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That's true but wealth at that level is essentially relative anyway. There's little you can do as a billionaire that you couldn't do as a hundred-millionaire w
by munificent 4y ago
That's true but wealth at that level is essentially relative anyway.
There's little you can do as a billionaire that you couldn't do as a hundred-millionaire when it comes to simply buying things for liquid cash. You can buy all the houses, boats, private islands, etc. that you want.
The only meaningful difference in wealth at that scale is buying fundamentally scarce things: specific real estate and private islands, favors from politicians, private time with other powerful people. For all of those, you are competing with other wealthy people to win them, so it's relative wealth that matters.
- tempestn 4y agoI agree with your point in general, but I think you'd need to scale the two example numbers each up by an order of magnitude. A hundred-millionaire is definitely rich, but can't buy all the houses, boats, private islands, etc. that they want. A single property or a yacht can easily cost well into the tens of millions. Plus if you're living in a $10M+ home, your annual expenses are presumably significant, so you'd want to keep a fair amount to live off of. It's probably ridiculous to most to think of hundred-millionaires being financially constrained, but I do think there's a material difference in the buying power of $100M and $1B without getting into unique goods.