Saturday, October 11, 2008

The top 1%

Warren Buffett just overtook Bill Gates as the richest man in America - his net worth is 58 billion dollars.

While net worth doesn't exactly equate to income in any real sense, it's kinda fun to look at it this way:

Americans complain about their sports stars making millions of dollars. Tiger Woods is the highest paid sports figure ever, and he makes about 80 million a year. He'd have to play golf for 725 years and never spend a penny of what he made in order to reach 58 billion.

Of course us regular folks, with a household income of $100,000 per year, have to work 800 years to earn what Tiger Woods earns in 365 days. Which means if we hope to save up Warren Buffet's net worth it takes us 580,000 years (also assuming we don't spend a penny). So how old is the Earth anyway?


Hectocotylus said...

The actual median household income in the United States is closer to $48,000.

Anonymous said...

The Earth is 4.5 billion years old. If I worked part-time (figuring 20k per year which is actually quite a bit more than what I make) for that long, I would still be 1 trillion dollars short of the public debt of the USA.