America is home to 735 billionaires with a collective worth greater than $4.7 trillion, according to Forbes. There were just 424 billionaires in 2012, Forbes found, and only 243 a decade before that. The billionaires keep multiplying.
In this article, Willy Staley uses information from the first billionaire count — commissioned in 1981 by the entrepreneur Malcolm Forbes for his own magazine — to consider the reasons behind the rapid increase in American billionaires, but also the changing attitudes on publicizing the details of one’s wealth.
Many factors enabled American entrepreneurs to amass such enormous fortunes, including the Reagan administration’s policies, the arrival of computer technology, the creation of a more globalized economy and the rise of the developing world.
Yet despite the conspicuous consumption this level of wealth often encourages, Staley finds that few billionaires want to be discovered. So how do you keep tabs on America’s billionaires?
This story was written by Willy Staley and recorded by Audm. To hear more audio stories from publications like The New York Times, download Audm for iPhone or Android.
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
In growing companies. There are two kinds of sea foes: the one overwhelmed with manual processes, errors and lack of control of the numbers and the one who uses nets. We
by Oracle. The number one cloud financial system with visibility and control of financial inventory, HR planning in budgeting nets. We does everything you need to grow all in one place, the CFO that get it get it the CFO that don't doubt had to net sweet dot com, slash and my tea for a special one of a kind financing offer net sweet doc
I'm slash and mighty you I love. You know about scrub, daddy.
and a fantastic product, so lonely
yellow piece of synthetic Stew
both the big smiley face on it, and it's for scrubbing pots and pans. And whatever else- and I didn't know this until I started the sitting down to write the story, but it was actually introduced to the
Iraq via shark tank. The show on a b c high sharks, I'm Aaron Krauss Philadelphia and I'm known as the daddy of the scrub daddy, the cutest, but most high tech scrubbing tool in the world.
it's a popular show where people with small businesses come before
in all of the sharks and they had to make a pitch to them. These ultra wealthy investors, it's this fantasy ritual in which you get to witness the capitalist class investing in small.
american businesses and making them grow in bringing their expertise as wealthy capitalists to bear.
on these small genome struggling businesses that need capital and expertise,
changing my offer, a hundred,
thousand dollars, but for twenty five percent
The experience, the connections, everything that I have it, but this is not what most people like Mark Cuban are doing,
for the most part, are billionaires, come out of technology out of finance.
they are not in the business of investing in small businesses. That's not how people are gettings offer wealthy in his country anymore.
I gotta twenty deal. My name is really still.
I'm a story editor at the New York Times magazine for a month.
Issue, we wanted to take a look at the billionaire class and
it means to live in a society that feels increasingly dominated by billionaires
the number of has been growing and has been growing rather quickly
here in the United States in two thousand to Forbes estimated there two hundred
forty three billion hours in the: U S, ten years later
when he twelve. It was four hundred
four billionaires name, isn't it and now and twenty twenty two their latest count is seven hundred thirty five hour question was
Why do we have so many billionaires and where do they come from? So a billion is a hard number to wrap your head around and we tried to work with this in the
issue, it's a thousand millions.
One million seconds is twelve days in a billion seconds is thirty one years
some of you have in your head. How big one billion is? Imagine the Jeff based
who's? Not even the richest person on the planet currently has one hundred seventy seven of those that's as of this morning.
We had. These illustrations done by this great illustrator Mona shall be, who thought of creative ways to
imagine what Jeff basis
His net worth is in one of my favorites was the average full time: Amazon, employment, thirty, seven thousand nine hundred thirty dollars in two thousand and twenty in order to accumulate as much wealth as Jeff Bezos. Someone earning that salary would have had
start worrying the policing epoch.
It said basically, four point. Five million years ago, when early hominids were appearing on earth billionaires
are certainly an expression of the promise of american enterprise on the one hand, and the free market system, but at this
Time, a really profound illustration of our unequal spoils have been split over the last four decades.
You can think of it as an extremely anti democratic accumulation of power
because they're winds can be satisfying much more easily,
from their wins might be to become the president, for example, and we ve seen this over and over here. I must
loves posting more than anyone and all of a sudden he decided you would just by twitter and try to run it his way he has two hundred
two billion dollars at his disposal and interest do this sort of thing at the drop of a hat, and I think that's the crazy make
aspect of living in a society that has whom they can
whose their money to make decisions about what exists in what doesn't exist?
So here is my article: how many billion
Are there any one read by
Casey Martin.
Was recorded by autumn to listen to more stories from the New York Times, the new Yorker Vanity, Fair, the Atlantic and other
locations on your smartphone download autumn on the Appstore or the place door visit autumn. That's
You d m dot com for more details
in nineteen. Eighty one welcome Forbes the eccentric and fabulously wealthy magazine publisher came to his editors with a request: could they pull?
Together a special issue about the four hundred richest Americans, the idea was inspired by Caroline Shermer Horn Astor, the Doyle
gilded Age New York, who regular
hosted the city's high society in her fifth avenue.
All room which was said to fit about four hundred people. It's quite possible. Forbes saw something of himself and asked her
This was a different era of magazine, publishing Forbes, who wound up
The cut on his own list lived like a sultan. He entered
and celebrities and politicians on a one hundred. Twenty six foot yacht called the Highlander by the UN
his run, he owned a chateau in Normandy, twelve Faberge eggs and
action of hot air balloons in fantastical designs. One shaped like the Sphinx one like a bust of Beethoven, one like a fabric, J
Egg, one like the chateau in Normandy and, of course, one in the image of a sultan about his tall
as his yacht was long according to a
If history of the magazine, written by Malcolm Forbes, Junior, better known as Steve, the editorial staff was now
pleased with his father's idea. They conducted a feasibility study
and told him. It wouldn't be possible to figure out who these for him
People were the elderly,
he replied if they wouldn't do it, he'd find some
their journalists who could edit capitulated rights. His son
The resulting reporting project took a year dozens of flights.
The thousands of interviews at the top of the very first Forbes four hundred list was Daniel K. Ludwig a shipping MAC
estimated by the magazine to be worth more than two billion dollars.
You simply adjusted for inflation. That's now at least five point:
eight billion dollars a fortune that Woodland Ludwig in a seven way tie for the one hundred. Eighty second spot on the last forms four hundred list, alongside Fred Smith, the founder of Fedex,
Gary Rawlins Chief executive of Romans incorporated, which owns several pest, can
all companies and who could forget Peter Gaster, the head of a cloud software company called visa
regions at this tier hardly seem to merit media coverage anymore. One of
ass nurse most in depth. Profiles was
wished on the blog of the Hacienda business, Parkin Pleasanton, California, where Viva keeps its offices.
he does not o many hot air balloons,
since nineteen. Eighty seven Forbes has published another list which started smaller
it has grown to be much larger. The world's billionaires list
the magazine just published, this year's addition, but a staggering two thousand six hundred and sixty eight names
The task of gathering information for both lists is over
by Carry Dolan an editor.
Forms in
Collaborative effort that involves at least nine, be two different reporters from all over the
innovation, including from the cap.
these many internationally licensed editions. Russia, Poland,
India and more each a testament to the triumph of globalized, capitalist
domain, has worked at forms for nearly three decades, so
in nineteen. Ninety four covering Latin America, which involved
helping out on the billionaires list to compiling it was fun
more laborious back then I couldn't
just go online and look at the Sao Paulo Stock Exchange and figure out who owned what Dolan says, but
manual magazine down in Brazil, used to put out a book about all the biggest companies in the country.
She would have a contact in Brazil ship it to her in the states that would reveal
financial information on these companies, and she could
Oh from there. The process has
come easier in one sense, because our access to information is so much better and harder because
There are so many more billionaires, the twenty
What he two worlds billionaires list, for example, grew by five hundred
Seventy three names compared with the last pre pandemic list in twenty twenty
here the world was knitting new billionaires at a rate Forbes noted of about one every seven
king hours at the
of the new list is Elon Musk, but an estimated net worth of two hundred nineteen billion dollars behind
is Jeff basis with one hundred seventy one billion dollars from there. It goes like this
Bernard are no and family one hundred fifty
a billion dollars bill gates, one
twenty nine billion dollars, Warren Buffett, one
eighteen billion dollars. Larry pay
One hundred eleven billion dollars, sir,
Bryn one hundred seven billion dollars, Larry Ellison
one hundred and six billion dollars Steve Bomber. Ninety one point: four billion dollars and move
on Bonnie NIMBY points
billion dollars. The rich
man in Asia and I confess the highest ranked person on the lists. I've never heard of
If you continue down keeping your
as on the Americans most
Familiar names. You know from the vast fortunes cast off by Silicon Valley or Walmart, the wealthiest
Walton errors have around sixty five,
A billion dollars each or Nike forties.
in point three billion dollars or divorcing Jeff basis. Forty three point: six billion
others or living longer than Sheldon Edelson. Twenty seven point: five
billion dollars, but
Eventually, you start to encounter less familiar names, Thomas Petre, fee who emigrated from,
communist Hungary and pioneered
computerized stock trading number, eighty, twenty per
one billion dollars. Murmured Para, who founded something called ubiquity networks- and this was fun to learn- went to the same state college that I did number one hundred twenty seven fourteen.
point six billion dollars. Speaking of college there's destined muscovites who,
roommates at Harvard with another guy who had a cool idea for a social network,
number one hundred sixty seven eleven point: five billion dollars:
before long near down with the Peter governors of the world.
and there are a lot of them. America has some seven hundred thirty five billion years now, according to Forbes Collective,
worth more than four point: seven trillion dollars,
decades ago? Forbes cut it only only four hundred twenty four a deck
before that too,
forty. Three they keep multiplying and there,
collective wealth grows even or especially
the rest of us fall behind,
So where are they all coming from
depends who you ask an optimist, my
how you that an economy producing so many billionaires is an economy that growing, which is sir,
true of ours, nothing wrong with that in the nineteen fifties, thee
missed Simon Kuznets popularized. The idea that inequality was an unfortunate but self regulating side effect of economic growth,
whenever it got to high kuznets reasoned the political pressure
this would rain it in this was known, as the
nets curve parabola that showed in
quality soaring before being slowly brought back to earth through redistribution kuznets believed that the richest society,
these would eventually be the most equal.
but in the last twelve years, the american political system,
has delivered citizens united atop marginal tax rate of thirty seven percent down from a high of names,
four percent increase in its day and a billionaire president openly
hostile to the democratic process along with three hunt
Thirty, two new billionaires the kuznets curve, has fallen out of favor to replaced by something called the Kuznets wave which shows
successive peaks and valleys of inequality.
Branko Milanovic. The economist who put forward this revised model thinks it might ticket
a generation to tempt down the current peak in his book
it of american capitalism. The unit
city of Chicago historian, Jonathan Levy describes. The era of capitalism we live in is the age of chaos a time
which capital has become more footloose liquid and volatile, constantly flowing
into and out of booms and busts, in contrast to the stayed order and widely shared prosperity that characterise
as the industrial postwar economy levy, began,
the story in nineteen eighty one, the senior Forbes thought of his list, and that was the
The federal reserve, under its chairman Paul Vulgar, raised interest rates to twenty percent
The goal of ending inflation voters fed succeeded at that, but the decision leaving notes at far
reaching consequences besides, accelerate
America's transition away from the production of goods to a form of capitalism never seen before
or skyrocketed in value making american exports even less attractive and imports even cheaper. Many factories that remained profitable were closed because compared with
incredible returns. Money could earn in such a high rate environment. They simply weren't profitable enough
when the FED to begin to loosen its grip, the widely available credit unleashed a speculate
bonanza which benefited
Lee empowered corporate class that felt a little
nation to the workforce and profound obligations to shareholders tipping
the economy expands when investments are made in productivity, but this expansion was different.
It was levy rights, the only one on record before or since in which fixed invest.
Meant as a share of GDP declined in other words, are industrialists were investing lesson. Productive, stuff ships fact
these trucks while making more money doing so. In fact, they were often tearing that stuff up and shipping it abroad. This was
the age of the corporate raiders, who would book enormous profits while putting them
cons out of work. We can see this in crude terms as the birth of the Wall Street Main Street divide
several of the finance industry from the real economy. This shift to us.
Lee financial Miser. Post industrial economy was helped along by
the Reagan administration, which deregulated banking cut the top income tax.
up to twenty eight percent from seventy percent and took aim at all.
nice labour, a political scapegoat, for
sluggish inflationary economy of the seventies computer,
Acknowledging and the rise of the developing world would amplify and accelerate all these trends. Turning the United States into a sort of frontal cortex
Were the globalizing economy.
just as important the Tec Revolution,
new ways for entrepreneurs to amass enormous fortunes software.
is by no means cheap to develop, but it requires fewer workers and less fixed investment and
can be reproduced and shipped around the world instantaneously and at practically no cost. Consider that the powerhouse of the twentieth century capitalism for
Motors now employs about one hundred eighty three thousand people and has a market cap.
position close to sixty eight billion dollars
Google employs about one hundred fifty six thousand people and has a market cap of around one point. Eight trillion dollars
This new economy would be run by and for knowledge,
workers who would read
most of the gains and therefore have more money to spend on services a sector that would
come to sort of, but never fully, replace the manufacturing. This transformation did away with dirt.
the Reagan years Levy writes
They knew and distinctive emerged that has persisted down to this day a capitalism dominated by asset price appreciation. That is
an economy in which the rising price of assets, stocks, bonds real estate, would be somewhat cutter intuitively fuel for economic growth. It has been a good time, in other words, to own a lot of assets and only
assets is mostly what billionaires do in his book capital in the twenty first century, the french economist, Thomas Picky, notes
that the new economic order has made it difficult for the Super rich not to get richer. Past
a certain threshold? He runs all large fortunes, whether in her
nor entrepreneurial in origin grow
Strangely high rates, regardless of whether the owner of the
John works or not. He
as the examples of bill Gates and Liliane Bettencourt the heiress to the L'Oreal Fortune, Betancourt, never
a day in her life Peggotty rights, but her fortune and gates's
each grew by an annual rate of about thirteen percent.
from nineteen nineteen to twenty ten once a fortune is established, the capital
rose according to a dynamic of its own picketing notes, adding that bigger fortunes tend to grow faster,
no matter how extravagant their owners living expenses are still such a small proportion of the returns
even more is left over for reinvestment.
did. He was writing in twenty thirteen, while the EC,
me was still recovering from the financial crisis of two thousand eight. That recovery was buoyed by set
years of near zero interest rates, kept there by the FED on the theory that, with credit widely available,
the economy would regain its health, but low interest rates do two things.
They push investors into riskier territory seeking but
returns,
ideally creating jobs in the process and they inflate the value of assets.
Private equity and venture capital benefited greatly from this low rate.
environment, helping both silicon
Ellie and the financial engineers of Wall Street clean up once more
even in less dynamic sectors of the economy. The cheap money
able an explosion in stock by backs some six point three.
Billion dollars worth during between
he tens or about four percent of our
GDP over the same period more than we currently spend on defence. This too made asset owners, richer
gears supercharged, another bull market that would be supercharged again, paradoxically, by the covert pandemic, when the FED and Congress stepped into prop up markets and
the economy they fuelled yet another boom in ass at prices. This time.
With more everyday Americans, trying to get a piece of it. Investing in everything, from Tesla Options to Jay Peg's of apes
Tail investors have seen winners and losers among them. Well, the billionaire classed as a whole has absolutely flourished over the last five years. Jeff basis this fortune has more than doubled, given mosques fuelled in part by retail investor exuberance as groom by a factor of twenty winds.
Their policy Jani at Dana Farmer Cancer Institute showed how the easier farming
Haitian in lung cancer patients switches on cancer growth. It led to an FDA, approved drug that was the first brought it
location of precision medicine in lung cancer. This each year, far inhibitor has led the way for other active, targeted lung cancer therapies,
find out more about Dana Harbour momentum at work at Dana Farmer, DOT org, slash stories
I'm still a tan and I'm one of the producers of the daily
the most memorable episodes I've worked on was about a single mom named Yolanda, who I got to know over a few months during the pandemic, when she was potentially going to be evicted from her home during one of our calls
me that her older son had actually decided to leave college
to work and help her pay. The rent, listen
two Yolanda in that moment really Crystal
As for me, how
innovation notice, yes, it means the threat of being forced from your home, but it can also mean an impact on
Next generation
on the daily. We tell personal stories in part to help all of us better understand how current events shape real people's lives. Our team is
you to put in this kind of time and commitment to a single story thinks this
I present the New York Times, so, if you
I keep hearing stories like bees. The best way you can help us make them is by subscribing to the New York Times. Thank you.
Nothing special happens when you become a billionaire.
There isn't a little red light that flips on admirers headquarters at the low
and it's not even a stable status market,
fluctuations, push people in and out of billionaire them every day. What's incredible is how little information we have a right to know about them. These seven hundred thirty five Americans who have amassed at minimum the gdp of a small island nation,
We can know only one they share or can't hide from journalists, and
certainly some are better at hiding than others. I asked Dolan what her profile
of a billionaire whom she'd never find. She told me it's someone who, quietly so
a stake in a business for say to us
fifty million dollars in the nineties then invested well today, a guy like that could use his wealth to do whatever he wanted.
truckloads of nazi memorabilia trader per
wade your mayor to privatized, the city's sewers, or maybe both
and you'd be none the wiser, and in fact he wouldn't you
have had to be all that smart with his money. If he parked two hundred
ten million dollars in an p tracking index funding. Nineteen. Ninety two and lifted alone, he'd be worth more than
we're billion dollars today Dolan cautioned that no one would be quite crazy.
enough to put all his money in the market. Nevertheless, he would have slipped through
the billion dollar barrier like an olympic diver and now he's just a guy.
then insane Schwab account some
listing ideas about sewage treatment and the world's largest
collection of authentic total, cuff rings, the easy
sort of billionaire for Dolan to handle is one whose wealth derives.
his ownership stake in a publicly traded company,
probably one he founded, though possibly one he inherited
Anyone who owns more than five percent of companies shares must disclose that fact, along with the exact
number of shares they hold, but once you're past, what's discoverable in the public markets. These figures are pretty much.
just a combination of reporting and educated guesses
Many billionaires, for example, have equity in companies that have not yet and may never make an appeal at least not at their current valuations. If they do, they may make even more
many own stakes in regular old, privately held companies that are worth billions selling shoes, new balance or hardware Maynard's or candy Mars. Oliver
we have created billionaires to arrive.
at a value for these firms. Forbes compares them too.
Similar companies that are publicly traded. All alleged billionaires are given enough
unity to comment on the magazines claims,
share, more detailed information, most don't in twenty twelve Bloomberg started a billionaires index of
by hiring reporters from Forbes, it now covers the top
I hundred in the world and updates every day for
two has alive, ranking of billionaires that updates with the markets and just a quick glance at the top. Ten shows considerable differences in the estimates.
Bloomberg agrees that musk is now the wealthiest men on the planet, for example, but estimates his net worth to be
fifteen billion dollars lower than Forbes does by the number seven spot. The rankings diverge and Bloomberg places so
a Bryn one hundred nineteen billion dollars, where Forbes
Larry Ellison, one hundred fifteen point
seven billion dollars. Some differ.
Is between the Forbes and Bloomberg lists are simply products of different reporting and differing methodologies.
Bloomberg methodology is considerably more transparent than Forbes is, but it's published list is one fifth, the size of the Forbes list
for now, and it's newsroom much bigger for each of the five
billion billionaires Limburg offers
one to five star ranking based on its confidence in the estimate with those who cooperate with the reporting process and whose assets are held mostly in publicly traded companies.
getting five stars. Only a handful have the honour and those whose assets are hidden nor illiquid scoring lower and yet for all its precision
Bergs list has one intentional flaw. It does not contain
Michael Bloomberg. The founder
majority owner of Bloomberg, L p
distinction that has made him a billionaire many times over. Some eighty
two times to be exact. At least
to the latest numbers from Forbes. Today, moon wealth, death,
is run by an Englishman named peer pulled him who overseas more than twenty five
Reporters and editors, though the team often taps
the organisations that broader newsroom of twenty seven hundred pulled Polton like Dolan
noticed over the years that fewer and
were billionaires want to be discovered, in fact,
when unknowns do announced themselves to the press, as billionaires Poland,
his team regard their claims with great caution must
of the time now, the type of fortune that we're trying to find they don't really want you there. He says
The UN's desk has turned up some enormous hidden fortunes,
recent years later,
into LEO Crow one, a single foreign businessmen
after he went on Twitter one day and claimed that he was the third biggest shareholder in Tesla, and then he went dark. Poland's
eventually resurfaced, and they were able
who confirm his holdings in what pulled him calls a global effort both by law
at his financial records end by talking to his business associates. Similarly, Bloomberg broke the
that Chung pangs out the chief exam
He gave us the Crypto exchange by finance was much
sure than anyone knew he was the eleventh richest person on the planet when they published the story,
estimated his fortune to be ninety six billion dollars, noting that it was most likely higher. They didn't you
include any of his personal crypto holdings in the figure, both Bloomberg and Forbes
consider themselves conservative in their estimates of billion their wealth and, in fact,
their existence. Yet another billionaire census done by a research company called wealth ex that is considered.
The less so in two
twenty one. It counted nine hundred and twenty seven million errors in the United States, some too
three more than Forbes did he doesn't know
any of them. Perhaps there
about these two hundred and three unnamed billionaires, perhaps not bits
frustrating to not bow to know you can never know for sure, but even more
frustrating to know that knowing wouldn't change a thing about it, capital one offers commercial solutions you can
gone now. More than ever, your business faces specific challenges and unique opportunities. That's by capital, one offers a comprehensive sweet, a financial services custom tailored
your short and long term goals, backed by the expertise, strategy and resources of a top ten commercial bank. A dedicated team works with you to support your success and help achieve your goals, explore the possibilities of capital, one dot com
flash commercial. Last summer I was wandering around the neighborhood, where I grew up in San Francisco, one substantially,
and over the last decade, like every corner of that city by
Enormous fortunes generated in Silicon Valley sent
Cisco is now home to eighty one billionaires, at least according to wealth acts that summit
two per square mile or about one for every ten thousand residence. The higher
concentration in the world. As I was walking, I came across a homemade.
And hung in the window of an old edwardian. It read,
oh billionaires. Nine.
Ninety nine million nine hundred. Ninety nine thousand nine hundred ninety nine dollars and ninety nine sense is enough. Already the sentiment was comically sent from
diskin stridently in line with contemporary liberal values and, at the same time, openly,
tolerant of extreme inequality? Why would it be ok,
for someone to have nine hundred and ninety nine million dollars and not a billion? What really happens when that last,
He pushes them over the line. It can feel it
We live in an era defined by rage at billionaires, but most
Europeans actually don't have much appetite to eat the rich. We did quite recently elect a billionaire to the president
in January, twenty twenty and then again in July of last year. Pews
vague Americans to see if they thought billionaires were good for the country, bad for the country or neither in twenty twenty. Fifty eight percent of respondents said
they were neither a year and a half into the pandemic. The number had barely budged. It dropped to fifty four
five percent within the margin of error, some time
nine percent think their bad fifteen percent think they're good. It's not again
the October nineteen. Seventeen up there still
One cohort stood out. Eighteen,
twenty nine year olds, fully fifty
percent of them. Believe billionaires are bad for the country,
and is it any surprise, this
the generation that has grown up peddling in the shop
The economy that produced all this disordered wealth working
failing to find work in industries that have
financially engineered into ruin by the fleece, vest guise of mid term or abandoned by
software that made some nerd so rich, his grandchildren's grandchildren will live like princelings
and either way paying obscene rents to millionaire landlords who were smart enough to be born twenty years before them
billionaires, are from this perspective the purest distillation of
brutality and stupidity of arranging a society. This way as the old,
wealthy have multiplied. The summit,
Africans have drifted toward a sort of billionaire nasty system. A sense that we lose
a fallen world run by a demonic group of plutocrats on the right. You have. The
All unseemly George Soros thing in
one man is imagined to be the devious puppet master behind everything from central
Can migrant caravans to the George Floyd protests will not
personally, a billionaire close Schwab, the head of the World Economic Forum in Davos.
Has been re imagined, as a sort of bond villain serving their interests. Plotting
make you live on cricket meat as part of something called the great reset on the left, but
Curbing revelations about Jeffrey Epstein and his connect
to several billion years, have led to fevered speculation about the sources of his wealth and
the circumstances surrounding his pretrial suicide. But you don't you
to think of any individual billionaire, is evil to find the sheer concentration of power they have disturbing. On the contrary, one of the scariest thing
about. Our billionaires is that there really just people with all the frailty that entails. Think about must
desperate outing as an essential host or gates
lane efforts at dating in middle age basis
corny, sexting, Zuckerberg,
uncanny approximations of normal behaviour. Thomson
airs and Bloomberg doomed. Presidential campaigns, both in the same cycle both to us
another billionaire who lost anyway. There really arson,
things money can't buy and our billionaires demonstrate this just as often as they
prove the converse. Of course
is also a lot that money can buy, not just yachts and Picassos, but also lawyers, politicians, silence. You can finance a lawsuit against a website. You dont, like
and make it disappear. You can commission a yacht so big that it can't get to see unless you disassemble abridge, you can offer to cover the costs of bridge disassembly
You can find a libertarian uprising against the sitting president and derailed
the agenda. You can launch a car into space.
is a very good reason. The Genie forbids wishing for unlimited wishes. I witnessed the dizzying effects of this
caprice first hand about a decade ago,
working at a senior restaurant in Manhattan when an ultra wealthy customer came in twice
in the span of about a month I was told us
time that he was a billionaire, though I can't say for sure whether he really was be certainly seemed like it. On the first occasion, he spent
something like ten thousand dollars on wine tipping twenty percent
on top of that, adding some two thousand dollars to the Tipp poor. Each waiter made six hundred dollars that night
it nearly covered my rent for the month there,
not long after he said
down in one of my bank cats. This caused a small flurry of action. The maitre d
let me know who he was and the Somali
urged me to send him over as soon as he expressed any curiosity about one
and over and told him and his companion about the Knights specials and took their order. I'll, never forget what he asked for the
order anything to drink. I asked still anticipate
victory. Yes, he said a glass of the Cabernet, I thank you.
Spent about one hundred dollars that night bed was his right.
In addition to being insanely wealthy, he was also just some guy
and sometimes all the guy wants, is a cheeseburger and drink. The
with billionaires, is not that there sociopaths, though, certainly some are it's- that their power comes with no accountability
well or don't dwell, as is often the case above the clouds and super tall skyscrapers, may fly to private islands on private jets, and do God knows what they're they're yachts remind us that no
but the paperwork says their citizens of no nation that if we try to fix them in place, they can just go elsewhere.
they become enamoured of certain ideas, fixing african agriculture
resurrecting VON Muses entire
reforming Mars being the president and can
and nearly unlimited sums in the pursuit of making them a reality, even if they
that any or all of it they will remain
billion airs and there's not much
You can do about it, they're, not
into the role, so you can vote the amount of it they didn't
billion billionaires by catching paychecks? So there's no one. You can harass into firing them. They didn't break the law to make a billion dollars, at least usually not so you can't drop a dime on them.
have more money than God, as the saying goes, so even he is of no use and until something changes
We live in a nation that is substantially warped by the gravity of their fortunes.
Transcript generated on 2022-05-06.