Wednesday, September 18, 2019

Billionaires are Changing

Thomas Edsall, from a piece about how the richest Americans are giving less money to Republicans:
This downward trajectory coincided with the steady transformation of the sources of wealth for those on the Forbes list. In 1982, when the list was first published, solidly Republican manufacturers and energy producers dominated — 89 of the 400 richest Americans having made their fortunes in oil.

By 2018, 59 of the Forbes 400 had made their fortunes in technology, including six of the top ten: Jeff Bezos, No. 1; Bill Gates No. 2; Mark Zuckerberg, No. 4; Larry Ellison, No. 5; Larry Page, number 6; and Sergey Brin number 9. Eighty-eight more made their money in the financial sector. In contrast to the 1982 Forbes list, only 14 on the 2018 list made their money in manufacturing and 24 in energy.
Incidentally Trump is on track to raise more money from small donations than any candidate in history.

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