CNN "31 Wealthy Individuals Richer Than the US Government"
Mocking Response Amid Default Debate: "Buy America"
The U.S. government's cash reserves have been revealed to be less than the asset valuations of the world's richest individuals, including Bernard Arnault, chairman of Louis Vuitton Mo?t Hennessy (LVMH), and Elon Musk, CEO of Tesla. Some citizens, tired of the recurring U.S. default crisis, have mockingly responded to the world's billionaires by saying, "Buy America."
On the 29th (local time), CNN in the U.S. reported in an article titled "Dangerously Low Cash" that, citing the Bloomberg Billionaires Index, "The combined asset valuations of 31 billionaires exceed the U.S. government's cash reserves."
According to the report, the U.S. Treasury's cash reserves stood at $38.8 billion (approximately 51.2 trillion KRW) as of the 25th, sharply down from $200 billion earlier this month. This decline is attributed to the U.S. government waiting until the last moment for the political decision to raise the debt ceiling, causing cash reserves to plummet.
Bernard Arnault, chairman of the luxury goods company LVMH, holds a net worth of $193 billion, Elon Musk, CEO of Tesla, has $185 billion, and Jeff Bezos, founder of Amazon, has an estimated $144 billion in assets.
Others on the list include Bill Gates, advisor of Microsoft; Warren Buffett, CEO of Berkshire Hathaway; and Carlos Slim, chairman of Telmex Telecom. The 31st richest is Fran?ois Pinault, chairman of Pinault Printemps Redoute, which owns luxury brands such as Gucci, Saint Laurent, and Balenciaga, with assets reportedly totaling $40.1 billion.
The cash holdings of the U.S. government were found to be less than the asset valuations of the world's richest individuals, including Bernard Arnault, chairman of Louis Vuitton Mo?t Hennessy (LVMH), and Elon Musk, CEO of Tesla. [Photo by Reuters]
Meanwhile, U.S. Treasury Secretary Janet Yellen recently mentioned the government's cash reserves, warning that "if the debt ceiling is not raised, cash reserves will be depleted by May 5, and the U.S. government could face a default situation."
However, on the 28th, U.S. President Joe Biden and House Speaker Kevin McCarthy agreed to raise the debt ceiling until January 1, 2025. Once the debt ceiling increase process is completed, the U.S. government is expected to issue more debt to increase cash reserves. Nevertheless, since congressional approval from both the House and Senate is required, the U.S. government's fiscal difficulties are expected to continue for the time being.
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