Does that mean all these rich people have just numbers and there aren't actual currency that can cover all of it. Let's say every billionaire wanted to cash out, would there be this much cash in the system at all?
correct. the latest numbers from the federal reserves estimates the total value of all physical US currency in circulation at about $2.3 trillion. meanwhile, this analysis of data from forbes puts the combined wealth of US billionaires at about $4.2 trillion as of April 2021, and that number has almost certainly risen since then. billionaires don't run on cash, they run on manipulating numbers in computer systems, and most of their wealth is in the forms of stocks and such, rather than money in a bank account anyways.
It’s the same with the value of company stock. It’s essentially a ponzi in a way. If a billionaire actually tired to sell all their assets quickly they wouldn’t be able to liquidate it all for the value that it’s worth on paper because the value would drop if they tried.
if the numbers in the image were correct (they aren't) and that cash was nigerian naira instead of US dollars (it isn't), then 45 billion NGN exchanges to about 58 million USD
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No, his name is Prince.. A Nigerian Prince. | Spyke
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I know we’re shit posting, but this is 22 billion dollars. More pics and detail here. https://www.joe.ie/news/pics-this-pile-of-cash-worth-22bn-was-found-inside-the-insane-home-of-a-mexican-drug-lord-409313
It’s only $207 Million
https://www.snopes.com/fact-check/drug-money/
“$1 billion in $100 bills would be 10,000 feet tall – imagine 10 Eiffel Towers stacked on top of each other.”
Does that mean all these rich people have just numbers and there aren't actual currency that can cover all of it. Let's say every billionaire wanted to cash out, would there be this much cash in the system at all?
correct. the latest numbers from the federal reserves estimates the total value of all physical US currency in circulation at about $2.3 trillion. meanwhile, this analysis of data from forbes puts the combined wealth of US billionaires at about $4.2 trillion as of April 2021, and that number has almost certainly risen since then. billionaires don't run on cash, they run on manipulating numbers in computer systems, and most of their wealth is in the forms of stocks and such, rather than money in a bank account anyways.
Sounds like a bullshit system. How can someone have this much money that is not even available in cash.
It’s the same with the value of company stock. It’s essentially a ponzi in a way. If a billionaire actually tired to sell all their assets quickly they wouldn’t be able to liquidate it all for the value that it’s worth on paper because the value would drop if they tried.
What’s that worth in American dollars? About $1.20?
if the numbers in the image were correct (they aren't) and that cash was nigerian naira instead of US dollars (it isn't), then 45 billion NGN exchanges to about 58 million USD