All billionaires under the age of 30 have inherited their wealth. This is revealed by an investigation by the magazine Forbespublished by the British newspaper The Guardian“which” found that there were 15 billionaires aged 30 or younger, but none had created their own wealth, instead benefiting from huge inheritances.
These 15 people under the age of 30 who have amassed their fortune without having done anything at all, are the first batch of what is expected to be a new generation of inheritance billionaires, as the 1,000 richest people transfer a mass of 5.2 trillion of dollars to their heirs over the coming years and decades.
Among the young billionaires are Irishman Firoz Mistry, 27, and his brother Zahan, 25, who each have an estimated $4.9 billion from their stakes in Tata Sons, the parent company of the Indian conglomerate Tate. Group, owner of automobile brands such as Jaguar Land Rover. They inherited their 4.6% stake in the company in 2022 following the death of his father, Cyrus Mistry, who died less than three months after his grandfather Pallonji.
Three children of Leonardo Del Vecchio, founder of the luxury sunglasses company Luxottica, became billionaires after his death in 2022. Leonardo María, 28, Luca, 22, and Clemente Del Vecchio, 19, inherited each a 12.5% stake in the family’s Luxembourg. The Germany-based Delfin holding company owns almost a third of EssilorLuxottica, the company behind Ray-Ban and Oakley. The brothers have an estimated fortune of $4.7 billion each.
The world’s youngest billionaire is 19-year-old Livia Voigt, who is worth $1.1 billion thanks to a 3.1% stake in WEG Industries, a Brazilian electrical equipment producer co-founded by her late grandfather Werner Ricardo. in 2016. Her older sister Dora Voigt de Assis, 26, is also on the list.
Experts at Swiss bank UBS said: “Over the next 20 to 30 years, more than 1,000 of today’s billionaires are likely to transfer more than $5.2 trillion to their heirs. How do we calculate this number? By simply adding up the wealth of the 1,023 billionaires who today are 70 years old or older.
The verse of meritocracy and personal effort
These are data, not stories, and they destroy the individualistic ideology promoted by the ruling classes themselves that “people are poor because they want to” and that with “merit and personal effort” everything can be achieved.
These ideas became increasingly widespread and popularized through social media with the proliferation of “influencers” who traffic this message to sell courses, promote betting sites, or promote scams or ponzi schemes. The messages are more or less similar “If you try hard, you can go wherever you want.” From there, a myriad of young people tell you that they amassed a fortune in a short time just based on “attitude.” Of course, none of them are millionaires, nor do they have a fortune, nor cars, nor houses. That’s why they end up offering “their knowledge” which is generally some kind of tool (courses, investments, bets, applications that reward you for doing nothing…) for which the user has to pay, and in that way be ” enlightened” with these ideas.
The proliferation of these ideas is not coincidental but has to do with the fact that the world is experiencing the moment of greatest inequality in history, with a handful of billionaires possessing the same wealth as half of the world’s population. Their audience is billions of dispossessed people whom they try to convince of the benefits of meritocracy to probably keep their last savings.
The Forbes report dismantles this scam. There is no such thing as meritocracy, but rather a handful of parasites who live at the expense of the vast majority of humanity. While the crisis deepens, be it social, economic or environmental, there is no individualism that can save the workers, the popular sectors and the youth who do not see a future. The only way out for us, the majority, as history has shown, is collective: with unity, with organization and with struggle. There, in the streets, side by side, is when we become strong and can twist the future of misery, hunger and desolation that capitalism, its heirs and its ideas offer.
Source: www.laizquierdadiario.com
