The Wealth Of The 12 Richest Davos Billionaires Has Increased By $175 Billion In Ten Years

It's almost time for the annual Davos boondoggle where the world's richest and most powerful financiers, politicians, artists and celebrities fly in on their private jets while surrounding by bodyguards. There they sit down (before partying among ultra exclusive DJs) to discuss the world's ills (which they created). Such as the omni-present "global warming" (the type which apparently ignores the carbon emissions from private jets) and which can only be solved by paying a major bank (say Goldman Sachs) billions in carbon credit commissions. Not to mention social upheaval and populist anger (the type which bodyguards are so skilled at neutralizing)and where not surprisingly nationalism once again ranks as the biggest threat  risk to attempts to impose a globalist world order.

In other words, it is "A Reunion For People Who Broke The World" where a hotdog back in 2015 cost 38 Swiss Francs.

Which incidentally may have something to do with the reason why populism and nationalism remain the biggest fears for the world's "globalist" elite. Well, that and the fact that as Bloomberg notes, said elite is "richer than ever."

According to Bloomberg calculations, in the decade spanning the year right after the financial crisis, a staple of the Davos billionaire crowd such as David Rubenstein has more than doubled his fortune since 2009. JPM CEO Jamie Dimon has more than tripled his net worth. And Stephen Schwarzman has increased his wealth six-fold.

Considering the economic and political tumult of the past decade, from Lehman Brothers to Brexit to Donald Trump, to some - such as Bloomberg's Tom Metcalf and Simon Kennedy (whose billionaire employer Michael Bloomberg has grown tired with Davos and is launching his own rival version of the World Economic Forum), "it’s a remarkable" that the fortunes of a dozen 2009 Davos attendees have soared by a combined $175 billion (except for George Soros who has lost 61% of his net worth).

... even as household wealth for the lower and middle-classes has declined.

A counterpoint: in light of the $16 trillion in assets purchased by the world's central banks, it is neither "remarkable" nor surprising that the world's richest have only gotten richer in the past decade, nor is it remarkable - or in need of an explanation that involves Russian hacking - that as global resentment at the increasingly concentrated wealth of an ultra powerful cabal comprising a handful of people has hit unprecedented levels, the outcomes were Brexit, Trump's election and the Yellow Vest protest movement in France. Just as it is not a coincidence that neither Donald Trump, nor Theresa May or Emanuel Macron will be present in Davos this year.

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