Rui Dalio and Blackstone Group Inc, founders of QiaoshuiGroup chairmen Su Shimin and BlackrockWall Street bigwigs such as CEO Larry Fink recently attended the Future Investment Initiative Summit in Saudi Arabia and were asked a question: do you support a "billionaire tax"?
It follows reports that the White House is considering spending $1.75 trillion on climate change and social spending plans, some of which will be raised by taxing the unrealized earnings of billionaires.
The answer of the leaders at the meeting was classic: support it in theory, but not in practice.
"Yes, I will support any measures that help create equal opportunities and increase productivity," said Mr Dalio, who is worth $20 billion. "
Then there is the but, "We can't just talk about raising money, we have to talk about how to use it and how to use it." This is part of the picture. But, yes, if it accomplishes these things, I will support it. But I'm not sure it really works. "
Goldman Sachs GroupCEO David Solomon agreed with Dalio, saying: "you can't answer this question in black and white." It depends on where you spend your money. "
Blackrock CEO Fink says he pays about 55 per cent tax in New York, where he lives. "if we can find a solution and put the money in the right place, I agree with everyone." According to Forbes, Fink has a net worth of $1.1 billion.