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Epstein’s long-time business thesis is that the rich
know very little about money. They may know about
their own businesses, but the great sums that are the
result are ultimately an afterthought and demand an
entirely different sort of intellectual discipline. The
Forbes 400, says Epstein, not immune to an amount of
wonder, increased their wealth by $500 billion last year,
meaning, in effect, that on average every Forbes-list
billionaire makes more than another billion every year.
And, points out the 62-year-old Epstein, they will
almost all be dead in 40 years, most well before that,
meaning $4.2 trillion, compounding everyday, will have
to be given away. “So, to understand the future, what
you have to begin to do is follow the money, not in
Watergate-like terms backwards, as in who has gotten it,
but forwards to where it will go and who will get it.”
Epstein can find himself echoing aspects of
Thomas Piketty on the inequities of the accumulation of
wealth (“the divide is between people with assets, which
appreciate, and people without assets, who fail to
advance—that is, of course, the miracle of compounded
interest”), except for the fact that Epstein, knowing the
rich, understands a point that Piketty doesn’t: “Nobody,
nobody, wants to give it all to their children. Everybody
now has the modern appreciation that one of the curses
of great wealth is that it can make your kids weird and
fucked up.”
Epstein’s position in this private allotment of a
decent fraction of the U.S. Gross Domestic Product is
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