Kind of a nitpick, but the CEO wasn’t a billionaire. It’s also kind of an important distinction, because it’s not necessarily the wealth that’s the main problem, but how the owner class/bourgeoisie obtain their wealth/income. A slumlord worth less than a million is arguably as morally wrong as a Blackstone CEO (one obviously has more wealth/power/impact though). The evidence of owner class solidarity and government capture/corruption is also important. Rashid, being a politician, is likely trying to not alienate is millionaire donors.

Kind of a nitpick, but the CEO wasn’t a billionaire.

When you’re earning $26M/year, it’s just a matter of time.

When you’re earning $26M/year, it’s just a matter of time.

It still takes 40 years.

The S&P doubled in the last five years and more than tripled in the last ten. Pock $20M of that $26M, at $1.6M/mo, while earning around 15% yoy ROI and you’re looking at $400M inside a decade.

Compound interest is propelling already-rich people into the stratosphere.

15% yoy is too generous. S&P has averaged 10% p.a. over the past 100 years.

But yes, compound interest brings the billion target ($20M pocketed @ 10%) down from 40 to 18.8 years.

But remember, the average CEO tenure is about 7.5 years.

Getting to a billion through a salary only is very difficult.