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Old 4th April 2012, 09:23 AM   #1
Caper
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Where do the ultra rich keep their money?

I know it's a bit if a weird question. But where would someone like Bill Gates keep his money? Would he have like 400 million available in his checking account? He has like 50 billion or something. Would he have a few billion sitting in some high interest savings account earning like 3 % a year like you or me would..... I mean that could be like 300 million in a year for just sitting there..... Would you have to pay income tax on that money?

Besides buying weird art for insane prices.... What do the rich do with their money?
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Old 4th April 2012, 09:27 AM   #2
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Originally Posted by Caper View Post
I know it's a bit if a weird question. But where would someone like Bill Gates keep his money? Would he have like 400 million available in his checking account? He has like 50 billion or something. Would he have a few billion sitting in some high interest savings account earning like 3 % a year like you or me would..... I mean that could be like 300 million in a year for just sitting there..... Would you have to pay income tax on that money?

Besides buying weird art for insane prices.... What do the rich do with their money?
They keep it in a secret vault guarded by specially trained crocodiles with frickin' laser beams attached to their heads.
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Old 4th April 2012, 09:28 AM   #3
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Seriously, though, most wealth isn't in cash, but in various investments. Savings accounts could be one option, but you don't get rich by being that conservative with your money.
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Old 4th April 2012, 09:38 AM   #4
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Stocks, bonds, real estate, cars, mansions, yachts, art, etc.
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Old 4th April 2012, 09:43 AM   #5
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Switzerland.
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Old 4th April 2012, 10:02 AM   #6
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Seriously though, Yahoo Finance tells us that Bill Gates owns 500,981,726 shares of Microsoft. That's worth somewhere north of $15.5 billion today; I don't know where the rest of his money is, but $15.5 billion is big money even by Bill Gates standards.

I assume his savings account is pretty impressive too, but it's not likely to be a major part of his assets. There's no need to be, either -- Microsoft pays a $0.20 quarterly dividend which adds up to real money if you hold half a billion shares, so cash is a renewable resource for him.
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Old 4th April 2012, 12:48 PM   #7
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Originally Posted by timhau View Post
I assume his savings account is pretty impressive too, but it's not likely to be a major part of his assets. There's no need to be, either -- Microsoft pays a $0.20 quarterly dividend which adds up to real money if you hold half a billion shares, so cash is a renewable resource for him.
Meh. It's only about $400,000,000 per year.
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Old 4th April 2012, 01:03 PM   #8
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They keep it in a portfolio.
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Old 4th April 2012, 08:41 PM   #9
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I say in a shoebox under the bed, or perhaps in a pickle jar buried in the yard.
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Old 5th April 2012, 04:08 AM   #10
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I love the statistic that he would lose money picking up a $1,000 bill.
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Old 5th April 2012, 04:15 AM   #11
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Originally Posted by Psi Baba View Post
Switzerland.
This. As far as cash money is concerned.

But mostly in investments.
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Old 5th April 2012, 05:07 AM   #12
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Their butts, of course. It's nature's hiding place.
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Old 5th April 2012, 06:23 AM   #13
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Sorry, the common folk are not allowed to know this information. They have special protections for their money that are not accessible to anyone below a certain income level, who could actually benefit individually a great deal more from this protection than some of the ultra rich.

I think the biggest scam the rich have pulled off on people is that so many common folks think that they realistiacally have a chance to become ultra rich themselves, and as such they should strive to protect these special benefits for them in case they ever get into the billionare club...
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Old 5th April 2012, 06:34 AM   #14
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Originally Posted by LarianLeQuella View Post
Sorry, the common folk are not allowed to know this information. They have special protections for their money that are not accessible to anyone below a certain income level, who could actually benefit individually a great deal more from this protection than some of the ultra rich.

I think the biggest scam the rich have pulled off on people is that so many common folks think that they realistiacally have a chance to become ultra rich themselves, and as such they should strive to protect these special benefits for them in case they ever get into the billionare club...
Example?
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Old 5th April 2012, 07:45 AM   #15
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Obviously most of Bill's wealth is tied up in MS and this is the case for most Billionaires, they usually own a lot of stock in something.

For small amounts of cash (like 10's of millions) they likely work with a bank that can move it into commercial paper until it's needed. Businesses do this kind of stuff all the time for short term working capital and the banks have special staff and systems to cater to moving money around to various accounts. So say you have $5M in working capital and you have a few million in expenses a month. You can part that money in commercial paper (that makes slightly better interest than a bank account) and then move it over to your checking account right before it's needed. There is no reason high net worth individuals couldn't use similar strategies for managing liquid capital.
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Old 5th April 2012, 03:59 PM   #16
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Originally Posted by NewtonTrino View Post
Obviously most of Bill's wealth is tied up in MS
Actually, not any more. Bill Gates is worth over $60 billion, but his stake in Microsoft is worth 'only' some $15 billion.

BTW, since he is a Microsoft insider, his MSFT trades are public knowledge. He's been selling millions and millions of MSFT shares; he's probably selling whenever it's legal for an insider to sell.
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Old 5th April 2012, 04:23 PM   #17
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Originally Posted by timhau View Post
Actually, not any more. Bill Gates is worth over $60 billion, but his stake in Microsoft is worth 'only' some $15 billion.

BTW, since he is a Microsoft insider, his MSFT trades are public knowledge. He's been selling millions and millions of MSFT shares; he's probably selling whenever it's legal for an insider to sell.
He's been diversifying for many years which is only smart. I didn't realize he was that out of the stock but it makes sense at this point.
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Old 5th April 2012, 04:34 PM   #18
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Ok. If Bill Gates would get an income off his shares in Microsoft, would he pay income tax on that money?
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Old 5th April 2012, 05:00 PM   #19
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Originally Posted by Caper View Post
Ok. If Bill Gates would get an income off his shares in Microsoft, would he pay income tax on that money?
Currently microsoft is paying about $0.2 per share every quarter. In roundish numbers I think Bill owns around 1 billion shares so he would be getting $200M a quarter now in dividends. This would then be taxed at the dividend tax rate.

If he sells any of them he would pay capital gains which is probably the same rate as the dividend rate. His basis is pretty close to zero so he would pay tax on pretty much the entire proceeds.

This assumes he isn't using any tax dodges like giving the money to charity
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Old 6th April 2012, 01:20 AM   #20
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Originally Posted by NewtonTrino View Post
Currently microsoft is paying about $0.2 per share every quarter. In roundish numbers I think Bill owns around 1 billion shares so he would be getting $200M a quarter now in dividends.
Yeah, if you round it up to the closest billion, it's 1 billion. As per the link I posted, at the end of January 2012, he had 500,981,726 shares.
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Old 6th April 2012, 01:54 AM   #21
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Originally Posted by NewtonTrino View Post
Obviously most of Bill's wealth is tied up in MS and this is the case for most Billionaires, they usually own a lot of stock in something.
First generation certainly.

Quote:
For small amounts of cash (like 10's of millions) they likely work with a bank that can move it into commercial paper until it's needed. Businesses do this kind of stuff all the time for short term working capital and the banks have special staff and systems to cater to moving money around to various accounts. So say you have $5M in working capital and you have a few million in expenses a month. You can part that money in commercial paper (that makes slightly better interest than a bank account) and then move it over to your checking account right before it's needed. There is no reason high net worth individuals couldn't use similar strategies for managing liquid capital.
Possible but unlikely. If there is any group of individuals that treats amounts of over 10 million as a small amount of cash it's pretty hard to trace (a few memebers of the house of saud maybe). Predictable expenses would probably be better handed through a company in any case (large house with multiple staff for example).

Of course billionaires are pretty much those by defintion who could afford to hold a few million in a current account without worring about lost earnings.

Further down the scale there are ultra high net worth individuals but while there is some info on their portfolio approaches there isn't much on their day to day spending mechanisms.
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Old 6th April 2012, 01:59 AM   #22
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I'm astounded to see that Gates has sold about $1b of his Microsoft stock. What's he investing in, Apple?
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Old 6th April 2012, 05:26 AM   #23
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Originally Posted by lionking View Post
I'm astounded to see that Gates has sold about $1b of his Microsoft stock. What's he investing in, Apple?
His foundation.
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Old 6th April 2012, 01:18 PM   #24
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Basically they just think of numbers in their heads and claim thats how rich they are.
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Old 6th April 2012, 01:33 PM   #25
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Originally Posted by sam81292 View Post
Basically they just think of numbers in their heads and claim thats how rich they are.
That's just Donald Trump.
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Old 6th April 2012, 01:47 PM   #26
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Old 6th April 2012, 02:58 PM   #27
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Originally Posted by lionking View Post
I'm astounded to see that Gates has sold about $1b of his Microsoft stock. What's he investing in, Apple?
Originally Posted by The Central Scrutinizer View Post
His foundation.
http://www.gatesfoundation.org/Pages/home.aspx











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Old 12th April 2012, 11:59 AM   #28
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Originally Posted by lionking View Post
I'm astounded to see that Gates has sold about $1b of his Microsoft stock. What's he investing in, Apple?
Actually MS, untill recently, owned a 150 million non-voting shares of Apple.
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Old 12th April 2012, 03:56 PM   #29
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Originally Posted by timhau View Post
http://th08.deviantart.net/fs24/300W..._vikung_fu.jpg

Seriously though, Yahoo Finance tells us that Bill Gates owns 500,981,726 shares of Microsoft. That's worth somewhere north of $15.5 billion today; I don't know where the rest of his money is, but $15.5 billion is big money even by Bill Gates standards.

I assume his savings account is pretty impressive too, but it's not likely to be a major part of his assets. There's no need to be, either -- Microsoft pays a $0.20 quarterly dividend which adds up to real money if you hold half a billion shares, so cash is a renewable resource for him.
Dammit it, beat me to the Scrooge Mc Duck reference....
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Old 12th April 2012, 05:27 PM   #30
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Originally Posted by dudalb View Post
Dammit it, beat me to the Scrooge Mc Duck reference....
^ this
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Old 12th April 2012, 06:34 PM   #31
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If I knew, I would be ultra rich.
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Old 13th April 2012, 12:33 AM   #32
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Originally Posted by aggle-rithm View Post
Seriously, though, most wealth isn't in cash, but in various investments. Savings accounts could be one option, but you don't get rich by being that conservative with your money.
Or in other words: the ultra rich don't keep their money, they lend it out. At interest.

It is not so different for most of us ordinary rich people. It is not so much that I "keep" my money at the bank, but rather that the bank has a debt to me, which they can repay me bit by bit by paying for my groceries every time I use my PIN card, or by giving me money at the cash machine.

Keeping money is for poor people.
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Old 13th April 2012, 01:33 AM   #33
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Originally Posted by Staffsknot View Post
If I knew, I would be ultra rich.
Actually, it's the other way around. Yeah, the ultra-rich do have access to some investment vehicles that us mere mortals don't, like semi-closed funds with steep minimum investments, but they're generally not designed to make their clients rich (because they already are). I assume preserving capital has to be high on the priority list (unless the fund manager is Bernie Madoff or Allen Stanford).
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Old 13th April 2012, 02:25 AM   #34
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No one's said "The Ultra Bank" yet?
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Old 13th April 2012, 02:40 AM   #35
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Originally Posted by Skepticemea View Post
No one's said "The Ultra Bank" yet?
Confession time: I googled it. Results were interesting. Hits include totally legit, transparent and trustworthy wealth management services, like the one that has one employer (pictured on the front page wearing a frown and a cheap suit) who uses a gmail account for business.

Madoff and Stanford were ruthless scammer bastards, but at least they had some class. If you didn't know the names, which one sounds most like a scam, Bernard L. Madoff Investment Securities LLC, The Stanford Financial Group, or Ultra High Net Worth Advisors?
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Old 13th April 2012, 02:49 AM   #36
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Originally Posted by timhau View Post
Confession time: I googled it. Results were interesting. Hits include totally legit, transparent and trustworthy wealth management services, like the one that has one employer (pictured on the front page wearing a frown and a cheap suit) who uses a gmail account for business.

Madoff and Stanford were ruthless scammer bastards, but at least they had some class. If you didn't know the names, which one sounds most like a scam, Bernard L. Madoff Investment Securities LLC, The Stanford Financial Group, or Ultra High Net Worth Advisors?
Big Bern and The Cricketer's Wife Groper? I know them and their work.
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Old 13th April 2012, 03:25 AM   #37
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The point is, they were successful conmen because their businesses didn't have "SCAM" written all over them.
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