Will the next millionaire Revolutionize Your Lifestyle?
As the number of millionaires and billionaires in the world climbs ever higher, there are a growing number of people who possess more money than they could ever reasonably spend on even the lushest goods. But at a certain level of wealth, the next million isn’t going to suddenly revolutionize their lifestyle.
What do ultra-wealthy people do with their money?
Meanwhile, many ultra-wealthy people “use their money to make money,” he says—an exciting, status-enhancing process. Those two ways of putting money to use—as a way of covering expenses or as a way of building a bigger fortune—come with two different points of diminishing returns.
Is too much business ruining your life?
That’s the stuff that brings texture and joy to life; and people may lose a lot of that richness when they’re consumed with a business 24/7. Extreme wealth, especially when it comes very suddenly, can leave people feeling detached from themselves, or as if they don’t quite know how to identify themselves any more.
What motivates rich people to become rich?
Jeffrey Winters, a professor of political science at Northwestern University and the author of Oligarchy, said that in addition to social comparison, really rich people are often motivated to acquire more money by the thrill that comes with multiplying one’s fortune by making investments, buying up businesses, and so forth.
How many mansions can you afford with a hundred million dollars?
“Say you wanted to have a mega-yacht plus six mansions in six different locations around the world,” Winters says. “You could probably do all of that fairly comfortably with a few hundred million dollars.”
Who are the billionaires signing the open access to government letters?
Among the signers are George Soros, Facebook co-founder Chris Hughes, venture financier Nick Hanauer, and heiress Abigail Disney. Los Angeles billionaire Eli Broad endorsed the movement with an op-ed of his own the day after the letter appeared.