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Is billionaire wealth becoming more legitimate? | The Economist

The EconomistCallum Williams, Rosie Blau
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  • Global smartphone adoption in the mid-2010s is expected to accelerate business scaling, driving a sharp increase in the competitive share of billionaire wealth.
  • Post-Soviet Russian billionaires are projected to maintain wealth levels approximately 20% below their late 2000s peaks, signaling a decline in the power of egregious accumulation methods.
  • Current US data indicates an effective annual tax rate of 45% to 50% for the top 400 to 500 wealthiest individuals.
  • Implementing wealth taxes may incur higher economic costs if legitimate entrepreneurs relocate to jurisdictions with more favorable tax regimes.
  • The argument for wealth taxation may weaken if wealth accumulation is attributed to competitive market success rather than systemic manipulation.