According to a new research report, America’s racial wealth gaps will persist until public policy reforms provide every family the opportunity to build wealth.
Less than Equal: Racial Disparities in Wealth Accumulation, from the Urban Institute’s Opportunity and Ownership project analyzed data and trends from 1983-2010. Over these years, the average household income of whites remained double that of either Black or Latino families. But when wealth was considered, the amount of available assets remaining after all indebtedness was deducted, white families’ wealth grew six times that of either that for either Black or Latino families.
“When it comes to economic gaps between whites and communities of color in the United States, income inequality tells part of the story. But let’s not forget about wealth. Wealth isn’t just money in the bank; its insurance against tough times, tuition to get a better education and a better job, savings to retire on and a springboard into the middle class. In short, wealth translates into opportunity”, said the report.
I know T.I.P. is in the “race to a B”, we need new rappers and NEW VENTURES on this list. I mean, I’m sure 50 made some more money since the Vitamin Water deal, but it’s starting to seem like they got him riding that 100 Mill for the past 4 years, while on the list.-POSTED BY BARCLAY-
It’s just different.
‘The 100 Sexiest Women Of The 21st Century’
Time Magazine Person Of The Year : President Obama
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Person of the Year: Barack Obama, Architect of the New America
‘The American people have rightly been frustrated at the pace of change, and the economy is still struggling, and this President we elected is imperfect,’ Obama says. ‘And yet despite all that, this is who we want to be.’ By Michael Scherer
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U.S. President Barack Obama emerged, unanimously, as the world’s most powerful person, for the second year running. Obama was the decisive winner of the 2012 U.S. presidential election, and now he gets four more years to push his agenda.The President faces major challenges, including an unresolved budget crisis, stubbornly high unemployment and renewed unrest in the Middle East. But Obama remains the unquestioned commander in chief of the world’s greatest military, and head of its sole economic and cultural superpower. Source
The stars of Quentin Tarantino’s ‘Django Unchained’ also helped LAC kick off their 10th Anniversary.
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To fête LAC’s 10th Anniversary, Jamie Foxx and Kerry Washington hosted a special soiree at supperclub Los Angeles in Hollywood. The electrifying venue’s aerialists entertained the crowd, and DJ Benjamin Walker spun some tunes, while Foxx jumped on stage to emcee the evening. Guests sipped custom Chambord Flavored Vodka cocktails, while Candee by Sandee provided a beautiful candy bar. Merrill Lynch Wealth Management presented the evening, while sponsor Burgess Yachts brought a model yacht to display during the party. The Tenors gave a special performance to round out the evening.
Forbes: The World’s Highest-Paid Musicians 2012 : Video Link
01. Dr Dre: $110 Million
02. Roger Waters: $88 Million
03. Elton John: $80 Million
04. U2: $78 Million
05. Take That: $69 Million
06. Bon Jovi: $60 Million
07. Britney Spears: $58 Million
08. Paul McCartney: $57 Million (tie)
08. Taylor Swift: $57 Million (tie)
10. Justin Bieber: $55 Million (tie)
10. Toby Keith: $55 Million (tie)
12. Rihanna: $53 Million
13. Lady GaGa: $52 Million
14. Foo Fighters: $47 Million
15. Diddy: $45 Million (tie)
15. Katy Perry: $45 Million (tie)
17. Kenny Chesney: $44 Million
18. Beyoncé: $40 Million
19. Red Hot Chili Peppers: $39 Million
20. Jay-Z: $38 Million
21. Coldplay: $37 Million
22. Adele: $35 Million (tie)
22. Kanye West: $35 Million (tie)
24. Michael Bublé: $34 Million
25. Sade: $33 Million
Though he’s only 18 years old, Justin Bieber has had a year for the ages. The Canadian crooner released his third studio album, launched a world tour and continued investing in startups, adding to a portfolio that includes stakes in Spotify, Tinychat and others. All in all, he earned $55 million in 12 months.
“I do calls every week with my business manager and my lawyer,” Bieber told FORBES this spring as part of a cover story on his budding venture capital career. “Each week I’m learning something about my business and what I need to know for my career.”
But when it comes to the world’s highest-paid musicians, Bieber is a relative pauper, barely breaking the top ten.
Hip-hop superproducer Dr. Dre leads the pack this year with $110 million, thanks largely to his Beats headphone line. He collected $100 million pretax when handset maker HTC paid $300 million for a 51% stake in the company last year, at the beginning of our scoring period; he and his partners later bought back half of what they sold.
“The brands are so aligned, Dre and Beats, it’s just who he is,” says Kevin Liles, former president of Def Jam Recordings, who now manages acts ranging from Young Jeezy to Trey Songz. “If you look at the biggest earners, the guys have been doing it for 20 years … what’s happening now is people are really telling their truth.”
Dr. Dre leads a slew of pop stars, rock icons, rap moguls and country crooners, many of whom bank the bulk of their bucks outside the recording studio. Though some artists—Jay-Z and Diddy, for example—owe their success partly to business ventures like Dre’s, most of this year’s top 25 are on the list because of touring.
“The concert business had another solid year as both artists and concert promoters used more caution in trying to achieve their touring objectives,” says Gary Bongiovanni, editor of concert data purveyor Pollstar. “The good seats for major artists continue to be priced at a premium.”
This year’s list has a distinctly international flavor. Among the top five, only Dr. Dre hails from the United States. Pink Floyd rocker Roger Waters ranks second with $88 million, nearly all of it coming from his The Wall Live tour. According to Pollstar, he grossed $158 million on 63 shows in the first six months of 2012. Fellow Brit Elton John claims the third spot with $80 million, culled from over 100 shows in our scoring period.
Ireland’s U2 ranks fourth, pulling in $78 million on the tail end of the group’s record-breaking 360 tour—which grossed $736 million over three years. British boy band Take That rounds out the top five with $69 million, thanks to a wildly-popular reunion tour. The group grossed $61 million for eight dates at London’s Wembley Stadium alone, the biggest single-stadium stand recorded to that point, cashing in on dozens of additional dates around Europe as well.
“The enormous level of business Take That did in the U.K. and Europe was truly mind-boggling,” says Bongiovanni. “That’s especially true when you consider that in the U.S. they would only be a theater-level act.”
Our estimates are based on total earnings from May 2011 to May 2012—the amount of money an act makes from record sales, touring, endorsements, merchandise sales and other ventures before subtracting management fees, legal costs and taxes (which can gobble up the bulk of a big payday). The totals were compiled with the help of data from Pollstar, RIAA and others, as well as interviews with industry insiders including concert promoters, lawyers, managers, agents and, in some cases, the musicians themselves.
Other highlights on the list include Toby Keith, who tied Bieber for tenth with $55 million. With his Ford sponsorship now on its second decade and his I Love This Bar And Grill restaurant chain booming, Keith was the top earner among all country artists—unless you count crossover star Taylor Swift, who earned $57 million, same as Paul McCartney. Coldplay and Adele continue the British trend, claiming the 21st and 22nd slots with $37 million and $35 million, respectively. Eight of the top 25 acts hail from England or Ireland.
That success extends to Anglophiles as well: Jay-Z and Beyoncé, both close friends of Coldplay’s lead singer, Chris Martin, combined to earn $78 million. The former Destiny’s Child diva is one of just eight ladies on the list, but Beyoncé’s song “Run The World (Girls)” still rings true—despite welcoming baby Blue Ivy earlier this year, she still out-earned her husband by $2 million.
One of our favorite Soul Moguls/ Godfather of Hip Hop Culture/ Entrepreneurs, @UncleRush chops it up with Forbes life.
I was checking out the post by one of my favorite writers at Forbes, Hannah Elliott, couple excerpts below…
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But Simmons is also working on new business opportunities that coincide more with his spiritual side. In January, he’ll debut Tantris, a yoga line for women and men. (“No one’s making anything great for men,” he says.) The women’s apparel side seems like a winner for men, too: Think Herve Leger–style bondage tops, and leggings with sheer cutouts on the side. “It’s going to be high-end and sexy,” he says. “Something way more sexy than what Lululemon is doing.” He’ll also publish a book, Mass Mantra, which is a do-it-yourself guide to meditation.
He could have done all that from New York, of course. L.A. beckons for other reasons. “It’s new inspiration, new sh-t,” he says, explaining the move to L.A. “I’m gonna make a bunch of movies and TV. I’m gonna take my kids to school. It’s a new life.” He’s contemplating producing two small-budget films and has a new deal with a YouTube channel that will function as an incubator for talent and ideas that could be spun into TV and film. It’s one of the few exclusive personality channels that YouTube has created–others include Jay-Z, Pharrell, and Madonna–and Simmons will share a percentage of the profits. (Neither he nor his lawyer would specify how much.)
“Hollywood really believes that diversity means more black sh-t,” he says. “It’s like what they call diversity equals segregation.”