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You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
United States President Joe Biden to Propose New 20% Minimum Billionaire Tax in 2023, Tax on Household with $100 Million
1st April 2022 | Hong Kong
United States President Joe Biden is expected to propose a new 20%minimum billionaire tax for 2023 budget, with the new tax imposed on United States household with more than $100 million.The tax plan is called the “Billionaire Minimum Income Tax” which will tax 20% of their annual income and unrealised gains in liquid assets (stocks, bonds, funds).The proposal is to be submitted on 4th April 2022 as part of the United States 2023 Budget plan.
” United States President Joe Biden to Propose New 20% Minimum Billionaire Tax in 2023, Tax on Household with $100 Million “
The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
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The 2024 Family Office Summit17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here
2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
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2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
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2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
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United States Billionaires Tax Leak, Top 25 Pays 3.4% in Tax Rate from $401 Billion Fortune
In 2021, The richest United States billionaires personal tax filings was leaked, including billionaires Jeff Bezos, Warren Buffett, Elon Musk, Michael Bloomberg, Carl Icahn and George Soros, with the top 25 richest billionaires paying an average tax rate of 3.34%. From 2014 to 2018, the top 25 richest billionaires in United States grew their wealth by $401 billion, but paid only $13.6 billion in federal taxes, an average tax rate of 3.34% compared to 14% for the median income tax rate. (The tax leak did not disclose details on donations, that may have qualify for tax deductions)
In the United States, the leaked tax filings showed the 25 richest billionaires in United States paid an average tax rate of 3.34%, while the median (50th percentile) pays 14% in federal taxes for earnings at $70,000.The highest income tax rate is 37% tax rate, for earnings above $523,600.
The United States authorities have launched an investigation into the tax leaks.Michael Bloomberg, former Mayor of New York and founder of Bloomberg, have also pledged to use all legal means to uncover the source of the leak.
Billionaires Tax Rate
Person
Company
Wealth Growth
Income Reported
Tax Paid
Tax Rate
Warren Buffett
Berkshire Hathaway
$24.3 billion
$125 million
$23.7 million
0.10%
Jeff Bezos
Amazon
$99 billion
$4.22 billion
$973 million
0.98%
Michael Bloomberg
Bloomberg
$22.5 billion
$10 billion
$292 million
1.30%
Elon Musk
Tesla
$13.9 billion
$1.52 billion
$455 million
3.27%
Billionaires Paid Zero Tax:
2007 – Jeff Bezos paid $0 federal income tax
2011 – Jeff Bezos paid $0 federal income tax
2018 – Elon Musk paid $0 federal income tax
Recent years – Michael Bloomberg paid $0 federal income tax
2 times – Carl Icahn paid $0 federal income tax
3 years in a row – George Soros paid $0 federal income tax
Jeff Bezos, 1.1% in taxes over 13 years
United States Tax Rates
The top 25 richest billionaire paid an average of 3.34% from 2014 to 2018
The median (50th percentile) earns $70,000 annually and pay 14% in federal taxes
The highest income tax rate is 37% earning above $523,600
In United States, there is a 20% capital gain tax. At death, there is no capital gain tax.
Estate tax of 40%
Estate Tax
In the United States, there is a 40% estate tax.In countries where there are high estate taxes, clients and wealth managers will structure assets to transfer assets to their heirs or beneficiaries without or reducing estate taxes.
In April 2021, the heirs and family of Samsung including current Vice-Chairman of Samsung Electronics Lee Jae-Yong will be paying inheritance tax of around $10.7 billion (12 trillion won) for inheriting around $22 billion estate from the late Samsung Chairman Lee Kun-Hee who died in October 2020. South Korea has one of the world’s highest inheritance tax rates with tax rate at 50%, and more if the estate has a controlling interest in a company.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
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2024 Upcoming Events
> The 2024 Family Office Summit Hong Kong (St Regis) – 17th Oct
> The 2024 Family Office Summit Singapore (Amara Sanctuary Resort) – 7th Nov
> The 2024 Investment Day Hong Kong – 17th Oct
> The 2024 Investment Day Singapore – 7th Nov
Join The 2024 Family Office Summit in Hong Kong on 17th Oct at St Regis or Singapore 7th Nov at Amara Sanctuary Resort (9 to 345 pm).Join 5 billionaire family offices, and 60% of family offices with more than $300 million AUM. Limited complimentary passes available for SFOs & pure MFOs. Links:2024 Family Office Summit | Register here
2024/2025 Summits Hong Kong & Singapore
> The Investment / Alternatives Summit – March / Oct
> The Institutional Investor Summit & Roundtable – March / Oct
> The Family Office Summit – April / Oct / Nov
> The Private Wealth Summit – March / Oct
2024 June / July Report Release:
> Asset Management Report 2024
> Family Office Report 2024
> UHNW Wealth Report 2024
> Top 50 Southeast Asia Companies Report 2024
> China & Hong Kong IPO Report 2024
> Hong Kong SFC Financial Industry Report 2024
> Private Capital / Equity Fund Managers IRR & Bonuses Report 2024
> Sports Report 2024