The richest bankers are the most lavish spenders -- deploying a larger proportion of their take toward homes, cars and luxury goods. Roughly half of the survey's respondents took home bonuses of more than $5 million last year; this group spent 16% on watches and jewelry and socked away about 9%. By comparison, the other half of respondents -- those who received $2 million to $5 million -- spent only about 7% on baubles and put 23% into savings.
And despite the notion that the really rich give more to charity, the rule didn't seem to apply to the bankers in this survey. Respondents gave about 4% to charity. Those receiving bonuses of $5 million or more gave the same proportion as their poorer peers. Says Mr. Prince: "This is not an especially generous group."
I host a daily public affairs radio show in San Francisco called Your Call. It airs from 11 am - noon PST on KALW 91.7 FM. I am also happy to report that I recently got a book deal with PoliPoint Press to write about my road trip through the heartland and the interviews I did with people about why they vote the way they do (or not). It's scheduled to be out in September.
Sunday, February 25, 2007
How Do Wealthy Wall St. Guys Spend Their Wealth?
Only eight percent of the respondents were women:
"And despite the notion that the really rich give more to charity, the rule didn't seem to apply to the bankers in this survey."
ReplyDeletePerhaps there are more liberals in this group....
http://abcnews.go.com/2020/story?id=2682730&page=1
(And don't miss the "Siox Falls vs. San Francisco comparison!)