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If you earned $1 per second, then to make 1 million dollars would take you about 11 and a half days. But to make 1 billion dollars, would take you over 31 and a half years. You see, it’s easy to think of wealth in terms of rich or poor, but broadly speaking, there are arguably 5 different levels of rich, and at each level, things change very drastically. The difference between what a millionaire can do, and a billionaire can do, is simply staggering.
In this video we’ll be exploring what life is like at each of these different wealth levels, and delving into how the ultra-rich spend their money, including some of their most bizarre and extravagant purchases. But, as you’re watching, you’ll realise that one of the biggest changes that happens at each wealth level, is perspective. Because prices feel relative to how much you earn. So if you compare someone whose earning $40,000 a year with someone earning 400 million a year, it’s 10,000 times more. Which means:
A lambo that costs $300,000, to them is the equivalent of spending $30. A $10 million piece of art? Feels like $1,000. So whilst to us those purchases would feel so major, to a billionaire, it’s not even something they need to think about. And of course, when you’re that wealthy, it’s not just items and experiences you can buy. But we’ll get to that… Let’s instead start off, with the first level of rich:
The Top 1%
Even though this phrase is synonymous with being extremely rich, if your income is over about $200,000 a year, you would technically be part of the top 1% of worldwide earners. And so being in the top 1% may not make you feel quite as rich as you think. Which is why beyond this level, wealth starts being measured in net worth rather than income, as the more wealth you have, the more assets you have, and you’re probably not making your money from a salary.
So the next level of rich is a Net Worth of $10 Million - $30 Million
This levels of wealth video will look at ALL the other levels of wealth, including the difference between millionaires and billionaires. We’ll also look at some of the craziest things rich people buy - including some of the most expensive items ever and rarest purchases the ultra-rich make. We’ll also be visualising wealth in different ways, looking at wealth inequality, and understand how billionaires buy a lot more than just expensive items and experiences.
This post was inspired by reddit poster a1988eli (and then matched with my own research & analysis) who had spent a lot of time with several ultra-rich people, and therefore had great insights about the levels of wealth. His original comment was on the reddit post ‘What do insanely wealthy people buy, that ordinary people know nothing about?’
This levels of wealth video was produced within the the parameters of the fair use doctrine. Please contact email@example.com if you have any questions about the contents of this video.
Video created by: John Frazer and Hahoany Assad
With inspiration & thanks to: a1988eli
Clip from James Jani’s channel that visualises wealth:
The Untold Truth About Money: How to Build Wealth From Nothing.
By James Jani
I hope you enjoy this video looking inside the lives of the ultra-rich, and what you can buy with a billion dollars.
MagnatesMedia is producing lots more documentaries on business, wealth, finance, success, influence and lots fascinating topics. Visit our channel page to see our free library of documentaries. Subscribe and turn on notifications for more soon! 🔔