All tagged Wealth

The Wealth of U.S. Members of Congress: A Comprehensive Review

In a comprehensive study from the 115th Congress, the combined wealth of all members at that time amounted to at least $2.43 billion, marking a 20 percent increase compared to the preceding Congress. This growth occurred during a period when both the Dow Jones Industrial Average and Standard & Poor’s 500 Index experienced gains of slightly under 10 percent. Furthermore, the median minimum net worth of today's senators and House members stood at $511,000 at the beginning of this Congress, reflecting a 16 percent rise over just two years. This figure is five times higher than the median net worth of an American household, estimated at $97,300 by the Federal Reserve in 2016 (Hawkings, 2018).

What’s Behind the Sudden Rush of Sales of Sports Teams?

While attempting to buy an NFL team, Bobby Axelrod, the imperfect protagonist of the popular HBO TV series ‘Billions’ opined that “Sports franchises are how we knight people in this country.” While the series somehow manages to dramatize the already sensational world of hedge funds and high finance, the observation from Axelrod is a poignant one; ownership of sports franchises is America’s closest comparable to knighthood in the United Kingdom. With the lofty societal status assigned to owners of professional sports franchises, the reasoning for parting with such as asset is not always apparent.