Passively invested in index funds from the time great grandfather made a billion?
What I am saying is I am not interested in living in a Qatar-like society, even if I belonged to some branch of Al Thani and got a nice oil money allowance.
Both industries with highly skilled by very small workforce's the same as all industries and products targeting the mega rich.
That is exactly what the Indian government has learnt: the more middle-class earners there are the healthier the economy, assuming of course the middle-class purchase goods made in India, pay taxes and don't secrete their earnings overseas.
This is well known in economics. The wealthy save more of their income. This is a fact. These savings may end up in assets like shares, housing, paintings or classic cars. The result may be a price boom in these assets.
The average person is more likely to spend that money on consumer goods which benefits firms and therefore jobs. A virtuous circle.
The rich don't stay rich by stashing their money under the mattress. Or keeping it in the Building Society.They mostly invest in stocks, hedge funds, bonds etc. Money which is invested in companies which use it to employ people and invest in their businesses. So yes, their money is very much in the economy.
Even if they invest in property, they pay shed loads in stamp duty when they buy, and CGT when they sell, which all goes to HM Treasury.
And if they speculate in property they contribute to the ongoing problem of unaffordable homes.
The really really super rich who own yachts and private jets is such a small percentage of the population I am surprised people get upset about it. Whether they exist or not is not going to make any difference to the likes of you and me. .
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Which is a problem with socialism. It gets warped and its leaders whip up jealousy over those who earn more than average.
Judging by the Day of Rage or whatever they called it, turn out of about 3 people and dog, they need to whip a bit harder data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7
I bet the great unwashed smelt a ripe in this weather. data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7
At least they are doing something, rather than sitting at a keyboard making easy and lazy comments.
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