As I flipped idly through the Forbes list of billionaires, alternating between astonishment and sheer, venomous resentment, I found myself searching for some kind of relief from the endless carousel of staggeringly-rich people, every one of whom is not me. Please, I urged the non-existent higher powers. Give me a sign that these people also have problems. And that sign came in the realisation that so many of them are ancient, dessicated, superannuated, arthritic old fossils who have no enjoyment from their vast fortunes.
That gave me twelve or thirteen seconds' satisfaction until I realised that many more of them are healthy, active twenty-somethings, and many more are thirty-somethings in their prime, and enjoying every single second of their mega-richness.
Or are they?
Unfortunately for my resentful instincts, Yes, is the answer. Yes, damn them. Yes. And I know that I'm displaying classic Irish begrudgery, but it's more than that. I'm also displaying the classic human jealousy for internet billionaires, a protective response bred into us for millennia, ever since nomadic shepherds first discovered the internet thousands of years ago in the Maghreb and brought it to Alexandria for study.
Perplexity is the main feeling that overtakes me as I read through this list of world billionaires, from the lowliest peasant whose net worth barely exceeds a thousand million dollars, all the way up to the richest man in the world. You probably wouldn't waste your time talking to Ukrainian Oleg Bakhmatyuk, whose fortune amounts to a mere billion dollars and who made his fortune from, of all things, eggs. Eggs! What would you expect from these oligarch types? And by the same token, you might not have much in common with Carlos Slim of Mexico, the world's richest man with a fortune of €74 billion. He made his money from telecomms, and he's described as self-made, but he did have the comfort of a sizeable wedge inherited from his Lebanese-immigrant parents. Having said that, what an impressive achievement to make seventy-four thousand million dollars. That's a lot more than most of us take in.
I looked through the list, and most of the entries are about guys who dabbled one way or another in the money markets or in shares. Financial stuff. Gordon Gekko, in other words. Sharks. Let's write them off straight away as vermin and concentrate on people who made an honest fortune, if such a thing is possible, though I doubt it. Others include the Walton family, owners of Wal-Mart, who made their money by selling cheap stuff to obese people using employees on minimum wage. It's surprising how rich you can get selling crap to redneck trailer trash.
If you look at the very top of the Forbes list, you will find the following list.
1. Carlos Slim Mexico
2. Bill Gates USA
3. Warren Buffet USA
4. Bernard Arnault France
5. Larry Ellison USA
6. Lakshmi Mittal India
7. Amancio Ortega Spain
8. Eike Batista Brazil
9. Mukesh Ambani India
10. Christy Walton and family USA
Interesting. Four American entries, two Indian and one each from the others. If you look at the next ten, the USA also has four entries and it holds half of the entries in the next decade. Now, admittedly, the representation falls off a little as you go down the league table, but nevertheless the USA is always there. One or two at least out of each ten.
Why am I saying this? Simple. I'm looking at Mark Zuckerberg, Larry Page, Sergey Brin and Marc Pincus in the modern age. In the older days, I'm looking at Steve Jobs, Larry Ellison and Bill Gates. I'm looking at PayPal, which grew from nothing in 1998 to a value of $1.5 billion four years later. The single thing they have in common is access to investors who were prepared to take a chance.
Here in Ireland, it's almost inconceivable that a twenty-two-year-old would be able to meet a gigantic investor and make a pitch like that. We have to go to the States to do that, despite the demonstrable track record of such youthful entrepreneurs. To me, this indicates three things — a lack of imagination among local investors, a failure by government to understand just how much is achievable and a climate that doesn't encourage young people to start new businesses.
Microsoft, Oracle, PayPal and eBay did not depend on local infrastructure, since they manufactured nothing. They could as easily have started in Ireland as in the USA, apart from the fact that an Irish government sold off the potential for future broadband development, but let's leave that aside. What's the way to the future? If young people can get access to imaginative investors in the United States, why can't the same conditions be created here?
Whatever about the debacle of the banking pay-off, would it be possible to move forward and create an open climate in which a creative young entrepreneur could approach a range of investors willing to risk a loss in the hope of creating a new Facebook or Google?
Why not?
I can see no reason why a country such as Ireland could not create exactly the same conditions as exist in Silicon Valley, provided the necessary political imagination existed.
Oh, wait. Did I just accidentally spot a fatal flaw in the plan?
Anything is possible Bock.
Scratch the surface and you'll find people who are free thinking, ambitious and hard working here in Ireland. I'm willing to bet each of those billionaires ran into naysayers and disgruntled negative thinkers who may have told them it couldn't be done when they set out change the world with their future industries.
I am hopeful for the future. I think I may be repeating myself. Didn't I write that once before?
The U.S.A? It's in the air Bock. You know what Im saying. Every time I visit New York, all it takes is a couple of days breathing in the air and suddenly Eureka! anything is possible. Unfortunately here in Ireland, we still hunch our shoulders cap in hand, staring at our shoes and except rejection as if it is our divine right.
Can you see a situation where the establishment in this country would give financial support to develop new ideas/concepts that may include compete paradigm shifts in the way a specific business needs to move or recreate itself? Are you mad!
The only way to succeed in Ireland is to be a fucken gangster and I include most of our career politicians under this heading. But fuck it I'll keep trying. They have to die off sometime.
We cab blame the establishment all we like, and yes they are partially to blame, but only partially. I left Limerck in the early '80s to persue fame and fortune. I returned after a number of years and here I am 30 years late posting anonymously and broke. Like many others. What I can't believe over the last few years is the loss of hope, the fatalism the resignation to doom that pervails in almost every facet of Irish life. From the constant doom and gloom headline on the papers, to economist after economist of the TV and ravdio to the regular discussions in the pub. I AM FUCKING SICK OF IT.
Yes we're having an awful time, but for gods sake it is up to us to make things improve. We are talking ourselves into both national and personal graves. Yes we have inept, corrupt imbesilic morons in the Dáil, who put them there. Healy Rea, O'Dea, Lowery, Bertie, Cowen all elected by us the electorate.
We need to shake of the civil war parish pump cute hoor politics and grow up as a nation. I have friends and relatives in the US and the UK neither economies are flourishing. But guess what? They're trying ti improve things. They're leading their lives is as normal a way as possible. They haven't taken out the snuff and candles. Ours are almost burnt out, quick get more!
Sorry No 8. Didn't mean to bring you down, its only castles burning. Find someone who's turning and la la lalala. Hope that little didi cheered you up somewhat?
I thought there was great determination and hope in my last sentence. No?
I'm also tired of all the negativity in the air. In fact I think I'll have a little dropeeen and head off to the song room.
All I need is 1 good one and you never know I could be on the next Forbes list. Or at least on the guest list for Dolans. Now there's a milestone to reach.
Now that you mention it, that's where I'm off to later. I haven't seen Paul Brady in years. Might be running our of it quicker than I go in.
I agree about 95% with the sentiment expressed by No 8, however I think that whereas all the odds are stacked against the Self Employed in Ireland, Its a futile exercise to allow the blundering and greed fuelled exercise of Politicians to continually hold back the possibilities for the future.
I too returned here, with no intention of remaining but here i am, There is a huge movement toward a more creative business model emerging in the U.K. and mainland Europe, less dependent on Banks, Investors etc.
A sharing of structures, spaces, ideas. I recently had dinner in a restaurant in Dublin, during the day it functions as a Cafe, after 6 O'C the premises is leased to a Frenchman and operates as a Restaurant serving nice simple country french food, Its the mind set here that is the greatest stumbling block, we are so dependent on the affirmation and opinion of others, That and the pervasive hopelessness.
Having to combat the mind set and the barbaric impositions created by Politicians makes the struggle all uphill, making change has to be swift and efficient but it has to be done.
Not blaming you LJS, just having a rant in general.
Apart for the inept corrupt self service elite and their lackies I actually like living here. I brought my kids back here to grow up, they love it too. We just need to accept responsibility for our own futures and silence the dooms day merchants. As ELO said "Don't bring me down"
The crazy thing about Ireland – up to the moment when the realisation dawned that the emperor was naked – was that there was loads of (funny) money available to build a tasteless South Fork, or set up a Ponzi-like building development deal, but little venture capital to back real vision and ideas.
Perhaps a left-over from a conservative peasant gombeen culture which regarded land and landlord-potential property as being sacred?
There's much truth in that. We still think that property is god.
Francis, reckon you nailed it right there.
There is also another key difference which perhaps we don't like to talk about, and this is that the likes of Zuckerberg, Gates, et al started doing what they were doing not with the express intention of getting rich, but because it was just something that they were "born to do"; investors for them were a secondary concern to help grow something that they had already created – here you get all the money first, then you spend a few years dicking around and end up with nothing of value to show for it, and millions of euros gone down the drain. Or you don't get all the money, and haven't the time to invest yourself fully in your idea because the cost of living is so high you have to work your ass off just to pay the rent.
I'm not sure we should be too concerned with billionaires though; the US has about 400 of them out of 300 million people so we could maybe expect to produce 1 or 2 a generation at most….but I think we do need to create millionaires who can actually invest back into their own economy. The government should be seeking these people out and throwing money at them left right and centre, and never mind that "there is no money" line they keep feeding us. A few million here and there, invested in the right people, would pay massive dividends a few years down the line. But that would be forward thinking, and require a modicum of abstract thought instead of cutting a ribbon to open the next priory hall.
One fundamental difference between US and, the lack of, Irish philantrophy is that in the US you get a dollar tax credit for every dollar than you donate/invest. Even at the height of his wealth what did Sean Quin donate to or invest in to the betterment of society at large. I'm not talking about the employment he provided, that funded his fortune in the first place. Bit of parochial bias but I think that JP McManus has been excellent in that field. His scolarships for CBS students to 3rd level education is worth more far in excess of their costs.
That Zuckerberg fella robbed the idea from hic colleagues, Bill Gates did more or less the same and shafted his partners, …….. I suppose there is the odd one who made a billion or two the honest way (if that is possible) but I suspect they are all self centered raving megalomaniacs who trod on anyone and anything to make a buck.
I,m not happy about being of a low income but I have my begrudgery to keep me in good form and those bastards will never know the pleasure of getting cheap veg at the market at 6 o Clock on a saturday or ………………
Ah bliss
"I,m not happy about being of a low income but I have my begrudgery to keep me in good form" haha. Good one Basil.
No.8 I think it takes some guts be self employed. It's not easy.
So give yourself an ole pat on the back now and then.. and I think sometimes you have to make an effort to try be positive regardless of the doom and gloom.
If I met a billionaire I'd run in the other direction I think.
I think you'd have to have a bit of a ruthless streak to get that sort of money..
speaking of J.P McManus.. someone said to me once in some pub, "that's JP's son.. I said "and I'm Mr. XXX's daughter.. so".
Couldn't really give a fiddlers.
I don't believe money will make you happy.. cliche and all as that sounds.
FF1 thanks for the encouragement. I hope I don't come across as a depressive, I'm far from it, I was only letting off a bit of steam at all the negativity.
Money doesn't drive me or impress me, there's manys a ghoul driving a big car with food in the fridge.
I try to live by the rule that I am everyones equal and they mine. People have different skills and abilities, some of which result in big pay packs and and associated trappings, that doesn't make them a better person than you or I.
No bother No.8.. and you don't.
Ah it'd get to you sometimes. Tis bloody depressing listening to the gobshites in charge and the mentality sometimes. You gotta let out a"ye fuckshites" at the telly now and then. :)
Enda with his "it's not yer fault".. who the fuck ever said it was?
Then with his statements in Switzerland the other day.
We've the highest paid politicians in the world, yet the most incompetent.
They've no more interest in anything beyond their own noses.
I think all we can do is make the best of things and do what we can.
"I try to live by the rule that I am everyones equal and they mine". Me too!
How was Paul, Bock?
Did you give him my love?
@ Steve, Nicely put and very true. I like the way this thread is going.
Maybe we are all sick to death of bouncing along the bottom and the seeds of optimism are finally starting to sprout? Well I hope so.
I remember speaking to somebody who was working for Enterprise Ireland in Silicon Valley, whose job was to attract American investors in high-tech Irish start-ups. He said that it was frustrating that they had to lure American investors during the height of the boom, because back then, people with the money in Ireland were more likely to invest in a car-park in Bulgaria than take a chance on an innovative company.
About 20% of IT start-ups in silicone valley (oops ) are by young Indians who've been attracted to USA with education grants and what not. It's cheaper for a student from India to go to an Ivy League uni than it is to go to an Irish Uni. so therefore they don't do start-ups here, do they..regardless of government policy.
I think we need to change the climate here radically to encourage imaginative proposals. In my experience, officials working with IDA and EI tend to be very defensive when asked hard questions about their approach. I've come across people whose only skill seems to lie in finding fault with ideas.
@Basil, I don;t understand why you would have a low opinion of Gates, Zuckerberg etc because they "stole someone else's idea". That's just plain mad – do you think that the guys who Zuckerberg "stole" the idea off happened to be the only ones who happened to come up with the idea in the first place?
Ideas are a dime a dozen, but it takes a singular vision to actually implement them, which is what Zuckerberg did. Same with Gates; he may not have had all of the ideas but he was able to write the software to give them life..it's interesting to note that this is one of the core underpinnings of a patent system – you cannot patent an idea, because ideas are free – you can only patent the actual implemntation of it.
The big problem we have is actually not that there aren't tons of great ideas, or that people's ideas are stolen, it's that people either tend to implement them as an employee of someone else who ultimately gets the most benefit from them, or else they never get to implement them at all because they can't get the support they need to do so.
I reckpon we need to stop even trying to depend on getting startups to come over here, why are we not investing in our own startups – as previously mentioned, there are plenty of clever people left on this island who could, if given the chance, make a real impact on global markets in the food, sciences and IT sectors to name a few. Let me give you an example – that kid down in Cork who became the youngest IOS developer (iPhone) with that pizzabot thing.
Now, leave aside the cynicsm that he was lucky to have parents who could afford the technology to enable him to do this; leave aside the fact that he didn't actually write all the code (he used a kind of helper studio but that's cool). Leve aside the fact that the game plays like something that, well, a 12 year old would write. It's all irrelevant – the fact of the matter is a 12 year old had the drive and ambition to do it, and more than that, he actually *did it*, as opposed to his peers who imagined how cool it would be to do it and then didn't. That's the difference!
In the same way that his parents invested in his future, the State should be investing in all of ours thusly.