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J. K. Rowling Is No Longer a Billionaire

J.K. Rowling
Posted by: Mel
March 10, 2012, 06:51 PM

J. K. Rowling isn't a billionaire any longer due to the fact that she has given a reported $160 million to various charities and, of course, to her taxes:

The billionaires club has hit J.K. Rowling with a banishing spell. According to the newly updated Forbes Rich List, the Harry Potter author has gone from billionaire to millionaire (several hundred times over, of course). She apparently broke a few rules of how to stay rich by giving away a lot of her fortune — reportedly $160 million of it — to charity and by paying her top-rung British taxes.
There’s no way that the socially minded Rowling, who once lived on welfare, gives two Quaffles about her standing on the list, and no one should shed a tear over a stratospherically rich woman becoming slightly less so. But I always liked knowing that an author of imaginative, timeless, honest-to-goodness books became a billionaire.
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44 Comments

Noavatar-thumb

Doubly second V-J; if all the wealthy and companies paid taxes and had some sort of social responsibility then may be the whole world would be a better place for everyone not just the select few. Well done J.K. Rowling. What a great a example to set for others. I am sure she is real worried about not being a billionaire …… not. Nice to know she has not forgotten what it is like to struggle.

Posted by Spook on March 11, 2012, 07:48 AM report to moderator
Rofr10_thumb

LunaLuver: I think this is a case where something “everyone knows” is actually wrong. Jo hasn’t suddenly started paying tax or giving to charity, so I think it more likely that her fortune has always been less than popularly reported.
These lists are generally estimates because they have no access to the true figure, so they work it out based on estimated income, taxes and expenditure which will assume things such as a certain amount of tax avoidance, which Jo has never done. Jo has often been quite quiet about what she gives to charity, so I think her fortune has always been overestimated.

Posted by roonwit on March 11, 2012, 08:15 AM report to moderator
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452 Points

Good for her!

Posted by Mad But Happy on March 11, 2012, 09:13 AM report to moderator
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517 Points

I don’t see how this is a bad thing. I mean honestly, is the exact opposite of bad! I’m very happy for Jo and even happier for the charities she helped :)

Posted by ParisThePotterLuver on March 11, 2012, 10:50 AM report to moderator
Got-hogwarts_houses_thumb
10268 Points

The answer to the question of whether or not JKR was ever a billionaire depends on whether you are British or American. In America the word ‘billion’ means a one followed by nine zeroes, or what the British would call a ‘thousand million.’ In the UK a ‘billion’ is a one followed by 12 zeroes, or what Americans would call a ‘trillion.’ Forbes being an American-based magazine undoubtedly has the 1,000,000,000 figure in mind when it characterizes someone as a ‘billionaire.’ And of course, it depends on whether you are counting pounds or dollars.

Posted by WeenyOwl {The Human Deluminator} on March 11, 2012, 11:04 AM report to moderator
Severus_x_2_thumb
11771 Points

I fear the old UK billion (which would now be called a trillion) was officially replaced, at least for financial purposes, in 1975, when Denis Healey was the Chancellor of the Exchequer, and our milliard/thousand million became a billion. Some of us have tried to fight a rearguard action, but now I think it’s been comprehensively lost. So I assume they are talking about thousands of millions, and probably dollars.

Posted by Valeria-Johanna on March 11, 2012, 11:11 AM report to moderator
Got-hogwarts_houses_thumb
10268 Points

Echoing V-J and others, I wish that there were more wealthy people like JKR who set an example by not trying to dodge their tax responsibilities. In America especially, I always have to laugh (ruefully) at the Tea Partiers, the Ron Paul supporters and others make such a huge deal over having to pay taxes, as if that were our worst problem. Most Americans have no clue how low our taxes are per capita compared to the rest of the Western democracies.

Posted by WeenyOwl {The Human Deluminator} on March 11, 2012, 11:15 AM report to moderator
Got-hogwarts_houses_thumb
10268 Points

That should of course be ‘MAKING such a huge deal,’ not ‘make.’

Posted by WeenyOwl {The Human Deluminator} on March 11, 2012, 11:17 AM report to moderator
Raven_avatar_thumb
80450 Points

Her new book will put her back in the ‘club’… I do not think she really gives a flying fudge one way or the other!

Posted by Won_Two on March 11, 2012, 01:16 PM report to moderator
Hermione_-_poa_thumb
534 Points

Good for her. I’m really glad that she donated so much.

Posted by hermioneginnyluna on March 11, 2012, 01:49 PM report to moderator
Noavatar-thumb
1317 Points

What a wonderful example to set. Sadly, alot of others do not see fit to follow suit. Great woman Jo Rowling!

Posted by hewy on March 11, 2012, 04:13 PM report to moderator
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2077 Points

That is really awesome :)

Posted by MissWeasley8 on March 11, 2012, 04:48 PM report to moderator
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156 Points

She’s still rich but most importantly, she still has a heart. :)

Posted by Anna Weasley on March 11, 2012, 05:27 PM report to moderator
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528 Points

Yay Jo! You are awesome! You are my hero and role model!

Posted by silverkacy on March 11, 2012, 07:33 PM report to moderator
Wandworks-1_thumb

I believe she shows ‘moral fiber’ and merits full marks!

Posted by daydreamcharm on March 12, 2012, 05:15 AM report to moderator
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