[dchung333]

Hmm... 2006, huh. I wonder what happened then for it to change. Well tax evasion has always been the main game with these foundations. But it's a strange statement from earlier about the disbursement of funds through the Gates Foundation. There are claims here against Dynastic wealth yet similarly to the Emerson Collective these claims seem hard to substantiate or just tax write off donations to his children. Though it is important to note that Buffet has given $50 billion of his own wealth to charitable causes.

Personally, I don't like to think of this as some conspiracy or oligarchic cause. In many ways it could be the billions his children are inheriting seems like a lot because it is. Though, mind you, they are in their 70s. Some are obese, the likelihood of living past a certain age is also hard to factor, but not impossible. Most people like to see their children at least live a good life, it's hard to blame them for it. But at what amount does this become questionable? These are all questions people ask and have asked over the decades.

This generation of billionaires have not been born into extreme levels of wealth. Though many have asked what would happen if this were to continue. In Korea generational wealth has existed through various families known as the Chaebols the word itself is a loan word for Japanese known as Zaibatsu. Extreme levels of income inequality in Korea and an economy controlled by a few powerful mega-corporations whose families made connections to one another through marriage.

Well, it's impossible to tell what the future holds for these children. But for the average Korean citizen they have become indentured servants. A broken social structure and a ladder that for many is impossible to climb. I guess it's enough with the anecdotes. And even if it got better should a family or a handful of families control an entire countries economy? I don't think so.

I do wonder though, can a family spend even a billion dollars in their lifetime? It seems unrealistic to think of that way. And why should any family even have control of such level of wealth. In their lifespan have they done anything to deserve this amount? It seems impossible to think of, much less inheriting it.

It can seem appealing to people to be a billionaire or to have an immense amount of wealth, but it's not. It's an isolating life and an even smaller social circle. Most of no friends and it can be almost impossible to build relationships with others even in these circles. But who knows maybe they've never experienced this before. But I've met with aging billionaires before and their children. Their life stories are just kind of depressing. For a lot of them their money is the only tangible thing they have and that's not really a healthy thing.

[silexia]

The wealth will be controlled by someone. Socialism has showed that in most cases it devolves into totalitarianism (Russia, Venezuela, China, etc). Then you have all the wealth controlled by just one person. At least in capitalism it is spread across thousands or tens of thousands of families, and there is a mechanism for removing it from foolish families (capitalism again then bankruptcy).

[gandalfian]

"Hmm... 2006, huh. I wonder what happened then for it to change. "

Well he remarried in 2006 having been widowed two years earlier. Neither he nor his friends were getting any younger. So it all sounds pretty unremarkable.