Charlie Stross goes on a tear with "A cultural thought experiment," looking at what the wealth of the 1 percent means, what it can't buy them, and how it might be viewed from a future society.
The diminishing marginal utility law dictates that the more money we have, the less utility we get from any additional incremental gain. And this bites the top 1% very hard indeed.
Examine the world around us from the point of view of someone with a net income of $5M/year ...
Food is essentially free; you can afford to spend $1000 per meal, three meals a day, in the most expensive restaurants in London or Tokyo or Manhattan, and not make a dent in your income. (Oddly, even the hyper-rich don't typically spend $1000 on lunch every day: a more realistic expectation might be to dine out expensively twice a week, for $100K/year, and have the best of everything in-house the rest of the time, with a live-in chef, for another $100K/year.)
Clothing is essentially free; want a different $5000 suit for every day of the week? That's going to set you back only $35K! Spouse wants a dozen designer evening gowns a year? That's still going to be on the low side of $200K.
Housing is essentially free; $1000/day will rent you a penthouse suite in a five star hotel in Manhattan, while your mortgageable income will let you buy a palace in the $5-20M range. (There are places where you may need to spend more than $20M to buy a house; but not many of them.)
You don't have to do housework, interior decorating, cooking, driving, DIY home improvements, flight booking, or shopping (unless you want to). People can be hired to do any of the above for rates ranging from $15K to $100K per year, depending on the complexity of the job. And you earn $100K per week.
(Image: Wanted Poster at Holburn Station (London, UK), a Creative Commons Attribution (2.0) image from takomabibelot's photostream)
China’s state broadcast network today aired footage of Wang Xiaolu appearing to announce to the world that he solemnly regrets writing his influential story.
There’s about $60 trillion in public government debt worldwide, and the folks at Visual Capitalist created a chart to show proportions and debt-to-GDP ratio in one handy image. About two dozen countries carry over 90% of the world’s debt, with Japan and Greece having the worst debt-to-GDP ratios. • $60 Trillion of World Debt in […]
U.S. homeownership rate is 63.4%, the lowest since 1967. Bloomberg blames it on a combination of “stringent mortgage standards and wage growth that hasn’t kept up with surging home prices.” As a result, rental vacancy rates a falling and rental rates are increasing.
The Lytro Illum dares to be different, boasting even more robust features than its first generation predecessor and a sleek design reminiscent of professional DSLRs. What’s so cool about it? Most cameras capture the position of light rays, producing a statoc 2D image. But the Illum’s cutting-edge technology records the direction of these rays, generating […]
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