Top class: What do you need to become a billionaire? 5 secrets to being one of the richest people

I wrote in Economie the

More than 50 percent of the global wealth generated in the past 10 years has gone into hands 1% of the world’s population. More than that, since 2020, after the crisis caused by the COVID-19 pandemic, that 1% has accumulated two-thirds of the new wealth generated.

In contrast, the salaries of 1.7 billion workers around the world rose at rates below inflation, as detailed by Oxfam in its report The Law of the Richest, published in January 2023.

In this report, The secret of the world’s richest has become apparent: tax evasion. And while Elon Musk, the man who, despite his mismanagement, continues to position himself as the richest man in the world according to Forbes, paid real tax of more than 3 percent between 2014 and 2018. Upper Christine, a trader from Uganda, whose earnings are $80 (1,500 pesos) a month, he pays about 40 percent in taxes on the total amount he can sell. What if billionaires like Upper Christine paid 40% of their earnings in taxes? 25 per cent? fifteen?

The payment of higher taxes by billionaires would certainly make them a little less wealthy and, if managed well, could solve access to basic needs for a large part of the population.

Tax evasion is so important that, according to Oxfam, there are behaviors of billionaires who, along with neoliberalism, have been able to reduce their tax payments since the last stretch of the last century, at the same time that their fortunes were increasing.

According to Oxfam “Recipe” to be a millionaire:

  1. Buying an assettype a company. Don’t put a salary (That will have to pay taxes), but Ask for a loan And put the asset as collateral because the loans are not subject to tax.
  2. Do not sell assets for not “generate profit” and taxes. Be warned: If your assets increase in value, this isn’t considered a gain, so it’s not taxable. puff.
  3. Hide your money in tax havens To continue to avoid taxes.
  4. Be a group of experts Lobbying governments for tax breaks and loopholes that benefit you
  5. This group of experts will make it easier for you Ignoring the tax law. If the government is weak, it will be difficult for you to pay.

Four more billionaire secrets

In addition to this prescription, Graziélle Custodio, Tax Justice Coordinator for Oxfam Latin America, pointed out in an interview with Kittens against Inequality that, in the context of Latin America, there are other points to face if you want to be a billionaire:

  1. being a manbecause the majority of the 91 thousand millionaires in Latin America and the Caribbean are men.
  2. You have more than $1 million net worth: Explain that billionaires are already rich and maintain themselves with some regularity, so it will be easier for the 91 billionaires in Latin America to maintain themselves and continue to be rich.
  3. If you are not one of them, but you are close, you can Take advantage of moments of crisis and uncertainty to maximize profits: Minimize labor and nature rights to maximize your profits. The COVID-19 pandemic has brought 30 new billionaires to Latin America.
  4. Belonging to a large family that already had wealth He lives in a country where there is no inheritance tax.

According to Oxfam, only 4 cents of every dollar collected globally corresponds to wealth taxes, which is why wealth taxes are encouraged to increase.

Calculations by Oxfam indicate that a 5 percent tax would allow billionaires to collect 270 billion pesos annually, which is equivalent to the annual budget of Mexico City. This amount will help raise the health budget by up to 40 percent

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