The Ultra-Rich get ultra-bored. When making money, which these folks are obviously very good at, becomes ho-hum; the Ultra-Rich turns their sights to other pursuits.
For some, government service in public office becomes a worthwhile endeavor. To their credit, they aren’t doing it for the money – we all know that government service doesn’t pay what these guys can make in a day.
Whatever the personal motivation, some of the Ultra-Rich have been very successful in the political arena. The current mayor of New York City is a shining example (check the video above – 5 minutes in). Michael Bloomberg is listed as the 8th richest person in America, with a portfolio that is valued in the $18 billion range. By far, he is the richest person holding public office.
Of course, we would be remiss if we didn’t mention the terminator and former governor of California, Mr. Arnold Schwarzenegger. The box-office superstar has a net worth somewhere in the area of $800 million.
Of course, there have been other less successful forays into public service by the Ultra-Rich. Perhaps the most well-known are the presidential runs of self-made billionaire Ross Perot. While Mr. Perot did manage to secure 20% of the popular vote when he ran in 1992; he failed to earn a single of the all-important Electoral College votes (though he spent a good deal of his own money in the attempt).
There is also the example of Ronald Lauder, heir to the Estee Lauder fortune (and a personally worth of about $3 billion). Mr. Lauder made a run for the mayor’s office in New York City in 1989, but lost the contest to Rudy Giuliani. What’s interesting however is where Mr. Lauder cut his teeth at government service – first at the Pentagon, then as the US ambassador to Austria. Not too shabby at all.
Obviously it costs an incredible amount of money to run for political office, and the likes of Donald Trump have recently shown us exactly what someone with billions can do with this country. Some political representatives are worth tens of billions these days.
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