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RE: Worlds richest man. - Apr. 28 2008 18:35:23
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tuc biscuit
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quote:
ORIGINAL: knockedout90
The thing that gets me the most is that in 2006 his annual income was 50k or $100000.
the richer you are the better the tax advisors and accountants you can afford 
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RE: Worlds richest man. - Apr. 28 2008 18:38:47
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knockedout90
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quote:
ORIGINAL: tuc biscuit
quote:
ORIGINAL: knockedout90
The thing that gets me the most is that in 2006 his annual income was 50k or $100000.
the richer you are the better the tax advisors and accountants you can afford
Yeah but how does one go from earning 50k a year which isn't spectacular, to being worth 62 billion in the space of 2 years?
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RE: Worlds richest man. - Apr. 28 2008 18:39:03
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1MR
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Didn't Bill Gates give a load of his wealth the charity, hence his drop down the "league"?
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ORIGINAL: FromTheAshes
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RE: Worlds richest man. - Apr. 28 2008 18:41:01
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muscleman2008
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carlos slim helu is reportedly the richest man in the world accoridng to certain magazines. The people who compile these lists are very thorough but im not sure they are 100% accurate. I reckon there are a couple of saudis whose wealth hasnt been calcualted correctly.
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RE: Worlds richest man. - Apr. 28 2008 18:42:07
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knockedout90
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quote:
ORIGINAL: 1MR
Didn't Bill Gates give a load of his wealth the charity, hence his drop down the "league"?
This is quoted from forbes magazine who do the rich list
"Gates is now worth $58 billion and is ranked third in the world. He is up $2 billion from a year ago, but would have been perhaps as rich--or richer--than Buffett had Microsoft not made an unsolicited bid for Yahoo! "
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RE: Worlds richest man. - Apr. 28 2008 18:44:13
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muscleman2008
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Gates has given away $29 billion to charity since 2000.
People are always put him down but how many others would give away a third of their wealth to charity. Having said that Buffet has recently pledged to match Gates' donations up to $1.5 billion a year.
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RE: Worlds richest man. - Apr. 28 2008 18:48:07
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sl
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with that kinda money I would give more 
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RE: Worlds richest man. - Apr. 28 2008 18:50:02
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knockedout90
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I wonder what Warren does in his spare time.
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RE: Worlds richest man. - Apr. 28 2008 18:51:32
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Red Man
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quote:
ORIGINAL: knockedout90
Yeah but how does one go from earning 50k a year which isn't spectacular, to being worth 62 billion in the space of 2 years?
He didnt, he is probably still earning 50k a year now. The wealth is calculated on assests, not just the 'cash' they have.
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RE: Worlds richest man. - Apr. 28 2008 18:54:03
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muscleman2008
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On small salaries, Michal bloomberg mayor of NY and owner of Bloomberg TV gets paid $1 a year for being mayor of new york.
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RE: Worlds richest man. - Apr. 28 2008 19:09:33
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Greenranger
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I believe he makes more than 50k per year, its all done as a tax dodge (through dividend payment i would imagine?)
Impressive bloke
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RE: Worlds richest man. - Apr. 28 2008 19:09:39
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carl19
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quote:
ORIGINAL: muscleman2008
Gates has given away $29 billion to charity since 2000.
People are always put him down but how many others would give away a third of their wealth to charity. Having said that Buffet has recently pledged to match Gates' donations up to $1.5 billion a year.
how is there still poverty
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ORIGINAL: Titch
stone14, I am going to refrain from posting in this thread until I can come up with a polite way of saying:
'You sound like a remarkably uninformed, slightly slow, stupid tw*t'.
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RE: Worlds richest man. - Apr. 28 2008 19:11:36
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muscleman2008
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Im not sure if that was sarcastic or not but in my mind $29 billion is a lot. And the things he has given to are worthwhile things such as a foundation to create a mosquito that when it bites you makes you immune to malaria.
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RE: Worlds richest man. - Apr. 28 2008 19:11:56
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ThaiFighter
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quote:
ORIGINAL: knockedout90
quote:
ORIGINAL: tuc biscuit
quote:
ORIGINAL: knockedout90
The thing that gets me the most is that in 2006 his annual income was 50k or $100000.
the richer you are the better the tax advisors and accountants you can afford
Yeah but how does one go from earning 50k a year which isn't spectacular, to being worth 62 billion in the space of 2 years?
He doesn't.
He is WORTH 62bn.
He earns...in paid income...50k.
The reason for this is that he owns a holding company, called Berkshire Hathaway, worth....tons and tons...they're publicly listed so you too can buy shares in his company and have a say etc. BK has made thousands of normal investors millionaires because of it's rapid growth over the past 40yrs. He's a living legend because his historical stock market performance, is in excess of 20% per year, every year.
He pays himself a modest salary of 50k per yr, and lives in the same house he bought when him and his 1st wife married. It's worth maybe $1m, probably less, and again, is a relatively modest 4 bedroom house in Nebraska.
Besides fly private planes everywhere...he's a pretty down to earth guy. His business owns loads of the major catastrophe insurance companies in the US (and world), as well of lots of businesses that are well known for their quality - e.g. Sees Candy, NetJets etc.
His investment style is that of buy and hold, and he tries to buys businesses where he thinks the management already know what they're doing, and are just trying to sell up to sort of cash in their risk. He wants companies...who are well run, that he can own, and never have to have an input into.
He's also giving away most of his net worth to the Bill & Melinda Gates foundation when he dies, and giving just $1m to his children each. He's famous for the following saying on inherited wealth:
"Your children should have enough money to do anything they want, but not to do nothing at all"
I.e. enough so they can have a go at anything - go to uni, start a business, whatever - but still NEED to earn money to live long term.
Like I said, cool guy, and loads of videos of his speeches on YouTube. A definate worth watch
< Message edited by ThaiFighter -- Apr. 28 2008 19:14:10 >
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RE: Worlds richest man. - Apr. 28 2008 19:17:05
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kitty
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quote:
"Your children should have enough money to do anything they want, but not to do nothing at all"
I like that attitude, bet his kids aren't spoilt brats
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RE: Worlds richest man. - Apr. 28 2008 19:21:43
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knockedout90
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quote:
ORIGINAL: ThaiFighter
If you have the time, watch all 5 in the series of these:
http://www.youtube.com/watch?v=DfuXKpMFUjc
His MBA speeches. Ace stuff!
Thanks mate, I'll give them a watch.
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