You know that rising economic tide that supposed to lift all our boats?
Of course, it's no surprise that some boats rise higher, and faster, than others.
A brief on today's Business Today cover noted:
- Four billionaires linked to Western New York
Four people with ties to Western New York remain on the Forbes list of the world’s billionaires.
Warren Buffett, 79, chairman of Berkshire Hathaway and The Buffalo News, is No. 3 on the list, with a net worth of $47 billion. His net worth climbed from $37 billion in 2009, but his ranking dropped from No. 2. ------------>
Jeremy Jacobs, 70, chairman of Delaware North Cos. and owner of the Boston Bruins NHL hockey team, is No. 488 with a net worth of $2 billion. The East Aurora resident was No. 559 last year with $1.3 billion.
Robert E. Rich Jr., 69, is also at No. 488 with a net worth of $2 billion. The chairman of Buffalo-based Rich Products and a resident of Islamorada, Fla., was No. 397 last year with a new worth of $1.8 billion.
B. Thomas Golisano, 68, founder of PayChex and owner of the Buffalo Sabres, is No. 721 with a net worth of $1.4 billion. He was No. 559 with $1.3 billion last year.
Notice that even as some of our locally linked billionaries fell down the list, they increased their worth. That just means there are more billionaires than there used to be, and that they are richer.
From the Forbes article:
In his annual shareholder letter Buffett wrote, "We've put a lot of money to work during the chaos of the last two years. When it's raining gold, reach for a bucket, not a thimble."
Many plutocrats did just that. Indeed, last year's wealth wasteland has become a billionaire bonanza. Most of the richest people on the planet have seen their fortunes soar in the past year.
This year the World's Billionaires have an average net worth of $3.5 billion, up $500 million in 12 months. The world has 1,011 10-figure titans, up from 793 a year ago but still shy of the record 1,125 in 2008. Of those billionaires on last year's list, only 12% saw their fortunes decline.
As Buffett has always argued, and as he proved again, it pays to be patient and to keep your head when everyone else is consumed by panic.
You know. Like this [something else with ties to upstate New York]:
-- George Pyle/The Buffalo News