Word: ultrarich
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Dates: during 1990-1999
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...large part the growth is due to resurgent generosity among the ultrarich, whose pockets have fattened the most during the decade's boom. A survey released last month by U.S. Trust found that the wealthiest 1% of Americans say they gave away an average of 8% of their after-tax income in 1997, up from 5% in 1993. Says Paul Schervish, a philanthropy expert at Boston College: "A sleeping giant is awakening...
...Prince's ultrarich uncles, the eldest sons of Ibn Saud, who rule Saudi Arabia today, have accumulated their wealth mainly by diverting huge sums, directly or indirectly, from the government's extravagant oil revenues. As a Riyadh businessman puts it, Alwaleed's branch of the Saud family tree has always been considered a little smoother and a little straighter than the rest. His father Talal, a former Ambassador to France, was one of the "free princes" who demanded democratization and went into temporary exile during the troubled 1953-64 reign of King Saud. Alwaleed's mother, Princess Mona...