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The Guardian - US
The Guardian - US
Technology
Dominic Rushe

Billionaire Peter Thiel amasses $5bn tax-free nest egg in retirement account

Peter Thiel, one of the founders of PayPal, is a vocal opponent of higher taxes.
Peter Thiel, one of the founders of PayPal, is a vocal opponent of higher taxes. Photograph: John Lamparski/Getty Images

Billionaire Peter Thiel, one of the founders of PayPal, has used a retirement account designed to help ordinary Americans save for their golden years to amass a $5bn tax-free nest egg, according to records obtained by ProPublica.

Thiel, a vocal opponent of higher taxes, is one of a number of ultra-rich Americans to use a Roth individual retirement account (IRA) to amass a tax-free fortune.

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