We should look at them for inspiration, I would have thought. Michael, always good talking to you, always make a lot of sense. Thank you very much. Michael Yardney from Metropole Property Strategists. Thanks, Michael.
\nMichael:\u00a0 <\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Just eight of the richest people on earth own as much combined wealth as half the human race.\u00a0\u00a0 That\u2019s right – they own as much wealth as the poorest half of humanity \u2013 that’s 3.6 billion people represented in the bottom half who\u2019s average wealth…<\/p>\n","protected":false},"author":176692471,"featured_media":10487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,23,25],"tags":[101],"class_list":["post-10486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-selling-a-property-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nThe rich get richer - Michael Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-rich-get-richer-michael-yardney\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The rich get richer - 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