They didn’t gain $49 trillion. Their total wealth is $49 trillion. Still terrible but the article’s headline is misleading.
this post was submitted on 19 Jul 2024
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Yeah, the article says the rich got 7% richer in 2023 for a total of $49b.
That's about $3-4b gained in 2023.
Trillion, not billion, but yeah
Imperial trillion, metric billion.
In the US of A, 1T = 1.000.000.000.000 (1B is 1.000M, and so forth)
In the metric system, 1T= 1.000.000.000.000.000.000 (1B = 1.000.000M, and so forth)
That's why in other languages you sometimes hear "a thousand million", although I agree with you in that the most common way of counting on the internet is with imperial billions.
Yes
Nobody will say they lost $49 trillion if stock go down next week
They cannot get $49 trillion out of the market by selling all their stocks
It's just a weird misleading framing
We should start a successful Occupy Wallstreet.