The Super Rich

 
 
 

Vocabulary

 

 
 
 
 
 
 

Video: The Super Rich

 
 
 
 

Transcript

The Super Rich are taking over.

Super Rich person 1: “Somebody like me earns ten, twenty thousand dollars an hour.”

Eighty-five people earn the same wealth as half the world’s population.

Super Rich person 2: “You don’t get this stuff at IKEA.”

Journalist: “How much are you worth?”
Super Rich person 3: “Around 250 million pounds.”

Never before has money been so polarized.

Yuval Noah Harari, Historian and Philosopher: “The twenty-first century will be the most unequal period in human history.”

My name is Jacques Paretti, and in this series, I going to find out how the super rich have changed Britain.

Journalist: “How important is Britain as a tax-haven for the super rich?”
Expert: “It’s very important. It’s the most attractive location now, on the planet.”

But are they making us richer?

Rob Hersov, Chairman, Adoreum Partners: “We want more super rich people here in England.”

Or creating a more divided society?

Average person: “We went to see our local mayor twice and he said, ‘if you can’t afford to live in there, then you can’t afford to live in there. What do you want me to do about it?”

Expert: “Human nature, people will always be envious of those who have more than they do.”

Who sold the idea that the super rich will make the rest of us better off?

Expert: “It’s always been the haves and the have nots; but today you have the haves, the have nots and the have yachts.”

This is the story of the super rich.

And us.

.     .     .     .     .     .     .     .

 
As the rest of Britain struggles, the super rich have never had it so good. Since the 08 crash, there’s been 80 billion pounds of austerity cuts — the same amount bankers will have been given in bonuses.

At just over 180,000 pounds, this Lamborghini costs the same as an average house in Britain.

Simon has flown in from Switzerland to buy a second-hand car — but not like one you or I might buy.

Journalist: “You collect cars. How many cars have you got, would you say? Do you know?”
Simon: “I don’t know if my wife’s listening or not, but let’s say less than ten.”
Journalist: “Less than ten?”

The super rich are behaving as if the biggest recession since the War didn’t not affected them.

But it did. Profoundly . . . they made lots of money from it.

Hard to believe, until you hear it from the horse’s mouth.

Micheal Wainwright is the boss of diamond merchant, Boodles. His family’s reported 85 million pound fortune is among the thousand biggest in Britain.

Journalist: “When the crash happened, did you think, ‘oh this is curtains for us?’ What was your feeling?”
Micheal Wainwright, Managing Director, Boodles Jewellery: “We were. It was very bleak for three or four months. And in spite of what was going on in the world since 08, I think the wealthier had got a bit wealthier.

It was a bit reticent to spend it to begin with after 08, but not now. I think they’re definitely out to play again.”

Michael might have had a few bad months, but we’ve had seven years of austerity; our incomes have stagnated.

But last year alone, the top thousand saw their wealth rise by 70 billion pounds, making their wealth equal to the combined earnings of Britain’s entire, full-time work force.

The gap between us and the richest one percent, is returning us to a world we thought had gone away.

You know when I was growing up in the 1970s, the idea that the aristocracy ruled Britain had gone.

They were finished.

But now there is a new aristocracy who have taken over.

They’re not the landed gentry . . . they’re the super rich.

.     .     .     .     .     .     .     .

 
Britain now has 104 billionaires. That’s more per head than any other country in the world.

But when you ask how their presence benefits the rest of us, it turns out the rich has a party line on that: It’s called “trickle-down”.

This is multi-millionaire Rob Hersov.

Journalist: “Are the rich good for Britain?”
Rob Hersov, Chairman, Adoreum Partners: “Yes, very good for Britain. We want more super rich people here in England.

Journalist: “Why?”

Because if they invest here, if they hire people, they use taxis, they go to restaurants, they’re creating wealth for people in England.

It’s not trickle-down — it’s trickle-through. They’re creating opportunities for other people.”

Trickle-down or trickle-through, the idea is that their spending will benefit all of us.

But does it?

*     *     *     *     *     *     *

 

Questions

SUV, Luxury Car, Sports Car. “Never before has money been so polarized.” What does this mean?

Yacht. Britain is an important tax-haven. Explain this. What are the consequences?

Mansion, Villa. The two “middle-class” or “working class” persons (women) were having problems. Is this correct or wrong? What was their problem? Did their local government help them?

Palace, Castle. Describe the car show. Were there Fiats, Hondas and Skodas? What is Simon’s hobby?

High-Class Restaurant. Both average people and the rich, such as the diamond merchant, suffered during the financial crisis (recession). True or false?

Rolex Watches. What does the journalist say about the aristocracy?

Armani Suit. According to the millionaire, is the super rich good or bad for Britain? Why is it good according to him?

Louis Vuitton Handbag. What do you think about the tone of the journalist and the news report? Is it pro-super rich, anti-super rich, both, neutral, neither or in-between?
 
 
 
Gucci Footwear (Shoes). Who are the super rich? What do they do? How did they get their money?

Chanel Dress. I want to be super rich. Yes or no? Do all your friends want to be super rich?

Diamond Ring. Is there a wide gap between the rich, middle-class, working class and poor people where you live? Why is there a gap between rich and poor?

Pearl Necklace. Is it “good”, “bad”, both or neither that there are Super Rich people? Is is a wide gap between the rich and non-rich good, bad, both or neither?

Gold Earring. How do ordinary people feel about the super rich? What do average people think about the gap between rich and poor?

Versace Perfume. What might happen in the future?

L’Oréal Cosmetics. Are there any “solutions” to the gap between rich and poor? What are the solutions of the gap between the 1% and the rest of society?