Warren Buffett Says The Poorest 2% Of Earners Live Better Than John D. Rockefeller – Richest Man In The World: 'People Have More Money Now'

John D. Rockefeller. The name itself is shorthand for wealth. When people think of the richest of the rich, they imagine Rockefeller: a man in a top hat, leaning on a cane made of solid gold, building an empire while sitting atop mountains of money. In his day, he wasn't just wealthy – he was the symbol of wealth. A person so incredibly rich that his name still evokes that almost mythical image of what it means to have everything.

And yet, Warren Buffett – who knows a thing or two about money – says that even the poorest Americans today live better than Rockefeller did at his peak. That's right: Buffett claims the so-called bottom 2% in the United States, in terms of income, are living lives that, by comparison, would've left Rockefeller in disbelief.

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In a 2022 interview with Charlie Rose, Buffett said, "The bottom 2% in terms of income in the United States, the bottom 5% and for sure the top 1% all live better than John D. Rockefeller was living when I was six years old. John D. Rockefeller was the richest man in the world."

It sounds absurd, but Buffett's not wrong. We take for granted the countless modern conveniences that Rockefeller never had. Medicine that can cure infections that once killed. Phones that put the entire world's knowledge – and cat videos – at your fingertips. Transportation that can get you across the country in a matter of hours, not days. The list goes on. Rockefeller may have had mansions, oil money and influence, but he didn't have antibiotics, air conditioning or the ability to binge-watch anything.

While Buffett isn't the type to dwell on dramatic predictions – he famously avoids forecasting the economy’s future – he pointed to something undeniable: people today have more than ever. 

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"The United States is the United States economy and it's very easy to look at its statistics. I mean, more people, a greater percentage of the American population, are wealthy now or have more income now than they've ever had," Buffett said, referencing Bank of America's deposit numbers to drive the point home. "People here have more money now."

Of course, the irony is that wealth can feel like a moving target. Many people don't feel richer. They compare themselves to their neighbors, coworkers or the faceless millionaires they see on social media and suddenly, their accomplishments seem to shrink. It's why so many Americans – even those making impressive incomes – feel like they're treading water instead of thriving. 

A recent Northwestern Mutual survey reveals that nearly 70% of millionaires in America – those with $1 million or more in investable assets – do not consider themselves wealthy. This sentiment is often attributed to "lifestyle creep," where increased earnings lead to heightened expenses, effectively diluting the sense of financial abundance.

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But when you zoom out far enough, the progress is impressive. Buffett marveled at how life has improved even since childhood, describing how incredible it is to watch a football game today with a giant TV, replays and endless camera angles. "Maybe everybody doesn't have a screen as big as mine, but damn near everybody has a screen or has an iPhone or a computer or access to one," he said.

Buffett's reminder that even the bottom 2% live better than John D. Rockefeller comes with a catch: inflation is quietly eating away at your money. Bonds and savings accounts feel safe, but they often can't keep up with rising costs. Stocks, real estate and other investments can improve, but they're not a smooth ride.

This is where a financial advisor earns their keep. They can help you navigate the risks, grow wealth and keep inflation from sneaking off with your purchasing power. Because let's face it – living better than Rockefeller is great, but it doesn't mean much if you can't keep the lights on and afford the good pizza.

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