Richest people in the world 1990-2020

[Totem Polar]

You really need to start by defining “rich.” My definition of rich is all the 9mm ammo you want, and the time and health to shoot it. Not sure I saw anyone on the OP list, that meets those criteria.

I need to hone in on this concept a bit further. *Finally* a P-F topic that I, as a blue collar working class musician, am an SME in.

#1, if one hates their job, it’s subsistence living, no matter how many zeros in the paycheck. Actor Jack Nicholson said that.

#2, if one doesn’t have time to actually enjoy a little fruit of labor, per above, then one isn’t rich. I have had more than one doc, last-gen lawyer (the kind that are old enough to have made money) and multi-state business owner on my porch looking at my modest way of living decide to retire/cut back/liquidate. I’m happy to say that Mrs Totem and I have inspired more than one person towards the realization that they’d rather have time to work up music for an album or open mic, or write a book, than have a 3rd home.

#3, Having said that, an open secret of the music industry is how many of the folks out touring have money to fall back on. While I certainly know people who came from nothing, and became wildly successful in the arts, they’re in the minority, as viewed over the long haul. A HUGE number of our friends with serious music skills acquired over a lifetime of work came from dual-doc parents, or had a grandfather who founded a printing company selling receipt books to office depot, or a nationwide chain of tire stores, or a chain of restaurants, or... it’s a lot like the tech startup phenomenon described upthread. To drop out and go on the road, or drop out and start up a garage company, one must first have something to drop out of. I admit that this used to drive me nuts 20 years ago, when all of our friends were self-producing great albums at 20-75k a piece, and Mrs and I were living in our van.

#4 rich is a lot different in Troy, Idaho than in Tiburon, California. Not even remotely comparable.

[Totem Polar]

But that leads into the wealth gap issue. Because a millionaire may or may not be rich depending on how you argue it, but a 10x millionaire generating an annual income (4% SWR) of $400,000 a year might as well live on a different planet. What do you call someone that can literally piss away nearly half a million dollars a year and still not touch their principal? If you're a Gates or Walton, you'd call them poor. Which starts to drive home just how different the lifestyle and world is for someone who's "rich" versus someone who is wealthy.

You might enjoy this book, which explores the above idea in detail:

https://www.amazon.com/Richistan-Jou.../dp/0307341453

[JTQ]

A public school teacher in California who started work at 25 and retired after 30 @ 55 has a pension with a net present value exceeding $1 million. Patrol cops and firefighters, many able to retire at 50, have even higher net worths. And that's not including their health benefits... So while I think most people think of the idea of a "millionaire" as someone who is rich, they generally don't think of actual "millionaire next door" types as rich...

https://en.wikipedia.org/wiki/CalPERS

The California Public Employees Retirement System (CalPERS) where those public school teachers, police, and firefighters will get their retirement checks.

As of 2018, the agency has $360 billion in assets, and is underfunded by an estimated $150 billion, with current assets below 70% of necessary to provide for liabilities.

[cheby]

I'd suggest to stop counting other people money and start taking care of your own pockets. It's way more productive.

[jh9]

I'd suggest to stop counting other people money and start taking care of your own pockets. It's way more productive.

You'd better be counting their money, because they're damn sure counting yours.

The growing and incomprehensible gulf between the average American and the swelling billionaire class didn't happen by accident. They're not going to stop until you're an indentured servant getting paid in company scrip.

[Darth_Uno]

You'd better be counting their money, because they're damn sure counting yours.

The growing and incomprehensible gulf between the average American and the swelling billionaire class didn't happen by accident. They're not going to stop until you're an indentured servant getting paid in company scrip.

There may be a gap, but I'm not required to give them a dollar. There's no company store I'm beholden to. I don't have to buy anything from Amazon. I don't have to use Apple products. I choose to, because they provide a service or product I want. If there's one person at the top of the heap making a crapload of cash, what difference is that to me? Hell, buy stock in the company and get in on the action.

[4given]

... vanity of vanities! All is vanity.

[Yung]

These sorts of discussions always remind me of that song from Cabaret.

[0ddl0t]

https://en.wikipedia.org/wiki/CalPERS

The California Public Employees Retirement System (CalPERS) where those public school teachers, police, and firefighters will get their retirement checks.

Oh I know it. The teachers pay into CalSTRS, but it is similarly underfunded.

My local PD has a ~$35 million budget - $20 million of which goes to pay CalPERS for officers who have already retired. But even in the age of "defund the police" the cities, counties, and state will never cut pensions for the already retired - they'll just lower benefits for new hires (at least until the next short-term economic boom), cut services to the public, and, if necessary, sell off public land/property.

But the point is, if you look at net present values of relatively modest government pensions you'll find that they usually exceed $1 million for 55 year-old retirees. But those same people often consider themselves less well off than the guy who owned a convenience store and retired with a $1 million 401(k) - even though the gov pensioners usually have "Cadillac" health care while the retired entrepreneur is stuck with Obamacare.

[Joe in PNG]

There may be a gap, but I'm not required to give them a dollar. There's no company store I'm beholden to. I don't have to buy anything from Amazon. I don't have to use Apple products. I choose to, because they provide a service or product I want. If there's one person at the top of the heap making a crapload of cash, what difference is that to me? Hell, buy stock in the company and get in on the action.

Amen. The whole wealth distribution thing has been tried so many times, and it never works. It usually leads to the guys that are supposed to spread the wealth around keeping most of it, and shooting everyone who complains.