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)
Since 2009, the Chicago Police Department has seized $72M worth of property from people who were not convicted of any crime, through the discredited civil forfeiture process, keeping $48M worth of the gains (the rest went to the Cook County prosecutor’s office and the Illinois State Police) in an off-the-books, unreported slush fund that it […]
In Rich do not rise early: spatio-temporal patterns in the mobility networks of different socio-economic classes, a group of transportation engineers analyze an open data-set about the commutes of people in the Colombian cities of Medellín and Manizales, concluding that the rich and the poor commute the furthest distances, but that the rich have much […]
Sequoia Capital Chairman Michael Moritz and angel investor Ron Conway have donated to San Francisco’s Proposition Q: if passed, “the city would give residents of tent encampments 24 hours’ notice to relocate to a shelter or accept a bus ticket out of town.”
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This Python Mega Course will help you learn to code by teaching you to build 10 real-world apps that each highlight a unique use of Python.Job prospects for coders are still growing steadily—and with Python being one of the most popular coding languages out there today, it’s important for job seekers to demonstrate a widespread understanding of the […]
The Atmos R2 may be bigger than the brand’s previously-released vapes, but we argue that in this case it’s definitely a good thing. A bigger heating chamber means more room for packing it full. And the bigger battery means longer, more fulfilling vape sessions. In fact, you can use the Atmos R2 for up to about 25 […]