Fin24

Billionaire: Jealousy won't make you rich

2012-08-31 09:56

Australia - The world’s richest woman, Australian mining tycoon Gina Rinehart, urged those “jealous” of the wealthy to “spend less time drinking” in an article blasted as “insulting” by Canberra on Thursday.

Rinehart, whose family iron ore prospecting fortune is worth $30.1bn (R253bn), hit out at those envious of the rich.

“There is no monopoly on becoming a millionaire,” she wrote in an industry magazine column.

“If you’re jealous of those with more money, don’t just sit there and complain. Do something to make more money yourself – spend less time drinking or smoking and socialising, and more time working.

"Become one of those people who work hard, invest and build, and at the same time create employment and opportunities for others.”

Rinehart blamed what she described as “socialist”, anti-business policies for the plight of the poor, urging the government to lower the minimum wage and taxes to promote investment.

Treasurer Wayne Swan said: “These… comments are an insult to… Australian workers who go to work and slog it out to feed the kids and pay the bills.”

Mining union president Tony Maher said: “At the same time as trying to import cheap foreign labour and avoid paying tax, Rinehart claims it’s millionaires and billionaires who are the greatest for social good.

"What planet is she living on? She should spend less time ranting and more time sharing.”


*Follow Fin24 on Twitter, Facebook and Google+.  

 

Comments
  • napolita.kio - 2012-08-31 10:13

    I do not know who this woman is nor do I care BUT heck she is telling the truth (I believe).

      duanne.dames - 2012-08-31 14:20

      Google her - she inherited her wealth when her husband died, and has been locked in legal battles with her kids for ages for effectively kicking them out of the company. I don't think she knows what working hard is.

  • gerrie.visagie - 2012-08-31 10:19

    The question I have, is where do you draw the line? Should everybody earn exactly the same every month? This is communism! Equally though, not everybody has the skill (or will) to become a millionaire and there should not be discrimination then based on that. Although insensitive as the comment is, its also right.

      paul.nefdt - 2012-09-01 18:55

      There is nothing wrong with being rich but there is also nothing right in being opulent, wasteful, boastful & still being proud of it. This women should learn from Warren Buffet.. Now there's a rich guy that no one is jealous of...

  • palu.jon - 2012-08-31 10:32

    this woman inherited her money!!! stories that i have read paint her as a bit paranoid(people only want to be her friend because she has money etc)!!! also her wealth has only served to split her family apart!!! something money excells at doing!!!

      napolita.kio - 2012-08-31 12:09

      Palu - I bet you have no money or at least you live hand to mouth, I mean middle/lower class. No offence intended, please. There's no such a thing as "money excels at splitting families". Money does no such thing! If your statement was true it would imply that NOT having money UNITES families; and I hope you know that is NOT true!! Suppose is it true that "people only want to be her friend because she has money", so what?? But wait, if she inherited the money, so what? Please focus on the veracity of what she said. Regardless of her wealth, the question is: Are the words attributed to her true or false?

      claudio.longo.144 - 2012-08-31 12:26

      So Palu.Jon (and other envious commentators) if you suddenly won / inherited the kind of money Gina has, what exactly would you do with it. Be honest now. Once you have listed your actions, can you tell us if you have done any of those things you allege you would do with the money you do have and why you should not have less. The next question is what is the exact level of wealth that one is allowed to keep to ones self to ensure one is not envied.

      john.opperman.9210 - 2012-08-31 14:16

      Wow, i like your point(s) of view. In SA, there are a S*** load of people receiving Govt grants and OH YES, it is tax payers' money in turn coming from wealthy people's money in the form of Tax or their Capital. If all the money on earth was to be shared equally between all the people on earth right now, it would only be a matter of time until the (previously) rich would be rich again because they are through the mill. They've already sacrificed family, social and 'fun' times and worked instead and they've built up the knowledge and general know-how for becoming rich. They've already worked countless hours and they've done their homework and yes, they deserve to be rich. Lastly, you do get people that inherited money and are EXTREMELY arrogant but it is probably because they're unhappy deep inside because if you grew up in abundance, how frustrating wouldn't life be if you had NOTHING left to work for?

  • eva.walle.75 - 2012-08-31 10:34

    In many ways it's true that you need money to make money and that wealthy individuals get ahead a little faster than those with limited means. That said, I believe that every high net worth individual has a responsibility to invest in socio-economic issues, to help those interested in getting ahead in providing them with a stepping stone to do so. The wealthy cannot be held responsible for those who choose to do nothing to improve their lives.

      napolita.kio - 2012-08-31 11:41

      Eva - I agree with much what you say, although I have a concern with the "responsibility" part of your contribution. See, there's usually/always a punishment or price to pay by those responsible but acting irresponsibly. So, if it's true that "every high net worth individual has a responsibility to invest in socio-economic issues" then the question is; what is the punishment if they do not do it? Whatever the answer, I do not agree with it. If a high net individual (HNI) saves money in a bank, the bank lends out the money (to the "poor"). If a HNI buys a property, government gets taxes (that are some passed to the "poor") and the seller takes the money to bank that lends to the "poor". There is no way that HNIs can make the poor to surfer as a result of being wealthy. Even if the HNIs literally burying the money/assets underground, the effect would be a short supply of money/asset which would raise the price (interest rate in case of money) of assets due to shortage and the poor although would have less money/assets in QUANTITY they would be not worse off since the QUALITY/PRICE would raise to compensate for the short supply. All in all, the blame/jealousy on the wealthy is really misplaced. For the record, I am NOT wealthy nor a HNI, not at the time of this writing at least, but watch this space ;)

  • faizieishlah.shabalala - 2012-08-31 11:16

    Julius sing it to the people

  • jay.socuro - 2012-09-08 13:32

    She is right. Who the hell does the union boss Tony Maher think he is? Mine workers in Aus are the most overpaid workers who can easily plus A$120k p.a., thats a helava more than white collar workers. As for sharing, just because working hard and being able to afford two cars, does that mean I need to share (ahem - give away) my other car to some dum, drunk and lazy slob?

  • robert.macmillan.393 - 2012-12-11 11:24

    It interesting that the two people who critised this lady, the government treasurer and the union president both rely solely on taking hard earned money from other people for their income. They will never know what it it to create wealth and jobs but only how to destroy them as they do so aptly the world over.

  • cuan.rudman - 2012-12-11 12:21

    EASY ENOUGH WHEN YOU INHERIT EVERYTHING. SHE IS DEFINATELY NOT A SELF MADE BILLIONAIRE

  • Rob Selley - 2013-04-25 05:25

    Well said Gina, the old fashioned way of working hard and making sacrifice to get ahead seems to have disappeared. Socialist = soft. Reality check needed. Drop the minimum wage and create incentive for people to work hard.

  • pages:
  • 1