Published on Jul 23, 2012
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As countries like Greece and Spain struggle under massive debts that are impoverishing its people, the elites around the world are getting richer and richer. This report looks at the ever widening gap.
“There are customers that have all the way up to 100 vehicles in their garage.” Torsten Muller-Otvos from Rolls Royce tells us. Each one costs about half a million and last year Rolls Royce sold more cars than ever before in their 100-year history, but then the luxury industry knows no crisis. Since 2009 the rich have become on average 6 percent richer. So while one in six Americans now has no health insurance, Manhattan’s 58 billionaires have gotten richer. As Manuel Koch points out the ratio of return expected by the rich has totally shifted, “People used to be happy making three million profit. Today companies like Apple account for 6 billion profit. That’s profit! Not turnover.” But despite their greater income the super-rich aren’t too happy about the idea of their tax loopholes being closed. In their minds they give back, even if its not through taxes. “I know a lot of rich friends who have charities…when they reach a certain level they give back to the community. So I think less tax is always better than too much.” But as the world struggles through a financial crisis and the globe-trotting elite continue to grow wealthier, there’s not much evidence they have their communities interests at heart.
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