ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

How long before Elon Musk and Jeff Bezos go broke if they spent $1 million a day?

The duo have a combined net worth of $445 billion
PUBLISHED JUL 25, 2024
Cover image source: Elon Musk and Jeff Bezos | Getty Images
Cover image source: Elon Musk and Jeff Bezos | Getty Images

Since 2020, the richest men in the world have grown their wealth at a breakneck speed. As per a 2024 Oxfam international report, the top four richest men in the world --  Elon Musk, Jeff Bezos, Bernard Arnault, and Mark Zuckerberg -- grew their wealth by $14 million per hour, since 2020. The top two, the CEO of Tesla and the founder of Amazon, have remained at the top for quite some time with a combined net worth of $445 billion, as per the Bloomberg Billionaires Index. They are so rich that it would take them ages to go broke even if they spent $1 million per day. 

Elon Musk on the red carpet for the Axel Springer Award 2020 | Getty Images | Photo by Britta Pedersen-Pool
Elon Musk on the red carpet for the Axel Springer Award 2020 | Getty Images | Photo by Britta Pedersen-Pool

If Musk and Bezon spent a million dollars every day, without taking any breaks, it would take well over half a millennium each to go broke. Bezos with a net worth of $204 billion, as per Bloomberg would last a whopping 558.9 years and Musk with a net worth of $241 billion would last a staggering 660.27 years.

Jeff Bezos at a press conference | Getty Images | Photo by Joe Raedle
Jeff Bezos at a press conference | Getty Images | Photo by Joe Raedle

This means they can buy supercars, and real estate properties, take vacations, and more things that common people dream of, every day for over half a millennium. 

Furthermore, the two also have their money tied up in real estate and other assets which could allow them to last even longer. 

However, it has taken them decades to amass such kind of wealth. Both Musk and Bezos are known to be workaholics who have been on the grind for a long time.

Also, their net worth may not represent their true wealth, as it is subjective to their holdings and investments. 

For instance, Musk's net worth fell by a good deal on Thursday after Tesla's stock tanked. As Tesla stock took a 12% dive, the value of Musk's 13% share of the company also fell. The world's richest person lost about $16 million in a matter of hours, after his company posted weak third-quarter earnings, as per Bloomberg. 



 

The single-day decline in Musk's net worth was equivalent to the total net worth of James Ratcliffe, the second wealthiest person in the UK. Despite the drop, Musk remained over $30 billion richer than Bezos.

To put things in perspective, an average American household has a net worth of roughly $1.06 million according to the most recent report released by the Federal Reserve in 2023. However, the number doesn't represent the majority as the wealthier households drive the average up. Thus, looking at the median would give a more accurate representation. The median net worth of an average American household is $192,900, pennies compared to the top two richest men. 

Representative image | Unsplash | Photo by Giorgio Trovato
Representative image | Unsplash | Photo by Giorgio Trovato

While most Americans can't imagine spending money like Musk and Bezos, they can have a taste of their riches virtually. There are plenty of online games available that let players spend billionaires' money on things like cars, bikes, groceries, furniture, real estate, and more. The simulation games offer a variety of things and billionaires to choose from.

MORE ON MARKET REALIST
Costco products have been called out over quality standards multiple times in the past year.
31 minutes ago
There have been awkward moments on the show in the past but few can top this one.
20 hours ago
Some fans believe that rising prices have forced the showrunners to settle for local destinations.
23 hours ago
It's not easy to leave the host stunned into silence, but some contestants come up with unbelievable answers.
1 day ago
This was a big let down and it was evident from the host's reaction after the Bonus Round puzzle.
1 day ago
Fans also went a step ahead and suggested that White should consider hiring a new stylist.
1 day ago
The answer was so shocking that both host and contestant just stood in silence for a few seconds.
2 days ago
Drew Carey clearly has a sharp eye as he helped keep the integrity of the show intact.
2 days ago
Carey has achieved a lot in his time as the host of the show, including his co-workers' respect.
3 days ago
Ryan Seacrest has a long way to go before he can be as loved by fans as his predecessor.
3 days ago
There have been several complaints about Great Value products of late on social media.
3 days ago
It's not often that one gets to see such a captivating performance on "The Price is Right."
3 days ago
There's probably no better judge of this matter than the veteran host of the popular game show.
4 days ago
Everyone in the studio was shocked for a moment before they all saw the funny side of things.
4 days ago
It's not often that the sharks get somewhat annoyed and still offer a huge deal to the entrepreneur.
4 days ago
Watches have always been valuable items but this woman had no idea just how much these ones were.
4 days ago
Some have even called out Ryan Seacrest for awarding the win despite the incorrect pronounciation.
5 days ago
Items from the Olympics usually end up in some museum but this one was different and unexpected.
5 days ago
The strategy is considered unpleasant by a lot of fans since it involves cutting down another player's chances instead of making a better bid.
5 days ago
The veteran host proved his worth as an unbiased judge of the popular game show.
5 days ago