Zuckerberg's Wealth: And You Thought Romney Was Rich
Co-founded by a 19-year-old in a college dorm room eight years ago, social media goliath Facebook officially filed its initial public offering on Wednesday.
Now 27, Mark Zuckerberg is estimated to be worth more than $20 billion.
And you thought Mitt Romney was rich.
It was the largest Internet IPO ever on record, filed to raise $5 billion.
Granted, both Romney and Zuckerberg are solidly in the top 1 percent, but within that rarified air, there's a big difference between the very richest and the only slightly obscene rich.
So, how rich are these guys? Let's take a look:
If elected, Mitt Romney would become the fourth richest president in United States' history.
At the very top, and nearly unbeatable, was Mr. Washington, who owned nearly 60,000 acres and more than 300 slaves. In today's terms, Washington is estimated to be worth more than half a billion.
Through Mitt's tax returns, and his rare revelations, it's estimated the man is worth between $190 to $250 million. By comparison, Obama is worth between $2.2 to $7.5 million.
According to the Associated Press:
Just how rich is Mitt Romney? Add up the wealth of the last eight presidents, from Richard Nixon to Barack Obama. Then double that number. Now you’re in Romney territory.
According to The Maddow Blog:
Romney would be in the top 1% based solely on the income he receives in one week.
However, as to Mitt's true net worth, we're all guessing. In fact, he was estimated to have been worth a whole lot more earlier in the decade.
According to The Wall Street Journal, four years ago Romney's net worth was estimated to be between $250 million and $350 million. The New York Times thought it might exceed $500 million, citing analysts.
When comparing Mitt's wealth against his GOP competitors, and Obama, it's laughable. First, we'll take the high end of each candidates' expected net worth, plus the president's. Let's even throw in Herman Cain, Rick Perry and Michele Bachmann, the candidates of yesterday.
It adds up to $136.1 million dollars. That's still about $120 million short of Romney's riches. In other words, it's about half. And most of that wealth comes from Jon Huntsman, worth about $105 million, thanks to good ole dad.
Good magazine graphs it out for us.
But stacking Mitt against his competitors, and past presidents, is just one way to look at his wealth.
When compared with his fellow 1-percenters, he's "small potatoes," as political scientist Jeffrey Winters put it to the Associated Press.
According to the AP, "Romney is solidly with the elite .006 percent of all U.S. taxpayers."
Top hedge fund managers can make up to $1 billion in a single year. At the very top is Bill Gates, worth $59 billion, according to Forbes.
But watch out Bill, here comes Mark.
He's 27. And he's estimated to be worth $17.5 billion dollars in the latest Forbes list of America's richest people, in 2011.
That makes Mark the No. 9 most powerful person, according to Forbes, and No. 52 among billionaires. Not bad for a college drop-out.
However, after the IPO, Zuckerberg could be worth about $24 billion, making him the 7th richest American.
Forbes puts it in perspective:
"What the CIA failed to do in 60 years, Zuck has done in 7: knowing what 800 million people--more than 10% of the world's population--think, read and listen to, plus who they know, what they like and where they live, travel, vote, shop, worship."
But here's what's really scary. Zuckerberg's wealth more than doubles every year. In 2010, he was worth $6.9 billion.
Romney may be rich, but he's not approaching the ultra-rich, many of them tech titans. Oracle's Larry Ellison, as of 2010, was third at $27 billion. Google founders Larry Page and Sergey Brin were 11th at $15 billion each.
To truly put Romney's 1 percent wealth into perspective, he is only worth about 1.4 percent of what Zuckerberg is, when stacked up against the old 17.4 figure.
Check out the graphic below for a look into just how rich Zuckerberg is:
Graphic by Didi Beck