A Boring Dystopia

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Bill Gates Bought His Daughter A $16 Million Horse Farm As A Graduation Gift — But Ex-Wife Melinda Says The Kids Were Raised Very 'Middle Class' (finance.yahoo.com)

submitted 2 days ago by FlashMobOfOne@lemmy.world to c/aboringdystopia@lemmy.world

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If your dad is Bill Gates, you're probably not getting a Starbucks gift card for graduating college.

In 2018, Jennifer Gates walked off the Stanford stage and onto a 124-acre, $15.82 million horse farm in North Salem, New York. According to Architectural Digest, the lavish estate was a graduation gift from her billionaire parents—and came complete with rolling pastures, three parcels of land, and proximity to New York City for her future studies.

But in case that sounds too much like the plot of "Succession: Equestrian Edition," Melinda Gates would like to remind everyone: their kids were absolutely raised "middle class."

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[–] callouscomic@lemm.ee 24 points 1 day ago* (last edited 1 day ago) (1 children)

In 2018, Bill Gates' net worth was approximately $90 billion. His estimated income was around $12 billion, according to estimates from Business Insider.

In 2018, the median net worth of an American household was $101,800. I chose median cause these billionaires drastically skew the mean. The median household income was $63,179.

If an average American household gave the same scale of gift in 2018, based on household income, the gift would be $83.29, and based on net worth, it'd be $17.89.

[–] dumbass@leminal.space 15 points 1 day ago (1 children)

So it's the equivalent of letting you kid buy a DVD from the discount bin.

[–] Hoimo@ani.social 11 points 1 day ago (1 children)

At those sums, there's really no equivalent. That discounted DVD has a real impact on your finances, even though it is a small impact. There's no purchase that Bill Gates has to forego after spending 16 million on a horse farm, because the money flows in faster than he could ever spend it. He won't be steaming a ham fewer for it, as we say in upstate New York.

[–] dumbass@leminal.space 6 points 1 day ago

It's like letting your kid buy a DVD from the discount bin at the store you own?