Top Ten Richest Quotes

Race scholars use the term white supremacy to describe a sociopolitical economic system of domination based on racial categories that benefits those defined and perceived as white. This system of structural power privileges, centralizes, and elevates white people as a group. If, for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: - Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) - US Congress: 90 percent white - US governors: 96 percent white - Top military advisers: 100 percent white - President and vice president: 100 percent white - US House Freedom Caucus: 99 percent white - Current US presidential cabinet: 91 percent white - People who decide which TV shows we see: 93 percent white - People who decide which books we read: 90 percent white - People who decide which news is covered: 85 percent white - People who decide which music is produced: 95 percent white - People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white - Teachers: 82 percent white - Full-time college professors: 84 percent white - Owners of men’s professional football teams: 97 percent white These numbers are not describing minor organizations. Nor are these institutions special-interest groups. The groups listed above are the most powerful in the country. These numbers are not a matter of “good people” versus “bad people.” They represent power and control by a racial group that is in the position to disseminate and protect its own self-image, worldview, and interests across the entire society.

Paying for power was so common that in 2012 the Modern Chinese Dictionary, the national authority on language, was compelled to add the word maiguan—“to buy a government promotion.” In some cases, the options read like a restaurant menu. In a small town in Inner Mongolia, the post of chief planner was sold for $103,000. The municipal party secretary was on the block for $101,000. It followed a certain logic: in weak democracies, people paid their way into office by buying votes; in a state where there were no votes to buy, you paid the people who doled out the jobs. Even the military was riddled with patronage; commanders received a string of payments from a pyramid of loyal officers beneath them. A one-star general could reportedly expect to receive ten million dollars in gifts and business deals; a four-star commander stood to earn at least fifty million. Every country has corruption, but China’s was approaching a level of its own. For those at the top, the scale of temptation had reached a level unlike anything ever encountered in the West. It was not always easy to say which Bare-Handed Fortunes were legitimate and which were not, but political office was a reliable pathway to wealth on a scale of its own. By 2012 the richest seventy members of China’s national legislature had a net worth of almost ninety billion dollars—more than ten times the combined net worth of the entire U.S. Congress.

Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white

If, for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) US Congress: 90 percent white US governors: 96 percent white Top military advisers: 100 percent white President and vice president: 100 percent white US House Freedom Caucus: 99 percent white Current US presidential cabinet: 91 percent white People who decide which TV shows we see: 93 percent white People who decide which books we read: 90 percent white People who decide which news is covered: 85 percent white People who decide which music is produced: 95 percent white People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white Teachers: 82 percent white Full-time college professors: 84 percent white Owners of men’s professional football teams: 97 percent white26 These numbers are not describing minor organizations. Nor are these institutions special-interest groups. The groups listed above are the most powerful in the country.

If, for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white

for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white26 These numbers are not describing minor organizations.

Consider this data on the distribution of wealth: • Since 2015, the richest 1 percent has owned more wealth than the rest of the planet owns.11 • Eight men own the same amount of wealth as do the poorest half of the world. • The incomes of the poorest 10 percent of people increased by less than three dollars a year between 1988 and 2011, while the incomes of the richest 1 percent increased 182 times as much. • In Bloomberg’s daily ranking of the world’s five hundred richest people, the world’s wealthiest three (Bill Gates, Warren Buffet, and Jeff Bezos), all white American men, have total net worths of $85 billion, $79 billion, and $73 billion, respectively.12 By comparison, the 2015 gross domestic product of Sri Lanka was $82 billion; Luxembourg $58 billion; and Iceland, $16 billion.13 • Of the world’s ten richest people, nine are white men.14 • In 2015–2016, the world’s ten biggest corporations together had revenue greater than that of the government revenues of 180 countries combined. • In the US, over the last thirty years, the growth in the incomes of the bottom 50 percent has been zero, whereas incomes of the top 1 percent have grown by 300 percent. The call to Make America Great Again worked powerfully in service of the racial manipulation of white people, diverting blame away from the white elite and toward various peoples of color—for example, undocumented workers, immigrants, and the Chinese—for the current conditions of the white working class.

These are not marginal or idiosyncratic categories of income (although the need to translate from tax categories to moral ones inevitably introduces judgment and imprecision into any accounting). Founder’s shares, carried interest, and executive stock compensation give nominally capital gains a substantial component of labor income, especially among the very rich. To begin with, roughly half of the twenty-five largest American fortunes, according to Forbes, arise from founder’s stock still held by the founders who built the firms. Moreover, the share of total capital gains income reported to the Treasury that is attributable to carried interest alone—to the labor of hedge fund managers—has grown by a factor of perhaps ten in the past two decades and now comprises a material share of all the capital gains reported by one-percenters. And over the past twenty years, roughly half of all CEO compensation across the S&P 1500 has taken the form of stock or stock options. Pensions and housing also contribute substantially to top incomes today, roughly doubling the shares that they contributed in the 1960s. Once again, the data cannot sustain precise measurements, but these forms of labor income, taken together, plausibly comprise roughly another third of top incomes, sitting atop the roughly half of top incomes attributable to labor on even the most conservative accounting. The data therefore confirm—top-down—the narrative of labor income that bubbles up from a survey of elite jobs. Both the top 1 percent and even the top 0.1 percent today receive between two-thirds and three-quarters of their income in exchange not for land, machines, or financing but rather for deploying their own effort and skill. The richest person out of every hundred in the United States today, and indeed the richest person out of every thousand, now literally works for a living.

• Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white

Labor income now figures prominently even at the very sharpest peak of the distribution. Eight of the ten richest Americans today owe their wealth not to inheritance or to returns on inherited capital but rather to compensation earned through entrepreneurial or managerial labor, paid in the form of founder’s stock or partnership shares. A slightly broader view reveals that the Forbes list of the four hundred richest Americans has also seen its center of gravity shift away from people who owe their wealth to inherited capital and toward those whose wealth stems (originally) from their own labor. Whereas in the early 1980s, only four in ten of the Forbes 400 were predominantly “self-made,” today nearly seven in ten are. And whereas in 1984, purely inherited fortunes outnumbered purely self-made ones in the list by a factor of ten to one, by 2014, purely self-made fortunes had come to outnumber purely inherited ones. Indeed, the share of the four hundred top incomes attributable specifically to salaries grew by half between 1961 and 2007, and the share going to people with no college education fell by over two-thirds between 1982 and 2011. The shift toward labor income at the very top has been sufficiently pronounced to change the balance of industries in which the super-rich acquire their fortunes. In the inaugural 1982 version of the Forbes list, 15.5 percent of the people on the list owed their wealth to capital-intensive manufacturing, and only 9 percent came from labor-intensive finance. By 2012, only 3.8 percent of the list came from manufacturing and a full 24 percent from finance.

for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white26

These jobs are new—direct creations of meritocracy. Historically, the private sector did not value managerial and professional skills, and the state (which required such skills) faced effectively no private competition for elite labor. Into the early twentieth century, top civil servants were paid ten or even twenty times the median wage. And even at midcentury, elite government incomes remained roughly equivalent to their private-sector counterparts. In 1969, a congressperson was paid more than he might make as a lobbyist, a federal judge received perhaps half what he might have commanded at a law firm, and the secretary of the treasury was paid a salary that was smaller than but broadly comparable to what he might have made in finance. The best-educated and most skilled workers therefore naturally gravitated toward government or other public jobs (as when subsequent sons, deprived by primogeniture of inherited lands, joined the military or the clergy), simply because they had no better (or even credible) private alternatives. This kept regulators ahead of the people whom they regulated and helped the state effectively to govern even its richest subjects.

Race scholars use the term white supremacy to describe a sociopolitical economic system of domination based on racial categories that benefits those defined and perceived as white. This system of structural power privileges, centralizes, and elevates white people as a group. If, for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white26

we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white

In Bloomberg’s daily ranking of the world’s five hundred richest people, the world’s wealthiest three (Bill Gates, Warren Buffet, and Jeff Bezos), all white American men, have total net worths of $85 billion, $79 billion, and $73 billion, respectively.12 By comparison, the 2015 gross domestic product of Sri Lanka was $82 billion; Luxembourg $58 billion; and Iceland, $16 billion.13 • Of the world’s ten richest people, nine are white men.14 • In 2015–2016, the world’s ten biggest corporations together had revenue greater than that of the government revenues of 180 countries combined. • In the US, over the last thirty years, the growth in the incomes of the bottom 50 percent has been zero, whereas incomes of the top 1 percent have grown by 300 percent.

Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white

If, for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white26 These numbers are not describing minor organizations. Nor are these institutions special-interest groups. The groups listed above are the most powerful in the country. These numbers are not a matter of “good people” versus “bad people.” They represent power and control by a racial group that is in the position to disseminate and protect its own self-image, worldview, and interests across the entire society

who control our institutions, we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white26

the richest 1 percent has owned more wealth than the rest of the planet owns.11 • Eight men own the same amount of wealth as do the poorest half of the world. • The incomes of the poorest 10 percent of people increased by less than three dollars a year between 1988 and 2011, while the incomes of the richest 1 percent increased 182 times as much. • In Bloomberg’s daily ranking of the world’s five hundred richest people, the world’s wealthiest three (Bill Gates, Warren Buffet, and Jeff Bezos), all white American men, have total net worths of $85 billion, $79 billion, and $73 billion, respectively.12 By comparison, the 2015 gross domestic product of Sri Lanka was $82 billion; Luxembourg $58 billion; and Iceland, $16 billion.13 • Of the world’s ten richest people, nine are white men.14 • In 2015–2016, the world’s ten biggest corporations together had revenue greater than that of the government revenues of 180 countries combined. • In the US, over the last thirty years, the growth in the incomes of the bottom 50 percent has been zero, whereas incomes of the top 1 percent have grown by 300 percent.

Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white

Consider this data on the distribution of wealth: • Since 2015, the richest 1 percent has owned more wealth than the rest of the planet owns.11 • Eight men own the same amount of wealth as do the poorest half of the world. • The incomes of the poorest 10 percent of people increased by less than three dollars a year between 1988 and 2011, while the incomes of the richest 1 percent increased 182 times as much. • In Bloomberg’s daily ranking of the world’s five hundred richest people, the world’s wealthiest three (Bill Gates, Warren Buffet, and Jeff Bezos), all white American men, have total net worths of $85 billion, $79 billion, and $73 billion, respectively.12 By comparison, the 2015 gross domestic product of Sri Lanka was $82 billion; Luxembourg $58 billion; and Iceland, $16 billion.13 • Of the world’s ten richest people, nine are white men.14 • In 2015–2016, the world’s ten biggest corporations together had revenue greater than that of the government revenues of 180 countries combined. • In the US, over the last thirty years, the growth in the incomes of the bottom 50 percent has been zero, whereas incomes of the top 1 percent have grown by 300 percent. The call to Make America Great Again worked powerfully in service of the racial manipulation of white people, diverting blame away from the white elite and toward various peoples of color—for example, undocumented workers, immigrants, and the Chinese—for the current conditions of the white working class. The

2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white26 These

Another celebrated building that we saw inside the Fort was the Diwan-i-Khas. Here can be seen in Persian characters the famous inscription, “If a paradise be on the face of the earth, it is this, it is this, it is this.” At the time of the Delhi Durbar in 1903 to celebrate the proclamation of Edward VII as Emperor of India, this exquisite building was used as a supper room. “This is the Chandni Chauk [Silver Street],” said our driver as we passed along Delhi’s main street. “It is the richest street in the world.” “Used to be,” corrected Sam. “It was sacked at least four times and most of its riches carried away.” Nowadays it is the abode of the jewelers and ivory workers of Delhi. Ten miles south of Delhi, amid the ruins of another ancient Delhi, stands the Kutb Minar, which is said to be the most perfect tower in the world and one of the seven architectural wonders of India. Built of marble and sandstone which is dark red at the base, pink in the middle, and orange on the top story, this remarkable structure, 238 feet high, looks almost brand new, yet it was built in A.D. 1200. Close by is another Indian wonder, the Iron Pillar, dating from A.D. 400. A remarkable tribute to Hindu knowledge of metallurgy and engineering, this pillar, some sixteen inches in diameter and twenty-three feet eight inches in height, is made of pure rustless malleable iron and is estimated to weigh more than six tons. Overlooking both the Fort and the city, and approached by a magnificent flight of stone steps, is the Great Mosque, also erected by Emperor Shah Jehan. It has three domes of white marble, two tall minarets, and a front court measuring 450 feet square, paved with granite and inlaid with marble. “Sight-seeing in Delhi is as tiring as doing the Mediterranean,” I

If, for example, we look at the racial breakdown of the people who control our institutions, we see telling numbers in 2016–2017: • Ten richest Americans: 100 percent white (seven of whom are among the ten richest in the world) • US Congress: 90 percent white • US governors: 96 percent white • Top military advisers: 100 percent white • President and vice president: 100 percent white • US House Freedom Caucus: 99 percent white • Current US presidential cabinet: 91 percent white • People who decide which TV shows we see: 93 percent white • People who decide which books we read: 90 percent white • People who decide which news is covered: 85 percent white • People who decide which music is produced: 95 percent white • People who directed the one hundred top-grossing films of all time, worldwide: 95 percent white • Teachers: 82 percent white • Full-time college professors: 84 percent white • Owners of men’s professional football teams: 97 percent white26 These numbers are not describing minor organizations.