Thursday, April 28, 2016

Billionaires and Their Income Inequality

I was reading "The Man Card: An American Tradition Of Presidents Using Their Gender To Get Ahead" at the Huffington Post, which was a pretty decent editorial by Amanda Terkel, until it got to the very last paragraph:

Although [Donald] Trump thinks [Hillary] Clinton owes her success to her gender, perhaps a better question is where he would be if he weren’t a man. For starters, he’d probably be far less wealthy, since women still make only 79 cents for every dollar a man earns.
Really? We want to compare billionaires to what the average woman makes?

If you look at a list of the world's billionaires, there are women on it. Admittedly, it is dominated by men. But consider these billionaire women from the Forbes list:

#11 Liliane Bettencourt: $36.1 B
#16 Alice Walton: $32.3 B
#21 Beate Heister (with her brother Karl Albrecht Jr.): $25.9 B
#27 Jacqueline Mars: $23.4 B
#30 Maria Franca Fissolo: $22.1 B
#38 Susanne Klatten: $18.5 B
#44 Laurene Powell Jobs: $16.7 B
I even went all the way to the top 200, and did not see a single self-made woman. There were a couple of women who acquired their wealth in joint ventures with their husbands, and some of them inherited wealth and made it larger, but the overwhelming majority of female billionaires at the top of the wealth ladder inherited their money.

If you want to complain about income inequality between men and women, let's forget about the bottom and the middle tiers, and go straight to the top. The only way to create opportunity for women is to smash the glass ceiling.  

Returning to the Huffington Post article, actually "Donna" Trump would likely be every bit as wealthy as "Donald" is now, since that is how wealthy women get their money: They inherit it, just like Donald did.

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