I guess the difference there is that the wealthy can take out loans and secure assets like houses against their stocks but yes the stock market isn’t real
In the US of A, 1T = 1.000.000.000.000
(1B is 1.000M, and so forth)
In the metric system, 1T= 1.000.000.000.000.000.000
(1B = 1.000.000M, and so forth)
That’s why in other languages you sometimes hear “a thousand million”, although I agree with you in that the most common way of counting on the internet is with imperial billions.
They didn’t gain $49 trillion. Their total wealth is $49 trillion. Still terrible but the article’s headline is misleading.
Yes
Nobody will say they lost $49 trillion if stock go down next week
They cannot get $49 trillion out of the market by selling all their stocks
It’s just a weird misleading framing
I guess the difference there is that the wealthy can take out loans and secure assets like houses against their stocks but yes the stock market isn’t real
I mean, regular people can do that too, just not to the same extent. Robinhood is offering 6.75% now on margin loans, and IBKR has like 6.85% or so.
Yeah, the article says the rich got 7% richer in 2023 for a total of $49b.
That’s about $3-4b gained in 2023.
Trillion, not billion, but yeah
Imperial trillion, metric billion.
In the US of A, 1T = 1.000.000.000.000 (1B is 1.000M, and so forth)
In the metric system, 1T= 1.000.000.000.000.000.000 (1B = 1.000.000M, and so forth)
That’s why in other languages you sometimes hear “a thousand million”, although I agree with you in that the most common way of counting on the internet is with imperial billions.