Welcome back to the Strategic CSR Newsletter!
The first newsletter of the Spring semester is below.
As always, your comments and ideas are welcome.
The article in the url below from the end of 2018 puts into perspective the astronomic wealth and earning power of Jeff Bezos:
"On his worst day of the year, Jeff Bezos made more in a minute than the average American household makes in a year and five months. He also made more than his lowest paid employees — full-time, part-time, temporary, or seasonal — make in two years and eleven months. At the start of 2018, the Amazon CEO's net worth crossed the 12-digit mark and as the year comes to a close, he's ending up with roughly $132 billion."
So, how does Bezos rank against other billionaires?
"Bezos is now one-and-a-half-times richer than the second-richest person on earth, Bill Gates, who he surpassed to claim the number one spot for the first time only a year and a half ago."
What is interesting is how modest (relatively speaking) his base pay is:
"Bezos' base salary is a modest $81,840, and his total compensation (which includes things like security and benefits) is $1,681,840. But his insane wealth is due to the 16% stake in Amazon he owns, which alone is worth about $125 billion today."
Even after Amazon's announcement that it will raise its minimum pay to $15 an hour, Bezos' relative earnings are impressive:
"If those employees work a 40-hour-week for 52 weeks, that salary comes out to about $30,000 a year — a little over last year's median. On September 4, when his net worth peaked at $168 billion and he had made $84 billion in the year prior, it took him a minute to make $160,000 — it would take his minimum wage employees almost five and a half years to earn the same. And on January 2, when his net worth was at its 2018 lowest, he made $67,790 in a minute; a sum that would take his lowest-paid employees more than two years to make."
Even on a bad day for Bezos, our society values his work day to be worth many multiples of his fellow Americans:
"Even on his worst day, when the market closed on October 26 and he had lost $11 billion (7.5% of his net worth), Bezos could go to sleep knowing that, on average, he made $87,500 in a minute. The median household income in the U.S. is $60,336 a year according to the U.S. Census Bureau, meaning it takes the typical U.S. household almost 1.5 years to make what Bezos made in one minute. By the end of that year leading up to his worst monetary loss of 2018, Bezos had made a total of $46 billion, which could pay the annual median income for 762,397 U.S. households."
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Jeff Bezos Got So Rich in 2018 That He Now Makes More Money Per Minute Than You Do in a Year
By Prachi Bhardwaj
December 15, 2018