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Cake day: July 11th, 2023

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  • thatKamGuy@sh.itjust.workstoLefty Memes@lemmy.dbzer0.com0.001%
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    23 days ago

    That’s because chances are, globally speaking, if English is your primary language you are likely to fall within that top 10% by default.

    But the dirty secret is, it’s all a red herring.

    People in the 90th percentile, hell even the 95th percentile, aren’t drastically earning more than their compatriots when compared to the Uber-wealthy at the very tippy-top. Forget the 1%, the true leeches of humanity make up the top 1% of the top 1% of the top 1% (~8K).

    Hell, if we as a society just targeted those with a net wealth of over $2b USD (~2K individuals) - we’d very quickly put the fear of God into the remaining billionaires to keep their wealth in check through whatever means necessary.


















  • It’s not as much a “feel-good” story as comments who haven’t read beyond the headline might make you believe:

    The PIF values its total investments at nearly $1 trillion in assets, but a significant percentage of these are hard-to-sell assets with no public valuation; as a result, the NYT reports that the PIF reps have told international investors that it is “unable to allocate” for the near future.

    Despite this, a spokesperson for the PIF, Marwan Bakrali, told the newspaper that it had $60 billion in cash and “similar financial instruments”.

    ETA: Its not as though they’ve lost a significant chunk of the fund, but rather that a sizeable portion of it is tied up in illiquid assets that can’t be readily sold, or valued and loaned against.

    Though there is some mention of some of their investments being in “distress”, so there is at least some good news?