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In Reply to: RE: Whether I am rich or not depends on how I define rich on the test posted by Rod M on May 7, 2021 at 12:57:22:
They gotta have plenty of money available to maintain a lavish lifestyle. I suspect some of us could live happily on what multi-billionaires pay their lawyers and accountants yearly.
Interest on bank accounts/cd's is income and taxable. Likewise stock dividends. When you have a billion or more that adds up to a substantial income. If they invest in real estate other than their homes they're likely making taxable income from that (or will when they sell it).
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Follow Ups
- I doubt many billionaires live modest lifestyles and keep their cash in a mattress. - Rick W 05/8/2112:32:45 05/8/21 (0)