In 25 yrs Bill Gates will be the first TRILLIONAIRE ... half of India's GDP

[Razer]

First trillionaire: In 25 yrs Bill Gates’ wealth to be half of Indian GDP

Updated: Jan 25, 2017 10:33 IST

Microsoft founder Bill Gates, of the Bill & Melinda Gates Foundation
gestures during a session of the World Economic Forum(AFP)

Bill Gates, the co-founder of technology behemoth Microsoft, is on track
to become the world’s first trillionaire, according to a report by
Oxfam, the England-headquartered confederation of charitable
organizations focused on the alleviation of global poverty.

To put things in perspective, the total gross domestic product of
Indonesia is less than a trillion dollar. That means Gates as a
trillionaire would have more wealth than what Indonesia produces in
goods and services in one year.

India, too, has a skewed proportion of wealthy people. The report quoted
that Swiss global financial services company, UBS estimates that in the
next 20 years, 500 people will hand over $2.1 trillion to their heirs, a
tad less than the GDP of India, a country where 1.3 billion people live.

Gates’ fortunes has risen by 50%, or $25 billion since he left Microsoft
in 2006, “despite his efforts to donate much of its in charity,” the
report said.

Gates runs the Bill and Melinda Gates Foundation, which works to improve
education, world health and population, and around community giving.

In the 10 years after Gates took up social work, his net worth has grown
to $75 billion. The Forbes magazine calculates his net worth at $84 billion.

“If billionaires continue to secure these returns, we could see the
world’s first trillionaire in 25 years. In such an environment, if you
are already rich you have to try hard not to keep getting a lot richer,”
the report elaborated.

The flipside: the huge fortunes in the hand of few is a “clear evidence
of inequality crisis”, and is hindering the “fight to end extreme poverty”.

India, too, has a skewed proportion of wealthy people. The report quoted
that Swiss global financial services company, UBS estimates that in the
next 20 years, 500 people will hand over $2.1 trillion to their heirs, a
tad less than the GDP of India, a country where 1.3 billion people live...


More:
http://www.hindustantimes.com/business-news/bill-gates-the-world-s-first-trillionaire-in-making-signals-inequality-crisis/story-81uegDMPjAKfH6AVat5LyK.html