Every 1 in ~200 dollars of wealth of the US population is owned by one person

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• 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).

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  • FooBarrington@lemmy.world ⁨1⁩ ⁨week⁩ ago

    Total US wealth seems to be $150-160 trillion, so it checks out?

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    • NateNate60@lemmy.world ⁨6⁩ ⁨days⁩ ago

      What’s your source for this?

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  • rbos@lemmy.ca ⁨1⁩ ⁨week⁩ ago

    GDP is a yearly figure, not cumulative, so it could still work.

    I agree that it sounds much too low.

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  • LodeMike@lemmy.today ⁨6⁩ ⁨days⁩ ago

    I literally said wealth and you literally repeated it back at me, then you brought up GDP?

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    • 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.

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• andallthat@lemmy.world ⁨1⁩ ⁨week⁩ ago

  Don’t leave me hanging… is it me?

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