Tuesday, June 10, 2014
Individual Wealth in Perspective
A quaint comparison of what money can buy in today’s
market has Bill Gates being able to afford every home in Boston. His $76.6 billion reported by the Washington Post or the $78.4 billion by Forbes seems a pittance when put up against John D. Rockefeller’s peak wealth of $318.3 billion (based on 2007 US dollar). According to your
resident commissars over at MSNBC, "The median net worth of American households hasn't changed much over the
past decades, it's about $20,000." So if Gates decided to purchase all the Beantown houses, whom would he pay for the
bricks and mortar? Certainly, most Americans may think of "their home is their castle", but few actually
own a debt free deed to their grand estate. No wonder the banks and financial institutions, are so fond of placing liens on
real property.
6:46 am edt
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