PAPER BILLIONAIRES: Why the Rich Aren’t as Liquid as You Think
At first glance, headlines about billionaires sound like bulletins from a rich-people lottery: “Elon Musk Worth $500 Billion!” or “Mark Zuckerberg Tops $250 Billion!” It’s tempting to assume such fortunes translate into cash in the bank. In reality, however, most of the ultra-rich’s wealth is not stashed in vaults or bank accounts – it exists as paper wealth tied up in stocks, equity and other illiquid assets. A Tesla share price plunge, a tech stock correction or an economic downturn can instantly vaporize tens of billions of dollars from these net worth tallies.… Read more