Tag: millionaire

  • The Story of John McAfee – The Infamous Techie

    McAfee is a popular antivirus software that almost all of us are familiar with but do you know the real story of John McAfee, the man behind the brand? If not, then you will be shocked to know that the face of McAfee is rather infamous in the world of technology.

    The tech world is bustling with inspirational, energetic, knowledgeable, and respectable people, philanthropists, and people of sheer genius, who are born to outshine the darkness of the decades. Bill Gates, Mark Zuckerberg, Steve Jobs, Elon Musk, Jeff Bezos, Larry Page, Sergey Brin, and their kinds have been hugely influential, but a man as genius and heinous as John McAfee is rare to be found in the world of technology or any other domains.

    Along with being the founder of what has been one of the most popular antiviruses in its days, John McAfee is a man who can easily claim to be one of the most colorful and notorious of characters in real life, soaked in drugs, guns, women, and illegalities of all nature, which has also seen him multiple times behind the bars.

    John McAfee also managed to run for president but obviously, he failed and turned away from it later in 2020. McAfee had witnessed dreadful days, with his father being a violent alcoholic who used to take it out on his wife and son, since his childhood. Had he not had to go through such days, he might have been a better person, but destiny had it otherwise.

    A Look Back at John McAfee’s Past
    How did John McAfee built his career!
    His fortune lied in McAfee
    John McAfee’s Life after McAfee Associates
    When did John McAfee’s Fortune Crumbled
    John McAfee’s refuge in Politics
    McAfee’s Later Years followed by His Recent Death
    FAQ

    John McAfee died in Spain, on June 23, 2021, and this is his story.

    A Look Back at John McAfee’s Past

    John David McAfee was born in Gloucestershire, England in 1945 to an American father and a British mother. His father was an army man and McAfee was born on the US army base in the UK.

    Though John was born in England, his family moved to Virginia soon after that where he spent his early days. His father was an alcoholic, who had anger issues, as he recounts, right from his earliest of days.

    While John was only 15 years old, his father shot himself dead one day. This was a significant event that John couldn’t reconcile with till the end. His violent past seems to be instrumental in the person he later developed into.

    While mentioning his father in an interview, John McAfee was also recorded saying “every day I wake up with him.

    After his father died, John eventually completed his Bachelor’s degree in Mathematics from Roanoake College. He further went on for his Ph.D. degree in mathematics in Louisiana, when he was caught sleeping with an undergraduate student for which he was expelled.

    How did John McAfee built his career

    It was true that John inherited his father’s fondness for alcohol but after he was out of the university, John had to look for jobs. He was skilled in maths and eventually started learning coding, which enabled him to look for technical jobs.

    His skill in coding and the drive for employment placed him as a programmer in NASA’s New York-based Institute for Space Studies, where he joined at the final days of their Apollo program.

    He left the job in there 1970 and shortly after that he went to Silicon Valley in search of jobs and discovered his love for hallucinogens, including LSD cocaine, and others along with the alcohol that was constant. Though later on, he joined Univac as a software designer and then worked as an operating system architect in Xerox, never did he detach himself from his addiction.

    His constant involvement with drugs and alcohol almost left him lonely at the brink of depression, when he also decided to commit suicide but found his way to AA (Alcoholics Anonymous) and sobered down eventually.

    His fortune lied in McAfee

    After a brief career with Xerox, John joined Computer Sciences Corporation, where he was employed as a software consultant and later began working with Lockheed when he was introduced to the Brain computer virus, the world’s first computer virus.

    Confronted with this new threat that had the potential of causing limitless damages to PCs, McAfee decided to counter this virus with the help of software programs. In this way, he launched McAfee Associates in 1897.

    He started the company initially from his home and ultimately found his way to wipe out the first computer virus of its kind and limit the total damages done by the virus.

    Overwhelmed by his success and an urge to share his knowledge, he published his first book in 1989 titled “Computer Viruses, Worms, Data Diddlers, Killer Programs and Other Threats to Your System“, where he wrote his concerns about the upcoming dangers of similar viruses to computer users.

    McAfee, one of the pioneering antiviruses in America, was an instant hit and soon it started making around $5 million a year when another virus named Michelangelo popped up in 1992.

    Initially billed as a dangerous virus, capable of unfathomable worries for computer viruses, it was rather short-lived and infected only some thousand computers in the presence of McAfee. Sales surely soared for McAfee with this feat.


    Jack Dorsey- Twitter Founder | Education | Biography
    Writing when you have a word limit to stick to is stimulating and challenging atthe same time. Leveraging character limit for your own good is simply at anotherlimit. And that’s the idea behind Twitter. This social media platform hasrevolutionized concise messaging through the concept of tweets…


    John McAfee’s Life after McAfee Associates

    John McAfee left his company McAfee Associates in 1994 when he resigned and cashed in his shares worth $100 million two years later. John seemed to have settled down with his life after his resignation when he seemed to be counseling startups and entrepreneurs along with lecturing at Stanford’s Graduate School of Business.

    He was also engaged in a host of other ventures, which included Tribal Voice that later on launched the first-ever chat messaging programs in Windows. Furthermore, McAfee founded a yoga retreat near his place in Colorado and in his past time wrote books. McAfee was also involved in donating computers, during this time, to various schools.

    John’s life changed so much that it almost began to seem like a dream retirement but fate simply had its ways.


    Mehul Choksi – How he list the sparkle? [Case Study]
    The 63 year old diamond trader is wanted by the Indian legislative authoritiesfor the charges of money laundering, criminal conspiracy, corruption, cheating and dishonesty. He is also accused in the PNB scam case. He is an Indian borncitizen who later took citizenship in Antigua and Barbuda in 20…


    When did John McAfee’s Fortune Crumbled

    McAfee’s fortune crumbled with the financial crisis of 2008 and with it, John’s life took a major bend towards the worse.

    With the onset of this crisis, McAfee had to sell many of his assets and his fortune dwindled to $4 million. He sold his house and packed off from Colorado to settle in a tiny enclave of Belize, on the Caribbean coast.

    Free from all the headaches and other financial troubles, John McAfee started his new ventures, which included the launch of a cigar-making business and a coffee distribution company. It is there that he met the American microbiologist, Allison Adonizio, who disclosed his plan of manufacturing a new class of antibiotics and founded a pharmaceutical company, Quorumex. However, McAfee soon took up his habit of drinking and became a regular customer of a bar nearby, where he soon became a favorite among the local drunks and the prostitutes of the area.

    He even parted with the 12 years old relationship he shared with his girlfriend and became involved with a 16-year-old. His lifestyle became nastier with the influx of guns, girls, and drugs. It also began to get a lot of attention from the local police and coastguards.

    Though he was famous there for his donations of arms and equipment to the local police and coastguards, his life was too conspicuous to ignore by this time. McAfee was finally arrested for manufacturing methamphetamine and the possession of unlicensed firearms, which eventually dropped charges and freed him. However, his life became too erratic to be normal by then.

    In the same year, police found Greg Faull, a friend and a neighbor of McAfee’s, apparently shot dead and came seeking McAfee for the murder, mainly because of the alleged argument that he shared with Faull over the death of his dogs, who were poisoned.

    John McAfee’s refuge in Politics

    McAfee denied killing his neighbor and managed to flee to Guatemala without being arrested, all the time arguing that his life was at risk there because the same offender who killed his neighbor might come looking for him.

    He was finally arrested by the police in Guatemala, soon after which McAfee suffered heart problems, for which he wasn’t extradited to Belize and in turn found his way to the United States.

    McAfee had long been disgusted with his antivirus product that was still registered under his name and also became vocal about his hatred. He even launched a video titled “How To Uninstall McAfee Antivirus” that featured John McAfee frolicking with other half-clothed women, wielding guns, and snorting bath salts.

    He was again arrested for a series of other crimes, which included drunk driving and the possession of firearms, suspected of high caliber and ammunition. In the meanwhile, the court case for the murder of Greg Faull, which was silent but loomed at the background resulted in the issuance of a wrongful death lawsuit that urged McAfee to pay compensation. To avoid all these John seemed to find his refuge in politics.

    McAfee saw him fit for the presidential nominations from the Libertarian Party but his run saw him third, followed by his vice-presidential nominations, which placed him third again

    McAfee dodged taxes like never before and advocated the mining, use, and promotions of bitcoins and other cryptocurrency projects, which he headed. He also developed the Ghost ecosystem that consists of a privacy coin and an exchange.

    McAfee’s Later Years followed by His Recent Death

    The final twist came when he was finally arrested in Spain in October 2020 while he tried to flee to Barcelona from Turkey via airways.

    John was awaiting extradition to the United States, convicted with the charges of tax evasion, concealing assets, and failing to file tax returns until June 23, 2021, when he died in his prison cell in Barcelona on the same date. As per the charges slammed against him, John McAfee, who turned 75 this year, was to face up to 30 years of jail time. However, he evaded that by ending his life apparently by hanging.

    FAQ

    How much was McAfee worth?

    John McAfee was the former CEO of the anti-virus software company McAfee, who had a net worth of $4 million.

    Why was McAfee wanted?

    John McAfee was wanted on charges of tax evasion and cryptocurrency fraud in the US and If convicted, he could have faced up to 30 years in jail.

    What Cryptocurrency did McAfee promote?

    Authorities accuse Mr. McAfee, between 2017 and 2018, of hyping up cryptocurrencies like Verge, Reddcoin, Dogecoin in which he held a stake, then selling them for a profit when their price spiked following his endorsement. They also alleged he secretly took a cut of ICOs he promoted to followers.

  • Top Countries with Most number of Billionaires 2021

    There are a lot of billionaires in the world. Billionaires play a major role in contributing to the growth of a country and its economy by indirectly reducing unemployment and poverty.

    Here is the list of the top countries with most number of billionaires and the top billionaires of that country.

    United States
    China
    India
    Germany
    Russia
    Hong Kong
    Brazil
    Canada
    United Kingdom
    Italy
    Japan
    Taiwan
    Australia
    South Korea
    France
    Sweden
    Switzerland
    Thailand
    Spain
    Singapore
    Turkey
    FAQ

    United States

    The United States of America is a country which is located in the Northern America. The country is commonly as the United States or the U.S. The country has a population of around 331 million and ranks third in the most populated countries around the world.

    According to the International Monetary Fund, the U.S GDP is around USD 16.8 trillion. For GDP per capita at PPP, the country is ranked sixth in the world and the ninth in the world for nominal GDP per capita.

    United States have around 724 billionaires in the country. The top billionaires of the country are,

    Jeff Bezos with a net worth of USD 177 billion. His main source of wealth is through Amazon.

    Elon Musk with a net worth of USD 151 billion. The main source of wealth is through Tesla and SPACEX.

    Bill Gates with a net worth of USD 124 billion. His main source of wealth is through Microsoft.

    China

    China is a country which is located in the Asian continent. The official name of China is People’s Republic of China. China has a population of around 1.4 billion and it ranks 1st in the world for the most populated country. China is also world’s 3rd or 4th largest country by area.

    In terms of nominal GDP since 2010 China has the world’s second largest economy. According to World Bank in terms of Purchasing Power Parity GDP China’s economy has been the world’s largest since 2014. The nominal GDP of the country is around USD 13.5 trillion.

    China has around 626 billionaires in the country. The top billionaires of China are,

    Zhong Shanshan with a net worth of USD 68.9 billion. His main source of wealth is through Nongfu Spring. Nongfu Spring is a Chinese bottled water and beverage company.

    Nongfu Spring Products
    Nongfu Spring Products

    Ma Huateng with a net worth of USD 65.8 billion. His main source of wealth is through Tencent.

    Colin Zheng Huang with a net worth of USD 55.3 billion. His main source of wealth is through Pinduoduo. Pinduoduo Inc. is an agriculture-focused technology platform in China.

    India

    India is also a country which is located in the Asian continent. India is officially known as Republic of India. India ranks second in the most populated country around the world and India is considered to be the most populated democratic country in the world. In terms of land area, India is the seventh largest country in the world.

    The Indian economy in 2019 was worth USD 2.9 trillion nominally according to International Monetary Fund. India is the fifth largest economy by market exchange rates with around USD 11 trillion. India is one of the world’s fastest growing economies.

    India has around 177 billionaires in the country. The top billionaires of the country are,

    Mukesh Ambani with a net worth of USD 88.7 billion. His main source of wealth is through Reliance Industries.

    Gautam Adani with a net worth of USD 25.2 billion. His main source of wealth is through Adani Ports and SEZ.

    Shiv Nadar with a net worth of USD 20.4 billion. His main source of wealth if through HCL technologies.

    Germany

    Germany is a country which is located in the European Continent. It is officially known as Federal Republic of Germany. The  population of the country is around 83 million and  357,022 square kilometers, it is the area which is covered by the country. Germany ranks second in the most populated country in the European continent.

    Germany’s economy is a social market economy. Germany is considered to have a very low level corruption, high level of innovation and high skilled labourers. Germany ranks third in the world for exporting of goods. The country ranks 1st   European continent for the largest economies and ranks fourth across the globe for the largest economies.

    Germany has around 136 billionaires in the country. The top billionaires of Germany are,

    Beate Heister & Karl Albrecht Jr with a net worth of USD 36.1 billion. Their source of wealth is through their family operated discount supermarket chain Aldi Sud.

    The largest Aldi sud supermarket located in the world opens in the German Ruhr area
    The largest Aldi sud supermarket located in the world opens in the German Ruhr area

    Dieter Schwarz with a net worth of USD 22.6 billion. The main source of wealth is through multinational retail grocery shops Schwarz Gruppe.

    Susanne Klatten is the BMW heiress with a net worth of USD 21 billion. The main source of wealth is through BMW, Atlanta Nordex and SGL Carbon.

    Russia

    Russia is a country which is located in the European continent and is also known as Russian Federation. In terms of land area, Russia ranks 1 among the world’s largest countries. The land area Russia covers is around 17, 125, 191 square kilometers. The population of Russia is around 146.2 million which makes it the most populated country in Europe and the country ranks 9th in the most populated countries around the world.

    Russia has an economy which is a transition of upper-middle income. The country is considered to have enormous amount natural resources. Their natural resources include oil and gas. Russia ranks 6th in the world in terms of largest economies by PPP GDP and ranks 7th in the world in terms of largest economy by nominal GDP. Russia’s GDP per capita by PPP is around USD 29, 485 as of 2021, according to International Monetary Fund.

    Russia has around 117 billionaires in the country. The top billionaires of Russia are,

    Alexey Mordashov and family have a net worth of USD 29.1 billion. Mordashov has the majority shareholding in the steel company Severstal.

    Vladimir Potanin with a net worth of USD 27 billion. His main source of wealth is through metals.

    Vladimir Lisin with a net worth of USD 26.2 billion. The main source of wealth is through steel and transport.


    Why SEBI Imposed 25 crore penalty on Mukesh Ambani, Anil Ambani, others
    There was a recent news headlines which said SEBI has slapped INR 25 crore fineon Ambani’s due to the 2000 case over the allegation of violation of thetakeover code regulations. Let’s look at the below article to get a clearunderstanding about the regulation and the reason for imposing the fine.…


    Hong Kong

    Hong Kong is a country that is situated in the Asian Continent. It is one of the countries which has a very high population around the world and a economy that is capitalist mixed service. The country has a very minimal intervention in the market by the government, low taxation and an international financial market that is well established.

    Hong Kong has a nominal GDP of USD 373 billion which makes its economy 35th largest in the world. Hong Kong has around 71 billionaires in the country. The top billionaires of Hong Kong are,

    Li Ka-shing with a net worth of USD 35.4 billion.

    Lee Shau Kee has a net worth of USD 30.5 billion.

    Henry Cheng and family with a net worth of USD 22.1 billion.

    Brazil

    Brazil is known as the Federative Republic of Brazil. In both Latin America and South America, Brazil is the largest country. The country also has the largest economy in Latin America and has the 7thlargest economy in the world.

    Brazil has around 65 billionaires in the country. The top billionaires are,

    Jorge Paulo Lemann with a net worth of USD 16.9 billion.

    Eduardo Saverin with a net worth of USD 14.6 billion.

    Marcel Herrmann with a net worth of USD 11.5 billion.

    Canada

    Canada is a country which is located in North America. It is the second largest country in the world. Canada has the 10th largest economy in the world. USD 1.73 trillion is the approximate value of the nominal GDP of Canada.

    Canada has around 64 billionaires in the country. The top billionaires are,

    David Thomson and family with a net worth of USD 41.8 billion.

    Joseph Tsai with a net worth of USD 11.6 billion.

    Tobi Lutke with a net worth of USD 9.8 billion.

    United Kingdom

    United Kingdom is a country that is located in the European continent. The country’s economy is a partially regulated market. In Europe, UK is the second largest economy after Germany and around the world UK has the 5thlargest economy.

    UK has around 56 billionaires. The top billionaires are,

    James Ratcliffe with a net worth of USD 17 billion.

    Hinduja Brother with a net worth of USD 14.9 billion.

    Michael Platt with a net worth of USD 13 billion.

    Italy

    Italy is a country which is located in the European continent. The economy of Italy is an advanced capitalist mixed economy. In the Eurozone, Italy has the third largest economy and worldwide it has the 8thlargest economy. The country is considered as the most industrialized nation.

    Italy has around 51 billionaires in the country. The top billionaires are,

    Giovanni Ferrero and family with a net worth of USD 25.2 billion.

    Leonardo Del Vecchio and family with a net worth of USD 17.9 billion.

    Stefano Pessina with a net worth of USD 13.4 billion.

    Japan

    Japan is an Island country which is located in the Asian continent. Japan is the 11th most populated country in the world. In terms of nominal GDP after United States and China, Japan has the 3rdlargest national economy.

    Japan has around 49 billionaires in the country. The top billionaires are,

    Tadashi Yanai with a net worth of USD 48.7 billion.

    Masayoshi Son with a net worth of USD 34.9 billion.

    Takemitsu Takizaki with a net worth of USD 32 billion.

    Taiwan

    Taiwan that is officially known as Republic of China is a country in the Asian continent. The country has been called Taiwan Miracle because of its quick industrialization and rapid growth. This was mainly during the latter half of the 20th century.

    Taiwan has 47 billionaires in the country. The top billionaires are,

    Wei Ing-chou who has a net worth of USD 7.2 billion.

    Ying-Chiao who has a net worth of USD 7.2 billion.

    Yin-Chun who has a net worth of USD 7.2 billion.

    Yin-heng who has a net worth of USD 7.2 billion.


    Billionaires getting richer even during the Pandemic and post crisis
    The worldwide COVID-19 pandemic may have pushed the world economy into a chaoticsituation, with 2020 projected to be worse than any of the years since theglobal financial crisis. But billionaires, in the selected group of countries,have seen their financial situation improve during the phase of p…


    Australia

    Australia is officially known as the Commonwealth of Australia. It is a sovereign country located in the Australian continent. The 6thlargest country around the world is Australia. It is considered to be a wealthy country with a very low rate of poverty and high GDP per capita.

    Australia has 44 billionaires in the country. The top billionaires are,

    Gina Rinehart with a net worth of USD 14.8 billion.

    Harry Triguboff with a net worth of USD 9 billion.

    Anthony Pratt with a net worth of USD 6.8 billion.

    South Korea

    South Korea is officially known as the Republic of Korea. It is a country which is located in the east of the Asian continent. South Korea’s economy is a mixed economy and in terms of the nominal GDP South Korea ranks 10th around the world. It has a high-income economy which makes it a developed country.

    South Korea has 43 billionaires in the country. The top billionaires are,

    Jay Y Lee who has a net worth of USD 11.2 billion.

    Kim Beom-SU who has a net worth of USD 7.6 billion.

    Seo Jung-Jin who has a net worth of USD 7.4 billion.

    France

    France is known as French Republic. It is a country which is located in the European continent. In terms of PPP GDP France is ranked as the 10th largest in the world and is ranked 2ndlargest in the European Union in terms of PPP GDP. France’s economy is a diverse economy with a domination towards the service sector.

    France has around 42 billionaires in the country. The top billionaires are,

    Bernard Arnault with a net worth of USD 76 billion.

    Francoise Betterncourt with a net worth of USD 49.3 billion.

    Francois Pinault with a net worth of USD 29.7 billion.

    Sweden

    Sweden is officially known as the kingdom of Sweden. It is a country which is located in the European Continent. In terms of GDP, It is the 16th richest country in the world. A high standard of living is experienced by the citizens of Sweden.

    Sweden has around 41 billionaires in the country. The top billionaires are

    Stefan Persson with a net worth of USD 15.6 billion.

    Hans Rausing and family with a net worth of USD 12 billion.

    Jorn Rausing has a net worth of USD 8.7 billion.

    Switzerland

    Switzerland is officially known as Swiss Confederation. It is a country that is located in the European continent. Switzerland has lands in all the four sides of their border and hence called as landlocked country. Switzerland has a high-tech economy which is stable and prosperous. It has been ranked as one of the least corrupted countries around the world.

    Switzerland has around 40 billionaires in the country. The top billionaires are,

    Gianluigi and Rafaela Aponte with a net worth of USD 10.7 billion.

    Guillaume Pousaz with a net worth of USD 9 billion.

    Ernesto Bertarelli with a net worth of USD 8.6 billion.

    Thailand

    Thailand is officially known as the Kingdom of Thailand and was formerly known as Siam. The country is located in the Asian continent. Thailand is considered to be a newly industrialized country and is an emerging economy.

    Thailand has 31 billionaires in the country. The top billionaires are,

    Dhanin Chearavanont with a net worth of USD 18.1 billion.

    Charoen Sirivadhanabhakdi with a net worth of USD 13.5 billion.

    Sarath Ratanavadi with a net worth of USD 8.9 billion.

    Spain

    Spain is known as the Kingdom of Spain. The country is located in Europe. Spain has a capitalist mixed economy. They have the 14th largest economy around the world and 4th largest in the European Union.

    Spain has 30 billionaires in the country. The top billionaires are

    Amancio Ortega with a net worth of USD 81 billion.

    Sandra Ortega Mera has a net worth of USD 6.7 billion.

    Juan Roig with a net worth of USD 5.1 billion.


    World’s billionaires to invest $1 Billion to Combat Climate Change
    Bill Gates [https://startuptalky.com/tag/bill-gates/], Jeff Bezos,[https://startuptalky.com/tag/jeff-bezos/] Mark Zuckerberg[https://startuptalky.com/tag/mark-zuckerberg/…


    Singapore

    Singapore is known as the Republic of Singapore. The country is located in the Asian continent. Singapore has a highly developed economy. The Singaporean economy is considered to be business friendly, innovative, dynamic and a free economy.

    Singapore has around 27 billionaires in the country. The top billionaires are

    Zhang Yongwith a net worth of USD 23 billion.

    Goh Cheng Liang with a net worth of USD 21.7 billion.

    Li Xiting has a net worth of USD 21.5 billion.

    Turkey

    Turkey is known as the republic of Turkey. The country is located in the European continent. Turkey is considered to have an economy that is upper middle-income. The country is considered as a newly industrialized country. Turkey is 20th largest around the globe in terms of nominal GDP.

    Turkey also has around 27 billionaires in the country. The top billionaires are,

    Erman ılıcak with a net worth of USD 3.8 billion.

    Murat Ülker with a net worth of USD 3.7 billion.

    Hüsnü özyeğin with a net worth of USD 2.1 billion.

    FAQ

    How many Trillionaires are there?

    As of today, there are no trillionaires who live on earth.

    Who is the wealthiest family in the world?

    Walton Family – Walmart is the wealthiest family in the world with a Estimated net worth of $215 billion.

    Is Kylie Jenner a billionaire?

    Kylie Jenner, 23, was the youngest billionaire, but did not make the cut this year. In 2019, she was controversially named the youngest self-made billionaire in 2019.

    Conclusion

    These are the list of the top  Countries with the most number of billionaires. Some of the other countries with the most number of billionaires are Israel with 17, Indonesia and Philippines with 15, Mexico, Norway and Malaysia with 12, Netherlands with 11, Austria and Ireland with 9, Czech Republic and Denmark with 8 and so on.

  • America’s Top Billionaires to pay Billions under Ultra-Millionaire Tax

    Ultra-Millionaire Tax is a wealth tax that is introduced for the richest people in the U.S.A. It is a new bill that is introduced by Senator Elizabeth Warren of Massachusetts. She has been proposing to introduce this for a long time.

    Senator Elizabeth Warren introduced the Ultra-Millionaire tax with Representative Brendan Boyle of Pennsylvania And Representative Pramila Jayapal of Washington. The main aim of the new bill is to fight for wealth inequality in the country.

    The wealth tax would force the American households whose income is more than $50 million to pay taxes.

    Lets dive deeper to understand what is this tax all about

    Who is this Tax for
    Evasion Methods
    Reasons for this Tax
    Amount Owed by the Rich
    FAQ

    Who is this Tax for

    The American households whose net worth is in-between $50 million and $1 billion will have to pay a 2% wealth tax. For example, if the household is earning $50 million then they will have to pay $100,000 in the form of wealth tax.

    The American households whose net worth is more than $1 billion will have to pay a 3% wealth tax. For example, if the household is earning $2 billion, then it will have to pay $60 million in the form of wealth tax.

    The households earning below $50 million will not come under the tax bracket. 0.05% of the American households will come under the proposed tax bracket according to a press release.

    Evasion Methods

    The Ultra-millionaire tax has anti-escape measures been taken under consideration. The country will invest an amount of $100 billion to strengthen the IRS (Internal Revenue Service) who is responsible for collecting the taxes. There will be a minimum of 30% audit rate for the taxpayers who are responsible for paying the wealth tax.

    If the U.S citizens who have an income of more than $50 million would want to leave the country or move their assets and citizenship to another country, then they would have to pay an exit tax of 40%. There would be penalties implements for underpayment of the wealth tax.

    Top Richest Americans
    Top Richest Americans

    Reasons for the new Ultra-Millionaire Tax

    The main reason for the implementation of the new bill is to reduce the wealth inequality in-between the American Households in the country.

    Let’s take an example – consider two people A and B. A’s father is a millionaire with an income worth $50 million, pieces of jewelry, collectibles, and yachts. A earns an income of $50,000 and B comes under the American household who earns an income of $100,000. B’s income is also $50,000.

    But even though A has a lot of assets and income generated in his family he will have to pay the same amount of tax that B is paying. Increasing the income tax would affect B more than that of A and that is why the wealth tax is implemented.

    Wealth tax is calculated based on the entire income of the family and not just an individual.

    According to an analysis conducted by economists Emmanuel Saez and Gabriel Zucman from the University of California-Berkley, The American wealth of the richest that is 0.1% of the population has seen their income triple from 7% to 20% in the years 1970-2016 and the rest of the 99.9% has seen a decline in their share of wealth from 35% to 25% in the years 1970-2016.

    The richest families of America are 13,000, they have the same amount of wealth as the rest of the 117 million families in the country. According to their study, they’ve found that the top 0.1% pays around 3.2% of their income as taxes while the bottom 99.9% pays around 7% of their income as taxes.

    Amount Owed by the Richest for Ultra-Millionaire Tax

    According to the Tax rates which is proposed by Elizabeth Warren, Amazon’s Jeff Bezos will have to pay $5.7 billion as a wealth tax for the year 2020. Jeff Bezos would still have $185 billion in net worth after paying the tax.

    Tesla’s Elon Musk will have to pay $ 4.6 Billion as a wealth tax for 2020. Elon Musk would still have $148 billion in net worth after paying the tax.

    Microsoft’s Bill Gates will have to pay $ 3.6 billion as wealth tax for 2020 and Facebook’s Mark Zuckerberg will have to pay $3 billion as wealth tax for 2020.

    According to a survey conducted by CNBC on Millionaires, it was seen that around 60% of the millionaires support the wealth tax proposed by Elizabeth Warren.

    FAQ

    How many billionaires are there in India?

    There are 177 billionaires in India as of 2020.

    Who is the richest billionaire in India?

    Mukesh Ambani is the richest billionaire in India.

    Who is richest woman in India?

    Roshni Nadar Malhotra with a wealth of ₹54,850 crore is the richest woman in India.

    Conclusion

    According to Elizabeth Warren, the implemented wealth tax would raise around $3 Trillion in 10 years. It is said that the tax would raise around 1% of America’s GDP in a year. The revenue would help in paying for child care, developing the educational infrastructure, developing nursing home cares, tuition-free public colleges and schools, and promoting clean energy in the country.

    Elizabeth Warren has said that implementing the wealth tax will help in raising money for President Joe Biden’s agenda ‘#BuildBackBetter’ which includes policies like expanding the caregiving economy.