The Kellington Times
Survey Shows People Want To Discuss Social, Political Issues At Work And Call For Companies To Support Their Views
Not too long ago, when we were actually in the office, lighthearted arguments centered around sports. On Monday morning, the person who had the winning football team would brag and tease their co-worker whose team lost. Over the last few years, things have quickly changed. Politics and social issues have eclipsed good-natured kidding around over sports. Traditionally, heated discussions concerning politics took place over the dinner table or at the local bar. Now, it’s become commonplace to talk about serious social issues at work.
Are You In The Top 1%?
A recent Wealth Report conducted by Knight Frank sheds light on how ridiculously well the rich have done during the pandemic. It's referred to as a “K-shaped recovery.” The uber-wealthy are represented by the big upward swoosh of the letter ‘K’ and the downward arc is everyone else seeing their financial situation going downhill fast.
A combination of low interest rates, trillions of dollars pumped into the economy and banks only paying a paltry .0000001% interest rate has helped stocks skyrocket to record-setting highs. The global population of ultra high net worth individuals, those lucky bastards with $30 million or more, climbed 2.4% over the past year.
How Much Would Someone Need To Earn To Join The Exclusive 1% Club?
Here is a breakdown by countries. Monaco, the tiny principality and playground for the super rich, requires $7.9 million.
Switzerland, known for its affluence, along with yodeling, knives and cheese, calls for a cool $5.5 million to be in this vaulted group.
The United States has the world's largest high net worth population with around 180,000 people holding a fortune of $30 million or more in 2020. It takes $4.4 million to be in the top 1%.
In China, you need $850,000 and only $60,000 for India.
Here Are Some More Stats:
The average American has $90,460 of debt. The average net worth is $748,800.
According to the Federal Reserve Bank, the median net worth for people between ages 45 and 54 is $168,600. The median is where most Americans fall on the spectrum, since it’s not skewed by mega-high-worth individuals or those deep in the red.
BP, which most of us knew as British Petroleum, but the company then changed its name to make us believe that it's not a major oil and gas company—although that's who they are. It's much cooler to say that they’re BP and all about the green economy. KFC did a similar re-branding, as the “Fried” in Kentucky Fried Chicken sounds like eating fast food could do damage to your internal organs, but I digress...
The oil giant, now known as BP, has told its 25,000 employees that they’ll work from home two days a week. This shift is to cut real estate costs and to also throw a bone to its workers. The new hybrid model of working, which is being adopted by Google and other companies, expects the 60-40 split between office and home working to take effect from this summer.
The company wants to balance in-person collaboration and remote work, which will offer a “flexible, engaging and dynamic” work-style.
The real estate downsizing plan includes the sale of its London headquarters at St. James’ Square.
Companies Like Remote Work Because They Save A Lot Of Money.
Employees like the flexibility and ability to spend more time with family and less time commuting. You know who doesn’t like remote work? You guessed it, landlords!
In my hometown of New York City, the Financial District is suffering as a glut of office space builds with the pandemic keeping workers home.
JPMorgan is the latest high-profile tenant to look for an exit from the neighborhood, a historic part of lower Manhattan that is home to the New York Stock Exchange and Federal Reserve. Many other companies are trying to shed their real estate too. There’s an 80% surge in the amount of sublease space available.
Ruth Colp-Haber, chief executive officer of brokerage Wharton Property Advisors, said, “The sublet spaces currently on offer at deeply discounted rates is a veritable flood of biblical proportions, with more likely to come online soon.”
Manhattan’s office market has taken a big hit in the past year, with the pandemic emptying out skyscrapers and pushing cost-conscious companies to reconsider how much space they need after months of remote working.
In the Wall Street area, one building taking a hit is 40 Wall St., the 72-story skyscraper owned by former President Donald Trump (remember him?). Revenue fell at the building in 2020, as tenants looked to exit leases due to pandemic-related office closures.
Elon Musk Lost $27 Billion As Tesla’s Stock Price Plummeted
Musk, who was the world’s richest dude for a hot minute, saw his stock holding drop last week, as the tech sector temporarily sold off.
We don’t have to hold a GoFundMe for Musk anytime soon. He still ranks as the world’s second-richest person on the Bloomberg Billionaires Index with a net worth of some $157 billion, of which $102 billion is in Tesla stock.
Tesla shares had soared more than 700% in 2020, triggering billions in additional compensation for Musk per the terms of his stock-based payment package. The tech sector has been one of the biggest winners during the pandemic.
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