I wish more people can see it that way instead of touting the successes of billionaires just by virtue of their theoretical net worth
I think it's nice that he's laying low, trying to find something he's passionate about, is willing to work hard, isn't a playboy, etc. He has a humble attitude. But his wealth is real, not theoretical, and he's still too detached to realize that.
This may be true, but it may not; he may be very aware of that, but is projecting himself as less wealthy than he actually is. I could imagine myself doing something similar if I had that kind of wealth.
While I guess that's somewhat true, it's not a "theoretical number", and there is a very straightforward way to turn that into cash if I want (of course, I'd have to find somewhere else to live). The same is true of this billionaire's net worth.
No, because while you own your house, the billionaire owns every house on the block. What happens when all of those houses get liquidated at once? First, local market is flooded, they no longer hold their original value. More importantly, and the part of the quote you left out, is that in this analogy, the houses can no longer be rented and a revenue stream dries up.
So no, it’s nothing at all like your home equity.
(However houses, as assets, leak a lot of worth in the form of upkeep and property taxes. Most times it’s better than rent, but not in all scenarios. And getting a cheaper house and investing the rest often gets better returns, once all costs and inflation are accounted for.)
(Contemporary) American culture tends to lean towards the latter while the old world (and particularly Germany) seems to lean towards the former.
While it may be true that the assets could be liquidated via M&A, oftentimes those st the helm genuinely believe that it is their duty to serve the company and its stakeholders and employees rather than use it/them to the owner’s maximum benefit.
There are Billionaires like James Simons, Robert Mercer, Azim Premji etc. who steadfastly keep a low profile; whether it is humility or if it fits their agenda is a topic for another discussion.
If we count the number of Billionaire names we remember, I'm sure we wouldn't even cover the top 25; so I don't think the list matters for anything significant except for the Income Tax departments of their respective countries.
> It’s assets that are necessary so that people can do their jobs.
And the main point of capitalism is that these assets have a price and are transferable. It is necessary that they exist for people to do their job, it is not necessary though that you own them.
Herzogenaurach his hometown is an interesting case for everybody who is interested in the weird ways of entrepreneurship. The small town is home for Schaeffler, Adidas and Puma. Quite remarkable for a population of 30.000.
Disclaimer: I live next door and organize the Nuernberg Digital Festival
https://sports.vice.com/en_us/article/mgz97b/the-nazi-siblin...
[1] https://www.ft.com/content/6c5fab52-1337-11e5-ad26-00144feab...
