Progressives who dream of radical redistribution of U.S. wealth will find cold comfort in a new report of the world’s billionaires. The combined wealth of America’s 537 billionaires would not be enough to fund the nation’s budget for even a single year.
President Barack Obama’s newly proposed $4 trillion budget plan dwarfs the $2.2 trillion of combined wealth of America’s billionaires, as reported by the Huran Report’s annual ranking of billionaires. Factor in unfunded liabilities and government outlays, and it’s a mere drop in the bucket.
The analysis finds that New York remains the world’s highest concentration of billionaires with 91. San Francisco (26) and Los Angeles (22) come in second and third respectively.
Worldwide, there were a record 2,089 billionaires in 2014. Their combined wealth: $6.7 trillion.