How Much Money Do I Have Compared To The Rest Of The World
The world's billionaires have so much money it's hard to fathom — here's how their spending compares to the rest of us
- The world's billionairesview money differently than the average person — in more ways than one.
- The typical billionaire could easily afford to spend $80 million each year, while most Americans earn less than $60,000.
- We crunched the numbers and found the value of $1 for the average American equates to $1,355 for the typical billionaire.
Billionaires are unfathomably rich in the eyes of the average person.
For the typical billionaire, a massive purchase — think: a brand-new luxury car, a once-in-a-lifetime vacation, or pricey college tuition — is just a drop in the bucket.
Themedian household incomein the US is $59,039 a year, according to the U.S. Census Bureau. With only about2,000 billionaires worldwide, it's difficult for the rest of us to understand the power wielded by a 10-figure net worth.
Business Insider crunched the numbers to see how the spending power of the world's billionaires and average people compares on a dollar-to-dollar basis.
The median fortune of aForbes list billionaireis about $2 billion. A conservative4% annual withdrawal ratewould bring their income to about $80 million a year.
At that rate, the value of $1 to the average person is the same as $1,355 to a billionaire. That means the stomach pinch you feel when you drop $100 on something is how a billionaire feels when they spend $135,500.
Below, check out the real cost of 12 purchases, and the relative "cost" for someone with a $2 billion fortune.
Dinner for two at Masa in NYC
Actual cost:$1,190
Relative cost:$0.88
One week in a suite at the Bellagio in Las Vegas
Actual cost:$3,360
Relative cost:$2.48
Annual average household food spend in the US
Actual cost: $ 7 , 2 0 3
Relative cost: $ 5 . 3 2
First class, roundtrip ticket (Etihad Airways, NYC to Sydney, Australia)
Actual cost: $ 2 4 , 0 1 7
Relative cost: $ 1 7 . 7 2
Annual rent for a Manhattan apartment ($3,400/month)
Actual cost: $ 4 0 , 8 0 0
Relative cost: $ 3 0 . 1 1
One year at Harvard (including tuition, room/board, and fees)
Actual cost: $ 6 3 , 0 2 5
Relative cost: $ 4 6 . 5 1
New, fully-loaded Range Rover
Actual cost: $ 1 0 4 , 8 5 0
Relative cost: $ 7 7 . 3 8
New Tesla Model X P100D with Ludicrous Mode
Actual cost: $ 1 4 0 , 0 0 0
Relative cost: $ 1 0 3 . 3 2
Down payment on $3.5 million mansion in Malibu, California
Actual cost: $ 6 9 9 , 3 0 0
Relative cost: $ 5 1 6 . 0 7
Tanza Loudenback
Correspondent, Personal Finance Insider
Tanza is a CERTIFIED FINANCIAL PLANNER™ and former correspondent for Personal Finance Insider. She broke down personal finance news and wrote about taxes, investing, retirement, wealth building, and debt management. She helmed a biweekly newsletter and a column answering reader questions about money. Tanza is the author of two ebooks, A Guide to Financial Planners and "The One-Month Plan to Master your Money." In 2020, Tanza was the editorial lead on Master Your Money, a yearlong original series providing financial tools, advice, and inspiration to millennials. Tanza joined Business Insider in June 2015 and is an alumna of Elon University, where she studied journalism and Italian. She is based in Los Angeles.
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How Much Money Do I Have Compared To The Rest Of The World
Source: https://www.businessinsider.com/worlds-billionaires-spending-compared-to-average-people-2018-3
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