Wealth secrets of the 1% (Sam Wilkin, 2015)

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Ancient Romans
  • They implemented check and balance to ensure the finance is proper.
  • The overwhelming need to wealth drive the politicians to create policies and instrument to secure their wealth.
  • Situations and directives were created to ensure power supremacy.
Robber Barons
  • Mining and railroads were the door to become top riches.
    • Steamboat industry gets eliminated slowly due to railroads.
  • Interstate transport and business are rare and therefore very valuable.
  • Gun upgrade and resell become a top business due to the Civil War.
  • Automobile and jet industry is slowly bankrupting the traditional railroad.
  • Banks that lend money to the transport industry is the biggest winner.
  • Oil refining boomed due to the oil lamp as it was only owned by the rich.
    • Oil industry later become crucial when automobile turn active.
    • Rockefeller Standard Oil was once the largest oil company owner.
  • Carnegie early success was build bridge infrastructure.
    • He then moved into the steel industry.
    • Rockefeller buying iron mines to compete against Carnegie.
  • Pierpont Morgan founded J.P. Morgan and bailed out the US government in 1895.
    • He helped Carnegie to consolidate the entire steel industry as US Steel and made Carnegie the richest man.
  • Farmers and their salary get highly subsidised by government in most countries.
  • Sherman Act broke up the monopolising industries that are huge.
Today's 1%
  • Hedge funds and Goldman Sachs partner jobs are fetching them $20m to $40m a year.
  • A bank does not go bankrupt when they cannot pay the creditor while it goes out of business when a regulation kicks in.
  • Exxon Valdex oil tanker gets fined and borrowed money from the bank while the bank redirect the risk to the public by issuing collateralised debt obligation (CDO).
Forbes global rich list
  • Dhirajlal Hirachand Ambani host weddings between powerful families to get themselves richer.
Dot com wealth
  • Most initial success story in silicon valley revolves around intellectual property.
  • Copyright infringement was quite a legal loophole back in the 70s.
  • Users continued to use Windows OS despite so many software issues.
  • Microsoft was almost forced to break up of it monopoly in 2000.
7 secrets of spectacularly rich people
  1. Don't be the best, be the only.
  2. Bigger is still better.
  3. The worse place to do business is really the best.
  4. When lenders can't lose, you win.
  5. You've got to own it, baby, own it.
  6. Spin laws into gold.
  7. If you want to succeed in business, network, network, network.

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