The thought crept upon me the other morning as I was pondering simplicity and frugality.
Yeah, look at the flip side.
I remembered reading a recent New York Times piece on a Long Island boutique that catered to billionaires and noted the owner’s insight that they spent differently. I shrugged it off then but come back to it now.
Suppose your after-tax income came to $3½ million a year? That would be nearly $10,000 a day. (I did miscalculate and put that at $100k a day, a more interesting figure. Still!)
For perspective, the median pay for S&P 500 chiefs was $14.5 million last year, in contrast to an average $56,000 earnings for American workers.
The No. 10 guy on the list, Tim Cook at Apple, came in at $99 million in salary, benefits, and bonuses. More than $240,000 a day. That is, $10,000 an hour.
Ahead of him were the CEOs of companies like Alphabet, Peloton, Live Nation, Sarepta Therapeutics, and CS Disco, plus four I recognized. Please, can somebody tell me what the head of Pinterest is doing to make him pocket $123 million for the year? A tad under $337,000 a day?
As one scion of affluence told me a half century ago, there isn’t much real difference between a $20,000 car (today’s prices) and a $200,000 vehicle, as far as everyday performance goes. Let me add, today’s median family car is far superior to the luxury vehicles back then. Air conditioning? Seat warmers? Cruise control?
As I played with the $100,000-a-day figure, nearly twice the yearly earnings of real workers, I realized how little of that was needed for everyday expenses, even at inflated expectations – how many houses does one need, anyway, or how many hotel suites while traveling? What came into focus was the vanity opportunities: collections of antique cars, paintings, sexual playthings, political hobnobbing. Just name it and claim it.
And that’s where it gets scary, even when you scale back to $10,000 a day.
Conservatives like to quote Lord Acton’s “Power tends to corrupt and absolute power corrupts absolutely,” while they pursue the maximization of their personal wealth, which intensifies their power and, thus, corruptedness. Per the logic.
Renting a luxury yacht – $100,000 a week plus expenses, last time I looked – is peanuts in comparison. As is a private jet. They might even be business expenses, paid by the company.
Well, F. Scott Fitzgerald did quip, “Let me tell you about the very rich. They are different from you and me.”
But I am wondering what he’d make of today’s mutations.
What would you do, given that much at hand?