The Ultra Rich: How Much Is Too Much?

Publishers Weekly - Publisher's Weekly

The super-rich are getting more like you and me: conspicuous, lavish consumption is out, big household staffs have given way to catering services, many moguls just want to ``live quietly'' and avoid publicity that might attract IRS agents, kidnappers, robbers or charity fund-raisers. That's the prognosis from Packard ( The Hidden Persuaders, etc.), who interviewed 30 ultra-wealthy people for this probe. Eighteen of them are self-made entrepreneurs; many made a killing in merchandising, real estate or financial services. The sample includes potato baron Jack Simplot of Boise, Idaho, Penthouse publisher Bob Guccione, investment king Edward Bass, Dallas heiress Jane Hunt and New York realtor Sam LeFrakwhose net worth supposedly exceeds that of Donald Trump. From this cross-section, Packard concludes that while America's most wealthy do not constitute an elite leadership group, corporate raiders and ``green-mailers'' are the new robber barons of our society. He calls for a wealth tax, plus a ceiling on transfers of great fortunes to others, arguing incredibly that such policies might induce the self-centered ultra-rich to refocus on broad social concerns. (Feb.)

Library Journal

The author of The Hidden Persuaders and other well-known studies of contemporary mores concludes that ``grostesque accumulations of family wealth'' are having a deleterious effect on the nation's economy. Packard, who researched this book by interviewing 30 of the wealthiest men and women in America, proposes a wealth tax (as a supplement to the income tax) and a limit to individual fortunes. Readers may not agree with Packard's conclusions and proposals, but they likely will enjoy the opportunity to learn how the super-rich view, use, and protect their money. Packard squanders neither tears nor perfume on any of his subjects, but neither does he ignore their good works and expressions of noblesse oblige. The book should be in much demand.-- A.J. Anderson, Graduate Sch. of Lib. & Information Science, Simmons Coll., Boston

Booknews

Based on a series of interviews with 30 centimillionaires and billionaires, Packard argues that such a vast concentration of wealth in the hands of a few is unhealthy both for the economy and democratic society. His suggestions for making the rich more socially responsible include a tax on net income rather than yearly income and a ceiling on how much wealth can be passed on, leaving a generous supply to be used for public service or direct philanthropy. Annotation c. Book News, Inc., Portland, OR (booknews.com)