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Prominent billionaire James Crown dies in crash at Colorado racetrack (www.cbsnews.com)

submitted 2 years ago by dismalnow to c/denver

9 comments fedilink hide all child comments

There's not very many billionaires, and they seem to be dying with increasing frequency.

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[–] Carnelian 8 points 2 years ago (1 children)

Losing my mind at the statements made about his “generosity” lol. He dropped $75 million on University of Chicago. A donation of about 0.75% of his net worth.

The median net worth of an American family in 2019 was $121k. A commensurate donation for them would be about $900, far less than they pay in taxes per month.

[–] [email protected] 5 points 2 years ago* (last edited 2 years ago)

I understand that it's nowhere near the same, but I donate about 5% of my income every year - spread across 4-5 charities.

I actually have a spreadsheet that I ginned up one day to dream about what I would do if I won the Powerball. At the time, the Powerball was paying out 1.1 billion. So after taxes and dividing up with my friends, family, and some coworkers I had about $350MM.

Worked out l to be about $19.8mm per year purely from the projected appreciation of such a stack so I could keep it going forever.

Suppose you don't get to be a billionaire by being loose with your cash, but it's amazing how little they actually donate considering how losing $100MM wouldn't be felt at all.