Modern millionaires don’t hoard cash, just like ancient millionaires didn’t hoard apples or wheat. Sure, millionaires always had something perishable, but most of the wealth was/is tied in things like land, buildings, companies, ships, cattle, slaves, stocks, bonds, loans etc.
It does. It’s called inflation.
Modern millionaires don’t hoard cash, just like ancient millionaires didn’t hoard apples or wheat. Sure, millionaires always had something perishable, but most of the wealth was/is tied in things like land, buildings, companies, ships, cattle, slaves, stocks, bonds, loans etc.
Inflation has little impact on the wealthy. I should have said wealth or assets