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Actually, the article says his net worth was more than "$10 million (in today’s Canadian dollars)". That's about 7.2 million in today's US dollars. The most any
by patorjk 11y ago
Actually, the article says his net worth was more than "$10 million (in today’s Canadian dollars)". That's about 7.2 million in today's US dollars. The most any winner got was 2 million CAD (or 1.46 million USD) and the winners each had 9 kids. So that's like getting 162k to have a kid, which isn't that great of a deal.
- tosseraccount 11y ago$7.2 million in today's values is plenty for the Canadian fellow. Historical inflation = 3% Historical stock market returns=11% 11-3=8 8 percent real return (inflation adjusted) on average per year. Let's say he plays it a little safe, let's call it 5% real return. That's $360K/year forever ... and ever. Sounds pretty easy to me finance wise. People get raised in big families on a lot less and do just fine.
- celticninja 11y agoOnly if you never spend any of the capital. I expect having 10 kids there are a number of costs and debts that woukd need to be repaid so the actual interest received would be less.
- fasteddie 11y agoWhich presumably would also get hit with more taxes, lowering it by another 30-40%
- cperciva 11y agoCanada doesn't have any inheritance tax. As far as I know, this was the case at the time in question, too.