They didn’t gain $49 trillion. Their total wealth is $49 trillion. Still terrible but the article’s headline is misleading.
Yes
Nobody will say they lost $49 trillion if stock go down next week
They cannot get $49 trillion out of the market by selling all their stocks
It’s just a weird misleading framing
I guess the difference there is that the wealthy can take out loans and secure assets like houses against their stocks but yes the stock market isn’t real
I mean, regular people can do that too, just not to the same extent. Robinhood is offering 6.75% now on margin loans, and IBKR has like 6.85% or so.
Yeah, the article says the rich got 7% richer in 2023 for a total of $49b.
That’s about $3-4b gained in 2023.
Trillion, not billion, but yeah
Imperial trillion, metric billion.
In the US of A, 1T = 1.000.000.000.000 (1B is 1.000M, and so forth)
In the metric system, 1T= 1.000.000.000.000.000.000 (1B = 1.000.000M, and so forth)
That’s why in other languages you sometimes hear “a thousand million”, although I agree with you in that the most common way of counting on the internet is with imperial billions.
We should start a successful Occupy Wallstreet.
As someone who participated in the last, maybe shut down any fellow peasants who try to insult and/or mock the next one, if the owners allow there to be a next one.
There’s nothing more demoralizing than being attacked by the people you’re desperately trying to help.
