Style Switcher

Predefined Colors

Levels of Wealth: Inside The Secret Lives of The Ultra-Rich

if you earned one dollar per second then to make one million dollars would take you about 11 and a half days but to make one 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 five 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 and each of these different wealth levels and delving into how the ultra rich spend their money including some of the most bizarre and extravagant purchases you've ever heard of but as you're watching you'll realize that one of the biggest changes that happens at each of these wealth levels is perspective because prices feel relative to how much you earn so if you compare someone who's earning 40 000 a year with someone earning 400 million a year it's ten thousand times more which means a lambo that costs three hundred thousand dollars to them is the equivalent of spending thirty dollars a ten million dollar piece of art feels like a thousand dollars a 50 million home in the hamptons feels more like five thousand dollars so was to us each of those purchases would feel so major to a billionaire it's not even something they'd really need to think about and of course when you're that wealthy it's not just items and experiences that 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 two hundred thousand dollars a year you would technically be part of the top one percent of worldwide earners and so being in the top one percent may not make you feel quite as rich as you would think because sure you can typically afford a nice house and car but with those things comes higher costs and so you probably don't feel very financially secure and you're likely still working a full-time job which is why beyond this level wealth starts to be measured in net worth rather than income because the more wealth you have the more assets you have and you're probably not making your money from a normal salary so the next level of rich is a net worth of 10 million dollars to 30 million dollars at this level your needs are met you can live a very comfortably you have a really nice house you often fly first class internationally if it's a special occasion you might book a 2 000 suite you can afford any health care you need and in fact no emergency financial situation can destroy your life and yet you're still not rich in the way that money doesn't matter you still have to be sensible and careful when it comes to big decisions and in the banking world you're still not classified as having an ultra high net worth which brings us to our next level a net worth of 30 million dollars to 100 million dollars at this point you start playing in the big leagues and most likely you run or have a controlling interest in a very large company you always stay at five star hotels and you have multiple residences all around the world that you can stay in as well you take holidays during prime time for example going to monaco for the grand prix or cans for the film festival and you won't bat an eyelid when the place you're staying at costs 10 to 20 000 per night you have personal assistance and are starting to have people that others have to talk to to get to you you can buy pretty much anything that normal people think of as stuff rich people buy like you can buy any cars you want the fanciest jewelry and so on instead of flying first class you'd fly privates although having said that you typically charter a flight or own a private jet fractionally through a service like netjets instead of buying it outright and having to maintain it but still at this level another big change that happens is your social circle you probably start socializing with congressmen senators and community leaders you're likely very well respected within some very high-class circles interestingly though since you're likely surrounded by other ultra-wealthy people you may start to feel you don't have enough sure you may have just bought a new ferrari but your friend has a limited edition version where only five were ever made and sure you had dinner with a local governor but your billionaire friend just had dinner with the president even at this level people are still looking above them which brings us to our next level of wealth a hundred million dollars to a billion dollars net worth to be at this level you likely have ownership or control of a business that most of the public have heard of even if they haven't heard of you directly at this point you can likely socialize with movie stars rock stars and the corporate elites you can go pretty much anywhere you want and always in style you have multiple residences with staff all over the world with elite cars at every residence if it's your thing you might have a private island and of course a private yacht to get you there almost any experience you can dream up you can have wanna play tennis with your favorite star call his people for a donation of a hundred thousand or more to his charity you can probably play a match with him want your favorite band to come and play at your private party well for the right price they probably will what about if you love art your people could arrange for the curator of the louvre to show you around and show you some masterpieces they haven't exhibited in years if you can dream an experience up you can likely have it donations and fees can get you to anyone and once you have many hundreds of millions of dollars it's the same when it comes to buying things you may hire people specifically to find you the most extravagant versions of items you can think of for example the australian company toilet paper man produces 22-carat gold toilet paper for a cost of over 1.3 million and if you are going to quite literally flush money down the toilet why not get a gold toilet or an entire gold bathroom to go with it in fact if you're ultra wealthy you can literally have gold everything how about a 24 karat gold water bottle which in itself is a piece of designer art and comes with spring water from france and fiji combined with glacier water from iceland or alternatively how about the world's most expensive iphone that has 24 karat gold casing and more than 600 white and black diamonds plus sapphire glass for the screen this obviously isn't available to the general public to buy one you're going to need over 15 million dollars but this is the key at this level it's not just about buying the fanciest most luxurious items it's about getting the rarest and most exclusive things you possibly can for example you could get a limited edition pen that costs 160 000 has 4810 diamonds inside and only eight are made each year or if you want to go a lot bigger than that many billionaires turn to art and not just rare paintings but things like this dead shark art piece created by damian hirst that sold for 12 million dollars or let's say you like piano well here's the same crystal piano that was used for the beijing olympic games that was purchased at a private auction for a record 3.2 million dollars you see when you're at this wealth level your mind is the only real limit to what is available but then we have our final level the 1 billion net worth and above now before we get into what you can do as a billionaire which honestly is pretty insane it's worth noting that the number of billionaires on forbes's annual rich list has significantly increased in recent years and there's now around 2755 known billionaires of course it's possible there are more who have generational wealth that simply do a good job of staying very very private but either way forbes have estimated these 2 755 billionaires are worth a combined 13.1 trillion dollars and therefore have more wealth between them than the poorest 5 billion people on earth combined these statistics are overwhelming but let's actually visualize it to put things in perspective this rice example really highlights that even within this billionaire category the difference between 1 billion and the kind of wealth jeff bezos or elon musk have is insanely vast i'm also a big fan of james janney's youtube channel and he did a great job of visualizing the difference between these large sums of money in a different way so after seeing these examples we've now got a better idea of the scale of a billion dollars so now let's look at what you can actually do with that because essentially you can buy anything and i do mean anything we're no longer talking about luxurious items and experiences firstly you can buy access you can ask your staff to contact almost anyone on the planet and get a call back it's amazing the level of access and respect a billion can get you where within an hour you could ask your people to get in touch with someone and they'd be able to do it and i'm not just talking about contacting celebrities it worked the same with powerful people within politics as well especially because the billionaire may well be a donor to their political party and so if you're a billionaire you may occasionally meet with the heads of states and have conversations with them which brings us to the second thing a billion dollars can buy influence as a billionaire you have many ways to shape public policy and the public debates and this isn't always done in some kind of evil way like lobbying for lower taxes for rich people although obviously that does happen but the simple fact is because of your wealth and connections you can absolutely influence big changes in the world and not just on a political level because another thing you can buy is impact through philanthropy and charity your money can literally change countless lives the question is how do you distribute them clean water for villages fund new hospitals try to save a dying species of animal with money you can impact almost anything of your choice but one of the biggest differences with billionaires that is often overlooked is the ability to essentially buy time you quite literally don't have to wait for anything no lines no sitting around just think about it you've got your own private jet so you just show up at the airport whenever you want sit down in the plane and two minutes later you're in the sky and can go wherever you wish when you arrive a driver will have already been arranged to pick you up and take you wherever you want to go your assistant will have already got the best table at the restaurant you mentioned wanting to eat at or maybe your assistant arranged for a celebrity chef to come to one of your vacation homes instead at whatever time you choose everything you could need is taken care of for you however believe it or not there are some downsides to being this ultra wealthy firstly it's nearly impossible to have normal emotional relationships at this level it can become increasingly difficult to have friends and family that love you for who you are they exist but it's pretty hard to know which ones they are because your world is likely filled with yes men and people looking to take advantage at every opportunity your trust and connections with people are undoubtedly considerably weakened dating also becomes an odd experience on the one hand some of the world's most beautiful and intelligent women are all around you at parties and events but again finding someone you have a genuine emotional connection with is a different story especially because your time is so valuable that you're always busy and unable to invest in making deep connections with new people and even if you do find someone the relationship balance is skewed in a strange way when you have essentially unlimited money because no matter whether you pay for everything or whether your partner makes their own money either way something about the dynamic feels off and finally and most crucially of all no level of money can give you truly everything because death is the great equalizer and losing loved ones and losing your own health and facing your own mortality are problems that no amount of money can solve the reddit poster who inspired this video and deserves full credit talks about how he met sylvester stallone at a party who had obviously had a very successful career he said he was such a great guy had huge levels of wealth and luxury a smart and beautiful wife and yet he also had a special needs son who died young in his words nobody has it all nobody in fact if you are watching this video and feeling poor i think it's worth rethinking because in this video we've looked at several levels of wealth but the fact you are watching this means you are nowhere close to the bottom of the total wealth pyramid it's easy to look up and feel frustrated that some people have so much more than us but just look down the wealth pyramid for a moment if you have internet access to watch this plus some food in the fridge clothes on your back a roof over your head and a place to sleep and you are richer than 75 of the world in fact even if you have one dollar to your name right now you are still richer than the majority of the world who are either in debt or have absolutely nothing what this video really highlights is that rich versus poor is so arbitrary it's not two groups there are many many different levels and compared to most of the world you might well be a lot richer than you think if you enjoyed this video please make sure you subscribe and turn on notifications for future mini documentaries that are on the way thank you for watching to the end you are a legend and i'll see you next time cheers you

As found on YouTube

Retire Wealthy Home

Posted in Retire WealthyTagged , , , , , , , , , , , , , , , , , ,

Post a Comment