Finally, I make the Mail! Woo Hoo!

At least one journalist thinks the claim is ‘ludicrous’ and picks apart the charitable organization’s numbers.

Using the start date Oxfam uses for calculating Gates’ wealth growth rate, 2006, when he left Microsoft, the organization notes that the computer whiz’s wealth rose 50 percent or by $25billion in 2016.
That’s a four percent rate of return, compounded, not 11 percent, says Tim Worstall, a Forbes contributor.
Using the same rate of return, and assuming Gates doesn’t do something like suddenly give away most of his fortune, and using the same start date of 2006 when Gates was worth a mere $50billion, that means in 25 years, he would be worth $133billion.

I’m so proud…..

10 comments on “Finally, I make the Mail! Woo Hoo!

  1. Yes but how much is your house worth and have you ever dated anyone from the Real Housewives of Cardiff?

  2. “In such an environment, if you are already rich you have to try hard not to keep getting a lot richer.’)” Says Oxfam.

    Which is where the important dishonesty, as opposed to mere inumeracy kicks in. For Bill Gates wasn’t ‘already rich’. His wealth is from a start-up called Microsoft. Now, who thinks the world and the world’s poor are poorer for his ideas, his work his business? In short, unless his being richer has created poverty elsewhere then the whole premise is falacious.

    No, the premise is evil!!

  3. You also collect a name check in the Times diary column – albeit a sneering one, but all publicity and all that….

  4. The next step is getting the Daily Mail to pay you for your work.

    This is a bad case of Chinese Whispers though. The Daily Mail is cribbing from CNBC, who mis-cited the Oxfam report.

    Reading the original Oxfam report [PDF], they do say:

    the wealth held by the super-rich since 2009 has increased by an average of 11% per year

    That’s both a different subject (all super-rich, not Bill Gates alone) and a different start date (2009, not 2006). It’s more plausible, since asset values were in the toilet in 2009 and have recovered strongly since. In fact, if you just pick the Dow Jones, its nadir was 6,443.27 on March 6, 2009; the other day it hit 20,100. That’s at least a 15% annual return, plus dividends.

    In 2009, there were 793 billionaires with a total net wealth of $2.4 trillion. By 2016, the richest 793 individuals had a total wealth of $5.0 trillion, an increase of 11% per year for the wealth of this super-rich group.

    The 11% figure is correct here.

    If these returns continue, it is quite possible that we could see the world‟s first trillionaire within 25 years.

    That’s a big if. Past performance is no guarantee of future returns.

  5. This seems curiously even handed from the mail journo. They don’t really plump for a side when there is an order of magnitude difference here. A good technique for attracting the widest audience I suppose.

  6. Of course it is a bad thing that Gates’ wealth is growing at a slower rate – c*nt though he is – because he has said he *will* give it away. He is actually doing some good things like research malaria. Even if most of his good work looks like mutual back scratching among the liberal jet set.

    Now I don’t think he will give it away but if he is making money hand over fist and is using it to cure malaria or whatever, we should all be thankful.

  7. Why can’t Oxfam go and do something useful like help refugees and poor people rather than pretend to be a socialist think tank?

  8. On the steam wireless the other day they were actually described as a Humanitarian Think Tank, so no, their business nowadays /isn’t/ helping refugees and poor people any more, it’s thinking about them.

  9. Newsnight has accused the Mail/ Dacre of bringing about Cameron’s deposition following a knife fight over immigration lies in the Great Referendum mass debate .Must be gratifying to be brushed fleetingly by this great organ best known (post Blackshirt era)for the considered opinion that if the average house price could be brought up to £1million we’d all be millionaires. Stands to reason don’it it?And reason always triumphs in the end. Theresa May has now shat on Cameron and embraced his adversary the anti-immigrant Daily Mail exiling us from our natural trading partner in the process, in the manner of collateral damage.

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