A common misperception is that billionaires could solve poverty, health care crisis and other wealth gap issues if they transferred their wealth to the rest of the population.
Let's do the math.
According the article distributing Bezos' net worth of $234B to the entire U.S. population of 340.1 million would result in each person receiving $688. Not even enough to pay one months rent.
Now let's look at all billionaires. There are 1135 billionaires in the U.S with a total net worth of $5.7 trillion. $5.7 trillion is close to the U.S. annual budget of 7.01 trillion and would reduce the $37 trillion national debt ONE TIME. Distributing $5.7 trillion to 340.1 million people would result in each person receiving a ONE TIME payment of $16,764. Distributing $5.7 trillion to 128 million households would result in each house receiving a ONE TIME payment of $44,531.
What could people do with the money?
Average student loan debt: $39,000 Total student loan debt: $1.8 trillion
Average credit card debt: $6,500 Total credit card debt: $1.21 trillion
Average car loan debt: $24,297. Total car loan debt: 1.61 trillion
Average rent paid:2000/month Total rent paid: $500 billion - $1.4 trillion.
Total amount eliminated: $5.12 - $6.02 Trillion ONE TIME.
IMHO, monetary benefits that are ONE TIME usually do not solve underlying personal finance issue(s). Taking and using all the wealth billionaires have is not a sustainable solution.
This is not financial nor personal finance advice. Please consult a professional advisor.
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