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New survey reveals how richest US families keep their riches

According to a survey from the Institute for Policy Studies, which tried to discern how rich families keep their riches, a majority of the richest American families have opted to hold their assets rather than create new wealth.
In the study entitled “Silver Spoon Oligarchs,” top 0.01% richest Americans retained their wealth in spite of what are supposed to be high taxes levied on the ultra-wealthy.
They aren’t producing useful goods, running factories, creating jobs, or any of that nonsense – they’re hoarding what they have and cashing in on the capital gains from their parents’ or other ancestral estates.
According to RT, the scions of rich families have had no trouble cultivating their hoards in full view of the tax man, as the US tax structure heavily favors the beneficiaries of inherited wealth.
The tax structure of the US has mutated over the last three decades to favor the rich even more than it did previously, putting the lie to the myth of a “trickle down” economy. Money in the US doesn’t just trickle up – it gushes upward with the force of a geyser.
RT quoted the report as saying, “America’s dynastic families, both old and new, are deploying a range of wealth preservation strategies to further concentrate wealth and power – power that is deployed to influence democratic institutions, depress civic imagination, and rig the rules to further entrench inequality."
The report declared, warning that “this tax avoidance means less support for the infrastructure we all rely on to preserve our health, safety, and quality of life."
Given that the vast majority of political donors sit amongst the top 0.01%, it’s hard to imagine politicians becoming genuinely concerned about the detrimental effect of the obscene wealth transfer on the American people.
Not only did the US tax code gradually evolve to better suit the wealthy over the last half-century, but of the top 50 wealthiest families listed in Forbes last year, 27 had also been on the magazine’s list of 400 wealthiest families since at least 1983. Groups like Oxfam have been sounding the alarm about this issue for years – only to be largely ignored. Who wants to spoil the party, after all?
The 27 “dynastic families” in question have seen their wealth mushroom at ten times the rate of regular families over the past 37 years, exploding a whopping 1,007% from $80.2 billion to $903.2 billion, adjusted for inflation. Meanwhile, the taxes paid by the wealthiest 0.01% of American billionaires dropped – factoring in inflation – a whopping 79% as a percentage of those oligarchs’ wealth.
Source: RT
Image source: Reuters-RT
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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