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...economy. That's a big impact from a small segment of the population. It's estimated that the top 0.1% of earners in Britain control as much as 4% of the nation's wealth - and over half of them are from somewhere else. According to the latest Forbes list of the world's billionaires, 17 of Britain's 41 billionaires are foreigners. They're drawn to the country in part by a tax break that exempts anyone born outside Britain from paying a 40% income tax on their overseas earnings. Few countries are as generous toward their foreign rich...

Author: /time Magazine | Title: Ritzy Business | 1/17/2008 | See Source »

...foreigner in this country you can make an enormous amount of money, but the numbers who put anything back into this country are trivial," says economist Will Hutton, CEO of consultancy the Work Foundation. There are a handful of foreigners at the top of the Sunday Times Giving List, a record of charitable donations by the rich and powerful, but Hutton wants to see more. "I would like to see people endowing universities, backing social entrepreneurs, helping to restore our galleries and our museums. To the question 'What is a life well-lived?' I don't think...

Author: /time Magazine | Title: Ritzy Business | 1/17/2008 | See Source »

...world come to this happy position? You can list the usual reasons: two decades of decent macroeconomic policymaking, the triumph of markets and the collapse of command economies, the dissemination of transforming technologies and tools such as the Internet, and open trading systems. All of these are the attributes that combine to form that much discussed phenomenon: globalization. But in this special report, we look at one overlooked aspect of a generation's worth of global growth: the extent to which New York City, London, and Hong Kong, three cities linked by a shared economic culture, have come...

Author: /time Magazine | Title: A Tale Of Three Cities | 1/17/2008 | See Source »

...disruptive to social order and strictly enforced laws against homosexuality, imprisoning and even executing those convicted. But as China's economy opened to the world, the authorities' stance softened. A law banning sodomy was dropped in 1997, and in 2001 homosexuality was removed from the country's official list of mental illnesses. "It gets freer every year," says Bernie, a fortysomething who takes a longer perspective. "And every year more and more gays come out of the closet. In Beijing and the big cities, you can see couples walking around the shopping malls holding hands. In the smaller cities...

Author: /time Magazine | Title: Postcard: Beijing | 1/17/2008 | See Source »

...know you’re busy during reading period, and probably don’t have much time for things like debates, and even less for actual world issues. Knowing this, FM rounded up a list of the things that really matter about the 2008 presidential gang. Democrats Hillary Clinton (Senator from New York) PRO: If she’ll cry for the primary, we’re excited for the main election. CON: Reverse Monica Lewinsky scandal? Unfortunately, we don’t think that will happen. Barack Obama (Senator from Illinois) PRO: Chi-town tested, Oprah Approved...

Author: By Kirsten E.M. Slungaard, CONTRIBUTING WRITER | Title: Everyone Smells Like Geritol. Except Barack Obama; Barack Obama Smells Like Oprah. | 1/17/2008 | See Source »

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