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You may have saw the news about the recent auction of Picasso’s “Women of Algiers” painting that sold for $179 million. The price is shocking enough but what was even more shocking is that how much the painting appreciated since the last time it was auctioned less than 20 years ago. In 1997, the painting sold for $31.9 million. That’s $46.7 million when adjusted for inflation. It’s more than tripled in value in 18 years.
So, how can this happen? It’s because the rich are getting richer. The super rich are getting super richer and the ultra rich are getting ultra rich. The further you go up the income ladder, the better they do. Hedge fund managers who are the ultra rich have increased their net worth at a higher rate than CEOs who are the super rich. CEOs have increased their net worth at a higher rate than attorneys and doctors who are the regular rich.
So, who’s not getting richer? Anyone who is not rich already. They’re getting poorer. You have three main choices:
- Wait for the revolution to come and distribute the world’s wealth. Don’t hold your breath for this one.
- Be satisfied with getting poorer every year.
- Do whatever it takes to enter the ranks of the rich.