Rags to Riches

http://www.futureofcapitalism.com/2010/04/isaac-tshuva-delek-bloomberg

Those who call for more taxes on the "rich" or who complain that capitalism is a system in which the rich exploit the poor often forget that a lot of the rich used to be poor. Bloomberg has an interview with Isaac Tshuva, whose company bought and redeveloped New York's Plaza hotel. The wire describes him as an "Israeli billionaire" and quotes Forbes's estimate of his net worth at $2.1 billion. It also notes that he grew up in a one-bedroom apartment with 10 family members after immigrating to Israel from Libya, and that "he doesn't wear a watch so as not to forget when his parents couldn't afford one for his Bar Mitzvah."

Whatever capitalism's flaws, as an engine of upward mobility for the poor, it's hard to surpass it.

by Ira Stoll  |  Apr 22, 2010 at 8:56 am Related Topics:  Definition of 'Rich', Immigration receive the latest by email: subscribe to the free futureofcapitalism.com mailing list