Charles Schwab Has Enough Money to Buy Providence
Thursday, June 19, 2014
If Charles Schwab was interested, he would have enough money to buy the entire city of Providence or at least every home within the city.
The analysis of billionaires and their ability to purchase a city was originally brought to light by Redfin Research Center, who took a look at MLS sales in each city from April 1, 2013 to April 1, 2014 to determine the value of a city’s real estate. After they compiled the data, they cross referenced the data with the list of billionaires found on the Forbes website.
"The two things everybody talks about are rich people and real estate," said Nela Richardson, Redfin's chief economist. "So we thought it would be interesting to pair them. When someone's worth $77 billion, you're not talking about how much house they can buy. You're talking about how much city they can buy.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIt is staggering to think about the amount of money that billionaires have to spend and the random things that they buy. While no billionaire would actually have the resources available to purchase a city, it is certainly interesting to think about having so much money.
Check out the slideshow below to see ten billionaires with enough money to purchase an entire city in Rhode Island.
Related Slideshow: 10 Billionaires Who Could Buy a City in Rhode Island
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