Why Don’t Rich People Just Stop Working?
Yet here we are, chugging into the 10th year of an extremely top-heavy economic boom in which the 1 percenters, by all statistical measures, have won, creating the greatest wealth disparity since the Jazz Age. This era, in length and gains, dwarfs the “greed is good†1980s, that era of yellow ties, nigiri rolls and designer espresso machines that has come to symbolize gilded excess in popular imagination.
And yet the only thing we know in this casino-like economy — a casino that may, in fact, soon be shuttered — is that for those at the top, too much is never enough.
Many normal, non-billionaire people wonder: why is that?
Studies over the years have indicated that the rich, unlike the leisured gentry of old, tend to work longer hours and spend less time socializing. Tim Cook, the chief executive of Apple, whose worth has been estimated in the hundreds of millions, has said that he wakes up at 3:45 a.m. to mount his daily assault on his corporate rivals. Elon Musk, the man behind Tesla and SpaceX, is worth some $23 billion but nevertheless considers it a victory that he dialed back his “bonkers†120-hour workweeks to a more “manageable†80 or 90.
And they continue to diversify. Lady Gaga makes a reported $1 million per show in her residency at the Park MGM in Las Vegas, and has evolved from pop music to conquer film — but still also recently unveiled a cosmetics venture with Amazon.
Almost everything rich people touch makes money, but this current financial inferno has meant little for the bottom 50 percent of earners in the United States, who have 32 percent less wealth than they did in 2003.
Article source: https://www.nytimes.com/2019/10/17/style/rich-people-things.html?emc=rss&partner=rss