Wealth Shown To Scale

(Adapted for Classroom)
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$1,000

$68,000 (Median US household income in 2021)

$1 million

Lifetime earnings of a lawyer, on average ($4 million)

Lifetime earnings of a doctor, on average ($6.7 million)

Goldman Sachs CEO David Solomon's Net Worth ($50 million)

Average hedgefund manager's lifetime earnings

($50 million)

Apple CEO, Tim Cook's Net Worth ($625 million)

$1 billion

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Taylor Swift's Net Worth ($1.1 billion)

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Taylor Swift's Net Worth ($1.1 billion)

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$185 billion (wealth of Jeff Bezos)

$80 million
It's often hard to quantify a number so large.
Wealth inequality is seldom represented to scale. This is part of the reason Americans consistently under-estimate the relative wealth of the super rich.
Every 10 pixels you scroll is $5 million.
OK, you're coming up on the end now.

Just kidding, you're about a third of the way. Keep scrolling though, there's more to see.

Let's put this wealth in perspective by comparing it to some familiar things.
Average Net Worth of an American citizen (about $1.7 million)
Annual cost of health care for a family of four
Annual pay of an Amazon warehouse worker.
Annual cost to house every homeless veteran.
Annual cost of chemotherapy for all cancer patients ($9 billion)
On July 20th 2020 Jeff Bezos made $13 billion in a single day.

The fortunes of very rich people are dwarfed by the incomprehensible wealth of the 0.0001%.

These people may see themselves as fabulously rich, and often oppose policies aimed at reducing inequality.

But many have not fully grasped the enormous gulf between themselves and the super rich.

Produced by OmniGraffle 7.19.2\n2021-12-02 15:16:55 +0000 Canvas 1 Layer 1 Mark Zuckerberg ($116 billion) $0 $200 million

Should individuals hold this much wealth?

If you think billionaires shouldn't hold this much wealth, are there any propoals to limit the wealth that you think are reasonable?

400 richest Americans ($3.2 trillion)

$80 million
While Jeff Bezos may be insanely rich, but it is a drop in the ocean compared to the combined wealth of him and his peers. The 400 richest Americans own about $3.2 trillion, which is more than the bottom 60% of Americans.
400 people
Bottom 60%
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0.0%

.

What could we do with under 10% of this money?

6%

Vaccinate every human on earth against coronavirus

Based on the cost of vaccines and the cost of delivery, it would take around $200 billion to vaccinate every person on earth, which is about 6% of the wealth currently controlled by 400 Americans. After paying for this vaccination program, these individuals would still be $40 billion richer than they were before the pandemic.

Even setting aside the desperate humanitarian need for a global vaccination, there is still a strong self-interested argument that wealthy countries should do it: the longer covid circulates in the world, the more chance of a vaccine resistant variant emerging, and undoing all the vaccine progress we've already made.

The World Health Organization is currently organizing a global vaccine donation program which aims to vaccinate about 20% of residents in poor countries by the end of 2021, and even that approach has substantial funding shortfalls.

3%

Permanently eradicate malaria

Malaria is one of the worst infectious diseases ever visited on mankind, possibly killing more people than any other infectious disease in history. In the 20th century alone, malaria killed more people than the Black Death.

Annual Malaria deaths
(409,000)
Ebola deaths in all of human history combined (about 15,000)
These figures are even more shocking when you learn that malaria overwhelmingly kills children; around two-thirds of malaria deaths each year are children under five. That's around 275,000 children.
Children under five killed by malaria each year
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10

All of these deaths are preventable. Treating and preventing malaria is a well understood science, universally practiced in the developed world.

It is estimated that malaria could be globally eradicated by 2030 for a cost around $1.84 per at-risk person per year, or around $100 billion total. This would be around 3% of the wealth currently possessed by the 400 richest Americans.

Around 800 children will die of malaria today.

2.5%

Wipe out all the delinquent medical debt in America

Americans have about $81 billion in medical debt that is sufficiently past due as to appear on their credit report. These are generally small debts, with a median value of $207 dollars per person.

These debts hinder the credit of over 50 million Americans, and do long term damage to their housing, employment, and borrowing options.

5.3%

Lift every American out of poverty.

As of 2021, around 38 million Americans lived in poverty. If Americans in poverty were a state, they would be second largest by population. There are more Americans living in poverty than the entire population of Canada.

Population of US States compared to poverty, 2021

Every single person in America could be lifted above the poverty line with a one-time cash subsidy of around $10,000 per impoverished family (and about $7,000 for impoverished individuals). The total cost would be $170 billion, a little over 5% of the wealth currently controlled by 400 individuals.

7.5%

Provide clean drinking water and toilet access to every human on earth.

Around 844 million people have no access to clean water of any kind. About the same number have no access to a toilet or latrine of any kind, and therefore defecate in the open.

No clean water

Contaminated water is a major source of disease, including cholera, dysentery, and typhoid. It is estimated that contaminated water kills about 829,000 people every year, making it one of the world's biggest killers. The cost to provide clean water and waste disposal for everyone on earth would be about $240 billion, or 7.5% of the wealth controlled by the 400 richest Americans.

With the scale of inequality in the United States established, let's dare to dream a little bigger.

What would you do with under 40% of this money?

39.6%

You could provide paid maternity and paternity leave to every American for the next 100 years

Paid maternity and paternity leave are estimated to cost around $12 billion per year. This is 0.39% of the wealth controlled by 400 Americans. It is 5% of the wealth they accrued in 2020 alone.

If they repeated this payment every year for the next 100 years, it would equal 39% of the wealth they control today.

40%

Give $10,000 to every American household

There are about 128 million households in the United States. To give each one $10,000 would cost $1.28 trillion, or about 40% of the wealth controlled by 400 Americans.

40% of the wealth is equvilent to $1,280,000,000,000

What could we do with 60% of this money?

If 60% of their collective wealth were to vanish, what would happen?
They all would still be billionaire.

Is there any conclusions that can be made about inequality? Is having this amount of wealth ethical and/or good for our economy? What do you think?