The Hyper-Wealthy Own Us (Literally)
For example, last year eight Americans — the four Waltons of Walmart fame, the two Koch brothers, Bill Gates, and Warren Buffett — made more money than 3.6 million American minimum wage workers combined. The median CEO pay in America for large corporations is $10 million per year. A chief executive now makes about 257 times the average worker’s salary, up sharply from 181 times in 2009. Overall, a tiny one percent of Americans own over a third of America’s wealth.
Math is Hard
Still, the numbers are hard to grasp, to understand at a ground-truth level. When folks want to talk about how big a place is, the often-used measure is football fields; the crash site covered an area the size of two football fields. That makes it easier to understand.
So, here’s our America measured in sort of the same way, courtesy of the real estate site Redfin. They figured out the value of all the homes in some of America’s better known cities, then compared that number to the known wealth of some of America’s better known one percenters. It turns out people like Bill Gates, the Waltons and the Koch Brothers literally own us. They have enough money to buy whole cities. Here’s a partial list:
Walton Family, owners of Walmart, have $154.8 billion. They could buy all of Seattle, value $111.5 billion.
Koch Brothers, holding $86.0 billion, could buy all of Atlanta, valued at $78.1 billion.
Bill Gates, with his $77.5 billion, could buy Boston, for $76.6 billion.
Warren Buffett, packing $63.5 billion, is able to purchase Charlotte, NC, for $56.1 billion.
Michael Bloomberg, only worth $31.8 billion, could still pick up Anaheim for $31.4 billion.
Larry Page of Google, $30.8 billion, is able to buy Boca Raton for $29.5 billion.
Jeff Bezos, Amazon.com, has $30.5 billion and could own Napa for $29.5 billion.
Mark Zuckerberg, your best Facebook friend, saved up $27.7 billion and could buy Saint Paul, MN, at $26.8 billion.
Phil Knight, who started Nike, has only $18.3 billion, but could still be the owner of Washington DC suburb Falls Church for only $18.0 billion.
Balance is important in these sorts of things, so it is only fair to add that some five million homes were lost to foreclosure between 2008 and 2013. 8.2 million foreclosure starts took place in that same time period. Moody’s Analytics chief economist Mark Zandi estimates foreclosures will strike another three million homes in the next three or four years.
Photo by Bala Sivakumar under Creative Commons license