It Would Take Bill Gates 218 Years To Spend All His Money
At a spending rate of $1 million a day, most people would blow through their entire life savings in less than a week.
But for billionaire Bill Gates, it would take 218 years to spend his approximate $79 billion fortune at this rate, according to new research from Oxfam that was recently highlighted by The Guardian. That's about three Ferraris a day.
It would take Mexico's Carlos Slim, the world's richest man, even longer at 220 years. Warren Buffett could get through his fortune slightly faster, but it would still take 169 years to clear his bank account.
While few could keep up with these hypothetical spending patterns, more people than ever can call themselves billionaires these days. In fact, the number of billionaires in the world has more than doubled since the recession, rising from 793 in March 2009 to 1,645 in March 2014, Oxfam reports.
And wealth proves to be the gift that keeps on giving - billionaires average a 5.3% return on wealth, compared to the 1.95% return rate for the ordinary person. This means Gates makes an approximate $11.5 million a day from interest.
When comparing this extreme wealth to those on the other side of the economic spectrum, however, the report found some startling inequalities. Namely, the 85 richest people in the world have a combined net worth equal to the poorest half of the entire global population.
But Gates and Buffett aren't looking for ways to idly blow cash. Rather, both billionaires are known for their charitable ways. Gates runs the Bill & Melinda Gates Foundation, which received nearly $3 billion from Buffett alone in 2014.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh