World's Richest Few Could Buy L.A.'s Most Expensive Neighborhoods
Anne Fishbein/L.A. Weekly
The uneven distribution of wealth in the United States isn't exactly breaking news. The richest 1 percent of people in this country are worth more than the bottom 90 percent. But did you know it would take only the world's four richest people to buy up nearly all of L.A.'s most desirable neighborhoods?
This is according to a new analysis by real estate site PropertyShark. Those tycoons are Bill Gates, Warren Buffett, Amancio Ortega and Jeff Bezos. "We also took a look at the entire L.A. County," Andra Rus, a spokeswoman for the site, said via email. "With a value that we estimated at $1,199 billion, it could be bought by the top 30 billionaires."
If the rule of President-elect Donald Trump becomes a full-on plutocracy, it could happen, right?
The site says Microsoft founder Gates could use his $84 billion to buy all the private residential property in Venice, Manhattan Beach, Hermosa Beach and the Palos Verdes Peninsula. Investor Buffett could open his $74 billion wallet and take home Malibu, Pacific Palisades and Santa Monica. Zara clothing founder Ortega ($72 billion) could buy Brentwood, Bel-Air and Beverly Crest. Amazon CEO Jeff Bezos ($66 billion) could buy up Beverly Hills and Westwood. (We'd take Gates' haul, personally, though it could end up falling into the ocean some day.)
PropertyShark also found that it would take the top 12 richest people to buy all of Manhattan. Compare that with the 30 richest people in the world it would to buy all of L.A. county's private residential property (still, it's an uneven comparison since the county is so huge and New York's star island is so small).
The site says it compared the latest Forbes list of World's Billionaires with its own average price data for these most desirable L.A. (and New York) neighborhoods in 2015 to come up with its figures.
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