In his piece in yesterday's Washington Post
, Warren Buffett explains the value America brings to the rich
Both of us know we were lucky to be born in America. But I was luckier in that I came wired at birth with a talent for capital allocation -- a valuable ability to have had in this country during the past half-century. Credit America for most of this value, not me. If the receptionist and I had both been born in, say, Bangladesh, the story would have been far different. There, the market value of our respective talents would not have varied greatly.
This pretty well meshes with my experience. I'm no Warren Buffett, but I do pretty well and so does my girlfriend. I would say that our jobs do not even exist in Bangladesh. I'm pretty sure that I'd be pretty useless in any country without computers. For the top 1%, this is even more so. Here is the list of the richest people in the America
- Bill Gates
- Warren Buffett
- Paul Allen
- The Waltons (Wal-mart)
- Larry Ellison
- Steve Ballmer
Three of them from Microsoft, another software mogul, the owners of the largest retail chain and Warren Buffett. Where would they be without the infrastructure, educated populace, and stable government of America. They are great, no doubt, but how much does America add to their accomplishments?