GDP is a yearly figure, not cumulative, so it could still work.
I agree that it sounds much too low.
Comment on Every 1 in ~200 dollars of wealth of the US population is owned by one person
NateNate60@lemmy.world 1 week ago
This is not even close to being true. Elon Musk’s net worth is $850 billion. In order for that to be 1 in 200 of all wealth in the US, it would mean US wealth would have to be $170 trillion. For comparison, the World Bank estimates the entire world’s GDP in 2024 to be $111 trillion.
He, in fact, owns a much larger share than 1 in 200. Though it’s also obvious to anyone watching that most of this money is fake and comes from the fact that he holds a lot of assets which have extremely inflated valuations (i.e. are a bubble with no underlying economic justification).
rbos@lemmy.ca 1 week ago
LodeMike@lemmy.today 6 days ago
I literally said wealth and you literally repeated it back at me, then you brought up GDP?
NateNate60@lemmy.world 6 days ago
How do you define wealth? Physical stuff? Money in your bank account? GDP measures everything that someone pays money for.
FooBarrington@lemmy.world 1 week ago
Total US wealth seems to be $150-160 trillion, so it checks out?
NateNate60@lemmy.world 6 days ago
What’s your source for this?
FooBarrington@lemmy.world 6 days ago
How about you give whatever number you think is the accurate one first?
GDP isn’t directly related to wealth, so it’s not relevant.
NateNate60@lemmy.world 6 days ago
I’m guessing you or the AI chatbot you may have asked are talking about the total US household wealth as reported in this Reuters article.