I’ve never looked into moving abroad for the purpose of avoiding cgt, have a vague understanding that it would take over a year of living there, and by then the coins would be worth much less.
....
Wtf!? lol
https://www.thejournal.ie/irish-billionaires-grew-their-wealth-by-e13-billion-last-year-and-global-inequality-deepened-6596981-Jan2025/
THE GULF BETWEEN the world’s wealthiest people and and those living in poverty grew significantly in 2024, according to a report published by Oxfam today. The report also highlights the prevailing disparities in wealth between rich countries in the Global North and poorer countries in the Global South. The headline finding from the report is that the world’s billionaires got wealthier by €1.9 trillion globally in 2024. In Ireland, billionaires grew their wealth by €13 billion last year, which equated to gains of €35.6 million per day. There were 204 new billionaires in the world last year, two of whom were Irish, bringing the total number of billionaires to 2,692 worldwide. Ireland’s two new billionaires are brothers Firoz and Zahan Mistry, whose late father was Pallonji Shapoorji Mistry, an Indian-born Irish businessman who was chairman of the Shapoorji Pallonji Group and a major shareholder in India’s largest private conglomerate, the Tata Group.Oxfam said it takes just 5 days for someone in the top 1% to make what the average person in the bottom 50% makes all year in Ireland. The report, entitled ‘Takers Not Makers’, has been released today to coincide with the beginning of the World Economic Forum in Davos, Switzerland, where the world’s wealthiest and most powerful people convene for talks on the state of the world economy. It also comes on the day of Donald Trump’s inauguration as President of the United States. ‘Rise of a modern oligarchy’ “We are witnessing the rise of a modern oligarchy, where wealth is used to build and consolidate political power and vice versa,” said Oxfam Ireland’s CEO Jim Clarken.At a global level, Oxfam noted that, “As billionaire wealth balloons, the number of people living in poverty has barely changed since 1990”. Oxfam has predicted that the first trillionaires will soon emerge and that there will be “at least” five trillionaires a decade from now.“The capture of our global economy by a privileged few has reached heights once considered unimaginable,” said Clarken. “The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated – by three times – but so too has their power,” Clarken said. Clarken also took aim at the incoming US president and his supporters. “President Trump will be a president of and for billionaires, using his power over the world’s largest economy to slash taxes for the ultra-rich and mega-corporations, at the expense of everyone else.” He said Trump’s administration will be “the richest ever to run the US government,” with a combined net worth of more than $450 billion, which he described as “unimaginable”. “There are at least 13 billionaires appointed to jobs in his administration”, said Clarken. “And even if you exclude Elon Musk, Trump’s cabinet would be the richest in history.” “Billionaires increasingly control not just economies but narratives and that is why in this report we challenge the popular perception that their vast wealth is deserved or based on merit,” he said. Oxfam has calculated that 36% of billionaire wealth is now inherited. “This report shows how extreme wealth is not simply a function of talent or ingenuity alone but built on the back of the work of countless others and taxpayer investment.”Legacy of colonialism One statistic in particular highlighted the state of inequality on a global scale, as well as the legacy of colonialism: the richest 1% in the Global North extracted €29m an hour from the Global South through the financial system in 2023, Oxfam said. Almost sixty years after the end of the historical colonial period, “our global economy is still structured in ways that lead to wealth flowing from the Global South to the Global North, and more specifically from ordinary people in the Global South to the richest people in the Global North”, the report said. Global North countries control 69% of global wealth, 77% of billionaire wealth and are home to 68% of billionaires, despite making up just 21% of the global population, according to the report. Clarken said that Ireland, “as one of the riches countries per capita in the world situated firmly in the power structures of the Global North,” needs to understand “our own role in this modern-day colonialism”. “For us to truly honour our past and live up to our promise Ireland must act in solidarity and stand with the countries of the Global South as they seek redress, reparations and their rightful place in international economic and political power structures.“Our history gives us an appreciation for the position of the dispossessed, of the excluded and disempowered. “Acknowledging how we currently benefit from global inequality should lead us to take an even stronger stance on behalf of those labouring under economic and political disparity and climate breakdown. “We owe it to the Global South to stand squarely with them.”
THE GULF BETWEEN the world’s wealthiest people and and those living in poverty grew significantly in 2024, according to a report published by Oxfam today.
The report also highlights the prevailing disparities in wealth between rich countries in the Global North and poorer countries in the Global South.
The headline finding from the report is that the world’s billionaires got wealthier by €1.9 trillion globally in 2024.
In Ireland, billionaires grew their wealth by €13 billion last year, which equated to gains of €35.6 million per day. There were 204 new billionaires in the world last year, two of whom were Irish, bringing the total number of billionaires to 2,692 worldwide.
Ireland’s two new billionaires are brothers Firoz and Zahan Mistry, whose late father was Pallonji Shapoorji Mistry, an Indian-born Irish businessman who was chairman of the Shapoorji Pallonji Group and a major shareholder in India’s largest private conglomerate, the Tata Group.
Oxfam said it takes just 5 days for someone in the top 1% to make what the average person in the bottom 50% makes all year in Ireland.
The report, entitled ‘Takers Not Makers’, has been released today to coincide with the beginning of the World Economic Forum in Davos, Switzerland, where the world’s wealthiest and most powerful people convene for talks on the state of the world economy.
It also comes on the day of Donald Trump’s inauguration as President of the United States.
‘Rise of a modern oligarchy’
“We are witnessing the rise of a modern oligarchy, where wealth is used to build and consolidate political power and vice versa,” said Oxfam Ireland’s CEO Jim Clarken.
At a global level, Oxfam noted that, “As billionaire wealth balloons, the number of people living in poverty has barely changed since 1990”.
Oxfam has predicted that the first trillionaires will soon emerge and that there will be “at least” five trillionaires a decade from now.
“The capture of our global economy by a privileged few has reached heights once considered unimaginable,” said Clarken.
“The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated – by three times – but so too has their power,” Clarken said.
Clarken also took aim at the incoming US president and his supporters.
“President Trump will be a president of and for billionaires, using his power over the world’s largest economy to slash taxes for the ultra-rich and mega-corporations, at the expense of everyone else.”
He said Trump’s administration will be “the richest ever to run the US government,” with a combined net worth of more than $450 billion, which he described as “unimaginable”.
“There are at least 13 billionaires appointed to jobs in his administration”, said Clarken. “And even if you exclude Elon Musk, Trump’s cabinet would be the richest in history.”
“Billionaires increasingly control not just economies but narratives and that is why in this report we challenge the popular perception that their vast wealth is deserved or based on merit,” he said.
Oxfam has calculated that 36% of billionaire wealth is now inherited.
“This report shows how extreme wealth is not simply a function of talent or ingenuity alone but built on the back of the work of countless others and taxpayer investment.”
Legacy of colonialism
One statistic in particular highlighted the state of inequality on a global scale, as well as the legacy of colonialism: the richest 1% in the Global North extracted €29m an hour from the Global South through the financial system in 2023, Oxfam said.
Almost sixty years after the end of the historical colonial period, “our global economy is still structured in ways that lead to wealth flowing from the Global South to the Global North, and more specifically from ordinary people in the Global South to the richest people in the Global North”, the report said.
Global North countries control 69% of global wealth, 77% of billionaire wealth and are home to 68% of billionaires, despite making up just 21% of the global population, according to the report.
Clarken said that Ireland, “as one of the riches countries per capita in the world situated firmly in the power structures of the Global North,” needs to understand “our own role in this modern-day colonialism”.
“For us to truly honour our past and live up to our promise Ireland must act in solidarity and stand with the countries of the Global South as they seek redress, reparations and their rightful place in international economic and political power structures.
“Our history gives us an appreciation for the position of the dispossessed, of the excluded and disempowered.
“Acknowledging how we currently benefit from global inequality should lead us to take an even stronger stance on behalf of those labouring under economic and political disparity and climate breakdown.
“We owe it to the Global South to stand squarely with them.”
The wealth trickles down
Needs a bit of deregulation alright.
It’s not a difficult concept, removing cgt on any investment asset would encourage to invest, a population of healthy investors is better than a poor population, the introduction of new investors from other countries brings in money and stimulates an economy, it is possible to stimulate an economy without taxing people to death.
Did you abandon the Portugal dream?
More lax laws there regarding crypto tax
I don't think you are describing incentives, you are describing not paying any tax on crypto earnings because you have crypto. Purely self serving. But we won't fall out over it .
Incentives provide more bag holders.
Incentive is what happens to encourage innovation and entrepreneurship which then produces products services and jobs, an industry which creates and thrives, unheard of in this country as we are solely dependant on corporation tax, vat and income tax and a number of other hidden taxes for a government to waste, we produce nothing in this country, we pay more tax than most eu countries and it’s understandable that the concept of a little “incentive” to encourage the stimulation of an industry is completely alien to the citizens of Ireland.
Incentive to what? Why should tax be levied on stock gains but not crypto? "Incentive" isn't really an answer and i am curious as to whether there's a solid logic as this is something i do see from time to time.
I refuse to take part in democracy, when we change to meritocracy I will then participate.
who did you vote for?
It’s called incentive, something we Irish have never seen in this tax happy country.
That's still a taxable disposal of the entire amount for Irish resident taxpayers.
cant do this with the 3 year rule.
I'm pretty sure its from this month that all European countries have all data from European crypto exchanges now aswell.
I don't see how you can morally exempt crypto gains from CGT without exempting all investment gains from CGT.
Chainlink Labs is 100% USA
ETH foundation is tax related, ConsenSys and JP Morgan are the shot callers and they are 100% USA
Money follows money
Google search has link head company based in the Cayman islands, eth foundation is in switzerland. Ripple is US alright.
To many billionaires connected to all these.
Imagine Paddy has some crypto that went from €500 to €5000, cash out in Ireland and pay 33% CGT and then 23% VAT when he spends it or some USA holiday company that will allow you to travel to the states , pay for flight and accommodation with crypto and cash out the rest for spending money.
You are going to go to USA and cash out and spend the money over there, the EU countries wont get any CGT/VAT and the USA tourist industry will clean up and their economy gets a nice boost from money coming in from abroad.
If USA scraps CGT for approved Crypto the EU will have to do the same or loose out
BTC who knows? NSA?
ETH basically run by ConsenSys in Dallas and JP Morgan is behind the curtain
Chainlink based in San Francisco
Algorand is Boston
HBAR is Dallas
Oasis is San Francisco
Ripple is San Francisco
a16z and other US Venture Capitalist own the lions share of many crypto companies, cant see a problem if the US goes down this road, plenty of US crypto to endorse
patience folks, announcing a strategic bitcoin reserve whilst up on stage with the world watching will mean 2 things, the price you pay will increase drastically and all other countries can front run you.
Right but previously Trump was on the fence or relatively quiet about crypto. Now he's front and centre about it, including launching his own shitcoins just before inauguration.
Typically I was expecting another generic bear after last Jan/Feb because there was nothing to create/build hype. All that changed when a) Trump was headed back in and b) Is in full crypto mode
As long as he remains in full pro-crypto mode then I'm fairly bullish about the next 4 years.
Years back talk of a double spend on the blockchain would make it go down, then Musk bad mouthing it would make it go down. Now it not being mentioned is making it go down. So many headwinds to get through…
I can only see 1 person saying this...with a YouTube vid.
BTC isn't American
Eth isn't
chain link isn't
dunno what is
Let’s not forget what this guy said before about crypto. What’s more likely: he studied the economics or someone told him he could make money off it himself? When all this junk becomes legal tender at Mar Lago, then I’ll be impressed.
I can’t see how there will be a sustained bull run for four years, obviously the fin-tech bros are getting into the inner circle and the wan from the consumer protection agency will get the elbow, but there is still just a limited number of bag holders. I don’t doubt people on here will make money, I would just like them to be honest about how it’s made.
Not a whisper about crypto in Trump's inaguration speech. Just about everything else you can think of was covered, including colonising Mars! Interesting to say the least.
but theirs only a few coins with a proper team behind them. I dunno which were made in the US but this alledged approved list will be just another meme pump list.
everyone seems to have forgotten this guy already had 4 years.
just incase anyone reading this thinks it's a good idea. don't do this.
you mean coins probably already bought by some folk in the inauguration room?
![Photo of [Deleted User]](https://w8.vanillicon.com/v2/877aa92d1fda3704e03b5aa206affea2.svg)
