Jeff Caplan’s Minute of News: How to make a billionaire wealthier

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SALT LAKE CITY — Did you hear how much money you need in the bank to be part of the top 1%?

Take a guess.

The new numbers are out and Bloomberg reports that in 2024, the magic number is $5.5 million.

 

If that’s your net worth, crack open the caviar and book a private jet, it’s time to celebrate!

Last year it took about a million less to join the club.

But you know how it is, the rich get richer. And for the wealthiest — I’m talking about the top tenth of a percent — the billionaires, here’s how they do it.

They get the government to build them a stadium.

Jazz owner Ryan Smith owns the Delta Center. It’s his baby.

But he wants bigger and better. So he talks about a new arena that will be the very heart of Salt Lake City.

He releases renderings and says “Imagine a downtown with the NBA and NHL at its core.”

Okay… I’m imagining it. Our city, which currently has a Temple and Capitol Hill at its core, shifts focus to nightclubs and skyscrapers surrounding a magnificent glass palace of sports, just as he imagines it.

But he doesn’t have to imagine it. He’s a billionaire and could build it himself.

Cue the silver spoons.

Yes, billionaires try not to spend their own money. But instead, we dip into the state treasury.

And playing in a new glass palace, Ryan’s teams become more valuable. His net worth grows exponentially.

The magic is, he can get the politicians excited to make him even wealthier.

Jeff Caplan is the host of Jeff Caplan’s Afternoon News on KSL NewsRadio. Follow him on Facebook and X. 

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