$2.99 --> $1.99 for sale. The Way of Wealth,why they? Forbes 400 The richest people in American
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From Wall Street to the West Coast, from blue-collar billionaires to blue-blood fortunes, from the Facebook guys to hedge fund honchos, All the Money in the World gives us the lowdown on, among other things: the all-time richest Americans, who made and lost the most money in the past twenty-five years, the fields and industries that have produced the greatest wealth, the biggest risk takers, the most competitive players, the most wasteful family feuds, the trophy wives, the most conspicuous consumers, the biggest art collectors, the most and least generous philanthropists.
• In the first Forbes 400, oil was the source of 22.8 percent of the fortunes, manufacturing 15.3 percent, finance 9 percent, and technology 3 percent. By 2006 oil had fallen to 8.5 percent and manufacturing to 8.5 percent. Technology, however, had risen to 11.75 percent and finance to an extraordinary 24.5 percent.
• With the emergence of new technology-based and financial fortunes, the geography of American wealth has changed. In 1982 New York had 77 members on the list, California 48. Today California has 89 members. (At its peak, before the Internet bubble burst in 2000, California had 107 people on the list.) New York now has 56 members, a decline of 27 percent over the life of the index. But New York City has more 400 members (45) than any other American city. Texas had 65 members on the list in 1982 and 36 in 2006. The flow of fresh money to California is mostly concentrated in Silicon Valley, near San Francisco. In the last twenty-five years, Silicon Valley has joined Wall Street, Hollywood, and the Texas oil patch as a storied and almost mythical source of American riches.
• The average net worth in 2006 of Forbes 400 members without a college degree was $5.96 billion; those with a degree averaged $3.14 billion. Four of the five richest Americans—Bill Gates, casino owner Sheldon Adelson, Oracle’s Larry Ellison, and Microsoft cofounder Paul Allen (whose combined net worth was $110 billion in 2006)—are college dropouts. The fifth, Warren Buffett, has an undergraduate degree from the University of Nebraska—and subsequently got a master’s degree in economics from Columbia University. A broader study of the Forbes 400 over the last twenty-five years indicates that in any given year about 10 percent of the members dropped out of high school, possess only a high school diploma, or never completed college.
Early life (Biography)
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