Jul 07

Analyst: To become a “one percenter,” get into heavily-regulated industries!


Analyst Sam Wilkin, who studies the habits of the super-rich, was interviewed for an interesting piece in THE TELEGRAPH. Read it here. Having studied the habits of billionaires and “one percenters” for years, Walkin offers a list of seven general principles for becoming super-wealthy.

The most interesting tip–6th among the 7 appearing near the end of the article–is this tidbit:

Spin complex laws into gold – set up in industries bound by such convoluted regulation – for example agricultural subsidies and banking regulation – that it is easy to bend the rules as nobody understands anyway.

Say that again? We are often lectured by government-trusters that regulation is needed to THWART the mega-rich and redistribute their wealth to the poor. Advocates of government are fond of claiming that DEREGULATION would harm the have-nots.

Now the truth is out. Regulation greatly aids the super-rich; and deregulation would actually help redistribute wealth more equally.

The rapid increase of fortunes of “the one percent” is largely attributable to the growth of government regulation.