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Jomo Gamal Thomas is an American businessman, attorney, and author based in New York City.
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Jomo Gamal Thomas is an American businessman, attorney, and author based in New York City.
Thomas was born in the Bronx, New York on January 31, 1974. He grew up in Roosevelt and Uniondale. During his teenage years, he was active as a motivational speaker, community organizer, and activist with the Economic Opportunity Commission of Nassau County and its satellite community organization, Operation Outreach. [1] [ better source needed ]
Thomas received an American Economic Association fellowship to study in their summer training and minority scholarship program at Stanford University. He graduated with honors in economics from Brandeis University in 1996 and received his J.D. degree from the George Washington University Law School in 2000.[ citation needed ]
Thomas is co-founder of CBD Ventures, a venture capital company. [2]
He also founded Niche Lab Capital Group, a private venture capital group that funded the personal finance publications of Latinos Money Magazine [3] and Black Wealth and Fortune Magazine. [4]
Latinos Money Magazine is noted for annually publishing the Latino Money Magazine 100 richest Hispanic Americans. Black Wealth and Fortune Magazine is noted for publishing the Black Wealth and Fortune 100 Richest Black People in America. [5] [6]
Thomas, along with Monifa Thomas, published The Black Millionaire Next Door: Black Wealth in 2003. That year, he was featured on the Tavis Smiley Show on NPR, discussing the Black Wealth and Fortunes Magazine special report "The Black Millionaire Next Door: Black Wealth 2003". [7] The report explored the myth that most wealthy African Americans made their money in sports and entertainment. Thomas is managing director of Niche Lab Capital Group, and Monifa Thomas is editor of Black Wealth and Fortunes.[ citation needed ]
Thomas is the founder and chairman of J.G. Thomas & Associates, a New York law firm that concentrates on business law, asset protection, estate planning, entertainment law, intellectual property law, and immigration law. [8]
Thomas has been at the forefront of uncovering multimillion-dollar real estate mortgage scams in New York City. He was featured in the Brooklyn Brief article "Real Estate Fraud Ring Gleaning Illicit Rents from Scores of Properties", by Matthew Taub, [9] and in The New York Times piece "Real Estate Shell Companies Scheme to Defraud Homeowners Out of Their Homes", an article by Stepanie Saul. [10] In 2015, Brooklyn Borough president, Eric Adams, gave special thanks to Thomas for bringing the issue to his attention. [11]
Thomas has been a passionate advocate for military families seeking to recover life insurance survivor benefits via the Servicemembers' Group Life Insurance plan for families of military veterans, working with attorney Cristobal Bonifaz. [12]
Thomas is a motivational radio speaker who has regularly appeared on the stations WLIB and on WVIP. He has lectured at high schools, colleges, conferences, community centers, and religious institutions on the topics of copyright, trademark infringement, intellectual property licensing, wealth management, and estates.[ citation needed ] He is the founder of the organization Don't Procrastinate, whose mission is to increase productivity and provide educational information. [13]
Old money is "the inherited wealth of established upper-class families " or "a person, family, or lineage possessing inherited wealth". The term typically describes a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of the de facto aristocracy in societies that historically lack an officially established aristocratic class.
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire. Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. It is obviously much easier and less significant to be a millionaire in those currencies, thus a millionaire in Hong Kong or Taiwan, for example, may be merely averagely wealthy, or perhaps less wealthy than average. A millionaire in Zimbabwe in 2007 could have been extremely poor. Because of this, the term 'millionaire' generally refers to those whose assets total at least one million units of a high-value currency, such as the United States dollar, euro, or pound sterling.
"Wealth", more commonly known as "The Gospel of Wealth", is an article written by Andrew Carnegie in June of 1889 that describes the responsibility of philanthropy by the new upper class of self-made rich. The article was published in the North American Review, an opinion magazine for America's establishment. It was later published as "The Gospel of Wealth" in the Pall Mall Gazette.
Carlos Slim Helú is a Mexican business magnate, investor, and philanthropist. From 2010 to 2013, Slim was ranked as the richest person in the world by the Forbes business magazine. He derived his fortune from his extensive holdings in a considerable number of Mexican companies through his conglomerate, Grupo Carso. As of June 2023, Bloomberg Billionaires Index ranked him as the 11th-richest person in the world, with a net worth of $96 billion, making him the richest person in Latin America.
George Henry Bissell was an entrepreneur and industrialist who is often considered the father of the American oil industry. His company, the Pennsylvania Rock Oil, was the first Petroleum company in America. His businesses included oil companies, banks, railroads, and substantial real estate in New York. At his death in 1884, his son Pelham would inherit his fortune, making him among the richest men in the United States.
A wealth tax is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts. Typically, wealth taxation often involves the exclusion of an individual's liabilities, such as mortgages and other debts, from their total assets. Accordingly, this type of taxation is frequently denoted as a netwealth tax.
The Reichmann family is a Jewish-Canadian family best known for their property empire built through the Olympia and York company.
George Fisher Baker was an American financier and philanthropist. Known as the "Dean of American Banking", he was also known for his taciturnity. Baker made a fortune after the Civil War in railroads and banking, and at his death was estimated to be the third richest man in the United States, after Henry Ford and John D. Rockefeller.
Doris Duke was an American billionaire tobacco heiress, philanthropist, and socialite. She was often called "the richest girl in the world". Her great wealth, luxurious lifestyle, and love life attracted significant press coverage, both during her life and after her death.
Roy Donahue "Don" Peebles is an American millionaire, real estate entrepreneur, author, national media commentator and political leader. Peebles is the founder, Chairman/CEO of The Peebles Corporation (TPC), a privately held real estate investment and development company he established in 1983.
Nouveau Riche was a multi-level marketing company and a non-accredited vocational school specializing in real estate investing. Class topics ranged from introductory real estate investing to advanced techniques such as creative real estate investing techniques including wholesaling, multi-units, and short sales; examples of course titles are "Fix & Flip" and "Creative Financing."
John Gandel, an Australian businessman, property developer and philanthropist, made his fortune in the development of commercial real estate as well as shopping centres located in Melbourne, Victoria.
The inequality of wealth has substantially increased in the United States in recent decades. Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, savings, and investments, as well as any associated debts.
The Real Estate Board of New York (REBNY) is "the leading trade group advocating on policy changes in the real estate industry," a trade association for the real estate industry in New York City. Formed in 1896, its current president is James Whelan.
Jeremiah G. Hamilton was a Wall Street broker noted as "the only black millionaire in New York" by James McCune Smith about a decade before the American Civil War. Hamilton was a shrewd financial agent, amassing a fortune of $2 million by the time of his death in 1875. Although he was the subject of much newspaper coverage and his life provides a unique perspective on race in 19th century America, Hamilton is virtually absent from modern historical literature.
Toby Rimes is a mythical poodle with an estimated net worth of $92 million. It is allegedly descended from a poodle of the same name who was owned by New York City millionaire Ella Wendel in 1931. When Ella died, she allegedly left her dog an amount between $30 million to $80 million. All of that dog's descendants were supposedly named Toby Rimes and inherited the money. This story is an urban legend, although there was a real dog named Tobey.
Robert D. Shemin is an American real estate investor and author.
Sarah Rector, also known as Sarah Rector Campbell and Sarah Campbell Crawford, was an American oil magnate who was known as the "Richest Colored Girl in the World".
The Ultra-Millionaire Tax Act of 2021 is a proposed bill in the United States Congress, which would impose a tax on the wealth of the top 0.05% of Americans. The act was proposed and introduced by Senator Elizabeth Warren (D-Mass), Representative Pramila Jayapal, and Representative Brendan Boyle. The bill mandates that any household or trust with any net worth between $50 million to $1 billion will be taxed 2% of their net worth annually and any household or trust surpassing $1 billion will have a surtax of 1%. Senator Warren expects the bill to raise $3 trillion in revenue over the next 10 years.