So the reason money makes the world go round is because that's our survival but the question is why the common stereotype is that every Jew is wealthy that they head the biggest companies in the world, own all the banks, and control the media, governments, the biggest restaurant chains, the largest import export companies the list goes on.
Do these statements hold water it may be a gross over-generalization but there is no denying that this group of people is more likely to have sound financial habits.
It’s an interesting topic and the “Jewish community” as a whole has mostly avoided debating it for understandable reasons.
According to a 2008 pew forum institute survey Jews are our nation's wealthiest religious community with 46 percent generating over a hundred thousand dollars a year compared to 18 of the general population in terms of mega wealth.
The recent Forbes Ranking of the 400 "wealthiest Americans" had over 100 "Jewish Billionaires" an impressive figure for a community that accounts for less than two percent of the population.
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Brief History of Jewish Wealth Accumulation
“Jewish wealth” is a stereotype yet in practically every civilization where Jews were allowed some kind of equal legal status even if there had been social and religious inequality they performed exceptionally well economically.
Jews were by far the “wealthiest group” in central and Western Europe and later in the United States because Jews were frequently banned from other sectors of economic activity such as property ownership, they were always on the lookout for new markets, new items, or new means of retailing.
They frequently began as peddlers in order to get access to undeveloped markets this became a gateway to new kinds of retailing including department shops, catalog sales, and box stores etc
So here's a word of caution: money can provide a lot of comfort. Your life is easier, more comfortable, and you have a greater vision, but it is not meant to bring happiness, and that is where the big mistake is that while money will provide you with comfort, it will not provide you with happiness because it will not provide you with contentment.
Money serves as both a store of value and a method of exchange. Money has value merely because people appear to agree on it. Currency and bank accounts have no inherent value, but money is valuable when everyone decides to use it.
You’ve undoubtedly heard someone declare they don't care about money and you may have even said it yourself. While this idea is good in principle the fact is that for better or worse you should not underestimate the value of money.
The Top 5 Richest Jews in the World
Mark Zuckerberg - Net worth: $129 billion
Some of the “most successful entrepreneurs” we know today are actually Jewish case in point “Mark Zuckerberg” his net worth is approximately 121.9 billion dollars being the co-founder of Facebook made him the wealthiest Jewish person in the world.
Larry Page - Net worth: $98 billion
The next “most successful Jewish” man in the tech industry is "Larry Page" the co-founder of Google his invention skyrocketed his status in the world and gave him a net worth of 105.6 billion dollars.
Elon Musk - Net worth: $283 billion
The third “Jewish entrepreneurship” is "Elon Musk", a South African-born entrepreneur, engineer, and inventor who is now based in the United States. He is the founder, CEO, and lead designer of SpaceX; CEO, co-founder, and product architect of Tesla, Inc.; and co-founder and CEO of Neuralink.
Larry Ellison - Net worth: $113 billion
The fourth “Jewish investment moguls” is "Larry Ellison", an American businessman, entrepreneur, and philanthropist. Larry Ellison is the co-founder, executive chairman, and chief technology officer of Oracle Corporation, one of the world's largest software companies.
Sergey Brin - Net worth: $102 billion
The firth “Jewish business tycoon” is "Sergey Brin", a Russian-born American entrepreneur, computer scientist, and businessman. He is the co-founder of Google, one of the World's largest and most successful internet companies.
Overall, "Jews in the United States" constitute a very high income population Furthermore, about half of the “Jewish people” surveyed regard themselves as living comfortably while three-tenths believe they can meet essential expenditures with a little money left. Over only another 15 percent say they just meet basic needs.
See Also; 10 Jewish Business Secrets You MUST Know
There are several misconceptions concerning Jews and money, one of the most prevalent Anti-Semitic stereotypes is that Jews dominate the International Economy and the Financial Industry. This falsehood was published in the protocols of the Elders of Zion and Adolf Hitler used it as a reason for exterminating Europe’s Jewish people.
In addition to that the community is represented as selfish and cheap along with being wealthy. The truth is that the “Torah Obligates Jews” to provide charity improve the world and be truthful many Jews especially “Orthodox Jews” will go to the Torah for guidance, when it comes to money.
Jewish Philanthropy
The Torah as well as other works provide clear advice on a range of themes such as charity donations to benefit one's community not stealing and not being greedy. There are three characteristics of the Jewish people, you can identify them by that.
What are those characteristics they have compassion for those that suffer they feel with them giving “Sadaqa” or Charity is an essential “Mitzvah” or duty that many Jews follow. Every Jew regardless of financial situation is expected to contribute 10 of their earnings to the poor. If they are unable to make that payment, volunteering and doing something beneficial for others can also count as charity.
Many Jews people would save their spare change or cash in a personal “Tzedakah” box which resembles a piggy bank. They'll contribute it to a charitable cause when the box is full and it could be anything from a food bank to an elder care facility.
The final donation is usually provided in the form of a check “Tzedakah Boxes” can also be seen at kosher grocery shops and other “Jewish businesses” allowing consumers to easily make donations to the poor.
Jews are not required to make a certain number of gifts each year although many religious people will donate Sadaqa before Shabbat, which is the day of rest.
It is also customary to lay aside funds for charity purposes before significant festivals like Yom Kippur.
Money is essential in the “Jewish community” because it allows Jews to preserve their religious and cultural lifestyles, while also passing on traditions to future generations in a way they have to make a lot to maintain that lifestyle.
Take as an example the cost of “Kosher Food”, studies show that the cost of kosher food exceeds that of “Non-Kosher foods” and it's no small change, it ranges from a 20 to 50 percent increase the additional expense is related to the processing and preparation of meat dairy products and vegetables. So it's clear why it might be necessary for them to earn a certain amount and why they are also strongly encouraged to donate and help their communities but aside from their need to keep up a lifestyle.
Jewish in Education
Ultimately, their success is attributed to their knowledge, Jews are the most educated religious group. In 2016 the pew center released a study mentioning Jewish people as the “most educated religious group” in the world. On average “Jewish children” receive 13.4 years of schooling and when it comes to post-secondary degrees they hold 61 percent of the qualifications.
The second most educated religious group is the Christians but compared to the Jewish who receive 13.4 years of schooling. Christians have an average of 9.3 years in school, high credentials obviously lead to better well-paying jobs.
In addition to that understanding the value of money is in calculated in them from a young age. Jewish people grow up learning how to manage money in a way that makes it work for them. The book “Sages of the Talmud” by Mordecai Judowitz teaches you about money and diversification which means allocating investments in a way that doesn't expose you to any risk. It's an essential read for those who are willing to start taking their financial health seriously
The truth is there are always exceptions, there are Jews who seriously struggle to make their ends meet and often are not able to fulfill their obligations to family or community, due to that it's also true however that there are several lessons in the Torah that contain practical principles for success in life which include educating yourself and always having a hunger to learn new things.
Stereotypes are certainly damaging to society, what is your takeaway from this article?
Should be to learn spot opportunities where there are none.
Save, Invest and Donate whenever you can.
Thanks for reading.
See Also; 10 Jewish Business Secrets You MUST Know
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