The Shadow: An Outtake from "Slouching Toward Utopia?: An Economic History of the Long Twentieth Century"

Carl O'Donnell (2014): What Does It Take To Make The Forbes 400?: Increasingly More And More: "Every year, the Forbes 400 sets the bar higher. Just making it to the very bottom of this year’s list requires 1.55 billion–250 million more than in 2013. And that’s only a single year. To truly appreciate how quickly the hurdle is rising, Forbes took a look at how much the minimum cutoff increased every year since 1982, when the first Rich List was created. In so doing, Forbes also revisited the millionaires and billionaires who have had the honor of ranking last on the Forbes 400. The poorest person on the list in 1982 was Armas Clifford 'Mike' Markkula Jr., who was then the CEO of a hot tech startup called Apple Computer. He joined the firm in 1977, when Steve Jobs and Steve Wozniak approached him for funding. Markkula’s net worth in 1982: $91 million. Not bad, but only about one 17th of what he would need to ascend to the Forbes 400 today. Granted, the dollar had more purchasing power in 1982. So how much would 91 million be worth in today’s dollars? About 225 million, still less than a sixth of today’s cutoff....

#noted #2019-10-06