$10mn? $30mn? $100mn? The Redefinition of the Super-Rich
16th October 2024
Financial Times, a Voice of the Crust.
The rapid rise in billionaires has disrupted what it means to be part of the moneyed elite.
The monetary definition has shifted significantly, reflecting not just the growth in wealth globally, but also the changing expectations of what it takes to be considered part of this elite group.
Not mentioned: The rapid rise of inflation has eroded the actual value of ‘money’ by 90% just within my lifetime. (In 1933, when FDR stole all of the gold, an ounce of gold was worth $20. Today, an ounce of gold — let me check — is worth $2682.10. So a dollar today buys what a penny would buy in 1933.)