Yeah, they got 7% richer over the past year. That’s about $3-4b “gained” over one year.
Comment on The ultra-wealthy just gained $49 trillion in wealth thanks to stocks
originalfrozenbanana@lemm.ee 3 months ago
They didn’t gain $49 trillion. Their total wealth is $49 trillion. Still terrible but the article’s headline is misleading.
technocrit@lemmy.dbzer0.com 3 months ago
originalfrozenbanana@lemm.ee 3 months ago
Trillion, not billion, but yeah
black0ut@pawb.social 3 months ago
Imperial trillion, metric billion.
In the US of A, 1T = 1.000.000.000.000 (1B is 1.000M, and so forth)
In the metric system, 1T= 1.000.000.000.000.000.000 (1B = 1.000.000M, and so forth)
That’s why in other languages you sometimes hear “a thousand million”, although I agree with you in that the most common way of counting on the internet is with imperial billions.
mozz@mbin.grits.dev 3 months ago
Yes
Nobody will say they lost $49 trillion if stock go down next week
They cannot get $49 trillion out of the market by selling all their stocks
It's just a weird misleading framing
originalfrozenbanana@lemm.ee 3 months ago
I guess the difference there is that the wealthy can take out loans and secure assets like houses against their stocks but yes the stock market isn’t real
popcap200@lemmy.ml 3 months ago
I mean, regular people can do that too, just not to the same extent. Robinhood is offering 6.75% now on margin loans, and IBKR has like 6.85% or so.