Stephen Schwarzman, with a net worth of $14.3 billion, could buy one for all 329 million people in the U.S. today -- and then do so again tomorrow for 222 million of them. The wealth on display this week at the annual Davos-style conference organized by Michael Milken, once of junk-bond fame, is capturing
Stephen Schwarzman, with a net worth of $14.3 billion, could buy one for all 329 million people in the U.S. today -- and then do so again tomorrow for 222 million of them.
It’s not a huge surprise that billionaires find themselves on the hot seat this year. It is, after all, the first Milken conference following the rise of Congresswoman Alexandria Ocasio-Cortez, a self-described socialist who’s rocketed to national fame. Senator Bernie Sanders, who also holds socialist views, is running for president. Lawmakers are grilling bank chiefs over the gap between the tens of millions they take home and the fraction made by their rank and file.
Some expressed concern about the potential economic impacts of the growing gap between the rich and poor. Others defended the capitalist system and dismissed proposed solutions, such as raising taxes on the wealthy. Speaking at the conference Wednesday afternoon, the Bridgewater Associates founder said the country has to agree on a way to promote the lower half of the population to keep the American Dream alive.
He also pointed to the economic and humanitarian crisis in Venezuela, where the opposition leader has called for a military uprising in an effort to unseat socialist President Nicolas Maduro, and said younger people in the U.S. don’t appreciate the downsides of socialism like previous generations did.Ivanka Appearance
In addition to the gap between the rich and poor, gender equity in the workplace was a theme of this year’s conference. Citigroup Inc. co-sponsored an Equality Lounge at the conference, where cushions read “Add Women to Every Equation” and a set of scales were left imbalanced with rose-colored jellybeans to reflect pay inequality.
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