French luxury goods tycoon has 5 times more money than the US Treasury

As of the close of business on May 25, the U.S. Treasury Department had only $38.8 billion in cash, significantly less than the $316 billion it held at the Federal Reserve Bank of New York earlier in the month.

The department's cash balance is plummeting to dangerously low levels as Washington awaits last-minute congressional approval of an agreement to raise the $31.4 trillion debt ceiling.

The $38.8 billion figure is equal to the gross domestic product of Bahrain and Paraguay, and less than the net worth of more than 20 of the world's richest people. Of course, the bulk of these billionaires' wealth is tied up in stocks, rather than liquid assets.

According to the Bloomberg Billionaire Index, there are currently 31 billionaires whose net worth is higher than the cash value held by the US Treasury.

List of the world's 10 richest billionaires according to the Bloomberg Billionaire Index as of May 30, 2023. Photo: Bloomberg

French luxury goods tycoon Bernard Arnault, chairman of luxury fashion house LVMH, has an estimated net worth of around $193 billion. Tesla billionaire Elon Musk has a net worth of $185 billion, and Amazon founder Jeff Bezos has a net worth of $144 billion.

This list also includes familiar names such as legendary investor Warren Buffett ($112 billion), Facebook co-founder Mark Zuckerberg ($95.5 billion), and the world's richest woman, Francoise Bettencourt Meyers ($88.1 billion).

President Joe Biden and House Speaker Kevin McCarthy have reached a bipartisan agreement to raise the debt ceiling (currently at $31.4 trillion) until January 1, 2025. The bill is currently awaiting a vote in the U.S. Congress.

If Congress does not raise the debt ceiling by June 5th, the U.S. will run out of cash to pay its bills and default, pushing the world's largest economy into recession and sending shockwaves through the global economy, according to Treasury Secretary Janet Yellen .

Nguyen Tuyet (Based on CNN, NY Times, Bloomberg)

Source: https://www.nguoiduatin.vn/ong-trum-hang-hieu-phap-nhieu-tien-gap-5-lan-bo-tai-chinh-my-a610306.html