Here's a quick thought experiment. If you give $1 to everyone in the world, and if everyone uses that money over and over to play a double-or-nothing game, you will end up with around eight billionaires in expectation who did nothing but gamble with their money.
Now, you start with people with a million dollars, and all of a sudden you can reach eight billionaires with far fewer gamblers (proportionally fewer, in fact). So, given sufficient gambling tendency among millionaires, you will definitely find a handful of quite rich billionaires whose only skill is (1) being born rich, (2) getting lucky on the gambles.
Ah, wheel out the old misapplied thought experiment to limit the bazillion-variables-worth of the complexity of human experience down to a couple of integers and contrive an analysis to present as if it were useful.
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On balance a rather successful one apparently.
Here's a quick thought experiment. If you give $1 to everyone in the world, and if everyone uses that money over and over to play a double-or-nothing game, you will end up with around eight billionaires in expectation who did nothing but gamble with their money.
Now, you start with people with a million dollars, and all of a sudden you can reach eight billionaires with far fewer gamblers (proportionally fewer, in fact). So, given sufficient gambling tendency among millionaires, you will definitely find a handful of quite rich billionaires whose only skill is (1) being born rich, (2) getting lucky on the gambles.
Ah, wheel out the old misapplied thought experiment to limit the bazillion-variables-worth of the complexity of human experience down to a couple of integers and contrive an analysis to present as if it were useful.
He is the world record holder for the person to lose the most amount of money across all of recorded history.
https://www.npr.org/2023/01/12/1148634966/elon-musk-guinness...
And I guess from his perspective it was chump change.
Also world record holder for person to gain the most.