The Club I Can Never Join

(WSJ graphic - darker blue circles are women)

Using data from Altrata, the WSJ profiles America's billionaires:

There were 1,135 billionaires in the U.S. as of 2024—up from 927 in 2020, according to data from Altrata, a wealth intelligence firm. The biggest concentration, 255 of them, is in California. But the super rich are also behind businesses in places such as Ridgeland, Miss., and Waunakee, Wisc.

Collectively, these people are worth about $5.7 trillion, according to Altrata’s estimates... The 100 richest billionaires account for nearly $3.86 trillion in wealth—more than half the total. Just three men—Elon Musk, [Jeff] Bezos and Mark Zuckerberg—account for almost $1 trillion of it.

Billionaires have publicly donated or pledged to give about $185 billion since 2015, according to Altrata. Mostly, they support causes such as education and medical research—they gave $90 billion to those two in the past 10 years. That has given them sway in ongoing campus debates over freedom of speech and antisemitism.

While some billionaires such as [Bill] Gates and Warren Buffett have openly pledged to give away much of their wealth, others have donated little so far. About a quarter of the billionaires in the list have known donations of less than $1 million in the past decade.

I'm wary of concluding that billionaires are selfish based on their lack of known donations. If I were a billionaire--of course, I'll never be part of that club--I would keep my donations quiet, both so I would not be inundated with other requests and because of the ethic against self-glorification.

I never knew a billionaire,
Such a life, I would not choose it
Too much time would be ensnared
Worrying about how I could lose it.
---inspired by the Purple Cow

Counselor, Heed Thyself

A friend with whom I have some business dealings gave me the bad news; he halted chemotherapy because the treatments haven't worked. No, the doctors haven't yet given a prognosis.

He wanted to talk about business. Okay.

He will call the lawyer. He'll forward the data to the tax accountant, after which I'll handle discussions. For computer issues he will talk to the IT guy. My friend was filling his calendar with detail.

After he was done talking, I assured him that I'll take care of any administrative matters that he's unable to finish.

Then I said, please think about saying things that you've always meant to say to your children and grandchildren. That's what's important. The legal and accounting stuff I can handle.

He got emotional, and we hung up a few seconds later.

Another way to show your love

I don't regret giving him advice, but I do feel guilty because I have done little to prepare for my own demise. Financial affairs are in minimally adequate shape---there's a will, a trust, and named beneficiaries where needed---but there's nothing about who I was, what I've learned, my dreams and regrets, or my hopes for those who will come after me. If they never met me, they won't know me at all.

Now that I'm mostly retired I have time to work on completing these important but (so far) not urgent tasks. As my friend showed, they may be more urgent than I think.

Note: the NIH's National Cancer Institute (cancer.gov) has published an informative booklet for friends and family: When Someone You Love Has Advanced Cancer.