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Bill Gates Could Become World’s First Trillionaire

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Bill Gates is already the world’s richest man but that’s chump change compared to what he could be in the next 25 years: the world’s first trillionaire.

The Microsoft cofounder is already worth $85billion, according to Forbes. But if Gates’ wealth continues to appreciate at the rate of return it has been for the past decade, then by the time 61-year-old Gates hits his 86th birthday, he should be worth a trillion dollars.
The ultrarich have been enjoying an average rate of return of 11 percent since 2009, says the poverty-research group, which recently broke the stunning news that eight billionaires have as much wealth as the 3.6billion people who make up the poorest half of the world’s population, says CNBC.

If Gates’ investments continue at that growth rate, then Gates, or perhaps another billionaire close to his level, will become the world’s first trillionaire. That’s even with the billions Gates has given away to charity.

‘If billionaires continue to secure these returns, we could see the world‟s first trillionaire in 25 years,’ said the Oxfam report. ‘In such an environment, if you are already rich you have to try hard not to keep getting a lot richer.’
At least one journalist thinks the claim is ‘ludicrous’ and picks apart the charitable organization’s numbers.

Using the start date Oxfam uses for calculating Gates’ wealth growth rate, 2006, when he left Microsoft, the organization notes that the computer whiz’s wealth rose 50 percent or by $25billion in 2016.

That’s a four percent rate of return, compounded, not 11 percent, says Tim Worstall, a Forbes contributor.

Using the same rate of return, and assuming Gates doesn’t do something like suddenly give away most of his fortune, and using the same start date of 2006 when Gates was worth a mere $50billion, that means in 25 years, he would be worth $133billion.

Even using Gates’ 2016 estimated $75billion net worth, Worstall calculates that Gates would only be up to a measly $200billion in 25 years at a four percent rate of return, not a trillion.

Gates’ estimated net worth grew $10billion to $85billion by January 31, according to Forbes.

As of 2013, Gates had given away $28billion to the Gates Foundation, which helps fight worldwide poverty.

Originally Reported By

Daily Mail

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APC Calls For Omo-Agege’s Prosecution Over Mace snatching

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The All Progressives Congress (APC) has condemned in totality, Wednesday’s attack on the Senate and the snatching on the Mace of the senate.

This is even as it has called on all security agencies to take all necessary actions to recover the stolen mace and ensure that the perpetrators and their sponsors are brought to justice.

In a statemnet issued by Mallam Bolaji Abdullahi, National Publicity Secretary of the APC, the party said that the attack ammounted to an attack on the nation’s democracy.

“The attention of the All Progressives Congress (APC) has been drawn to the invasion of the Nigerian Senate by suspected thugs who disrupted Wednesday’s plenary and made away with the mace.

“The APC hereby condemns this action and views it as an attack on our democracy and a desecration of the hallowed institution of the National Assembly.

“We therefore call on security agencies to take all necessary actions to recover the stolen mace and ensure that the perpetrators and their sponsors are brought to justice.

Meanwhile, the Nigerian Police has arrested Senator Ovie Omo Agege for leading the hoodlums into the Senate chamber during plenary to snatch the Mace which is the symbol of authority of the upper legislative chamber.

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Mace Theft: Police Arrest Senator Omo-Agege

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The lawmaker was suspended by the Senate for 90 days last week. He, however, attended the plenary today.

The Senate had accused him of leading the armed men who stormed the chamber and snatched the mace while plenary was on.

After the plenary, policemen ushered Omo-Agege from the door of the chamber into a waiting pickup van.

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Thugs Disrupt Senate Plenary, Steals Mace

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The Senate plenary was today disrupted after suspected thugs invaded the chamber and made away with the mace.

The incident happened few seconds after a suspended Senator, Ovie Omo-Agege entered the chamber.

About 10 suspected thugs who came to the venue with the senator forced their entrance into the chamber.

Seconds later, the thugs ran out of the chamber with the mace causing pandemonium in the Senate.

They left the National Assembly with the mace in a black SUV.

The mace is the symbol of authority of the parliament.

One of the security personnel at the entrance of the National Assembly said the thugs told him and other officers they were with the senator.

“We tried to stop them but they told us they were with him (Omo-Agege),” he said.

The Senate has accused a lawmaker, Ovie Omo-Agege, of leading hoodlums to seize the mace, which serves as the chamber’s symbol of authority.

In a statement after the incident on Wednesday, Senate spokesperson, Sabi Abdullahi, said the incident is an act of treason.

Credit: Premium Time

 

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