Elon Musk vs. Vladimir Putin: Who’s Richer?
Though their sources of income may be vastly different, it is an interesting point of discussion to ask whether two of the world’s most powerful men, Elon Musk and Vladimir Putin, are comparable in their net wealth. After all, the current speculation about their financial standing hasn’t made it easier for one to conclude which of them is in fact actually richer.
To better understand the two men and the implications of their financial gains, let us first take a look at what the experts are saying about their wealth. According to the research done by the leading financial institution UBS, the estimated net worth of Vladimir Putin during 2019 had been $70 billion, making him the 25th richest person in the world. At the same time, massive technology entrepreneur and investor Elon Musk’s fortune was calculated to be over $36 billion. So, based solely on these numbers, one could quickly assume that Putin is far richer than Elon Musk.
However, the conclusion gets rather tricky when you consider the aspect of growth. According to Forbes, in just a span of one year, Elon Musk’s wealth has seen a 742% rise compared to the 33% growth of Putin’s wealth. In this respect, one could assume that Elon Musk may be the wealthier of the two.
What could have possibly led to such exponential growth for one man and not for the other? First, lets consider Elon Musk’s contribution to society in terms of technology innovation. Not only has his success with PayPal enabled him to expand into the automobile industry through Tesla, but he also manages two aerospace companies, SpaceX and The Boring Company. As a result, it shouldn’t come as a surprise that Musk’s wealth has now surpassed a few of the most established names in the world.
On the other hand, Vladimir Putin has a different financial portfolio. Though his current wealth has depended on certain offshore investments estimated to be as high as $62 billion, he has been in power since the 2000s and his wealth has not seen any significant growth over the past two decades.
To get an accurate glimpse into their net worth, one should remember that like many billionaires, most of Elon Musk and Vladimir Putin’s wealth is tied to the stock market and such factors such as weak consumer demand can heavily affect the stocks of their respective companies, hence, their net worth.
Musk’s Emergence as a Major Influencer in the Business World
In terms of influence, Musk has seen tremendous success as well. He has become one of the most important players in the business world, with his vast wealth and his ability to revolutionize the auto industry, as well as make flight transportation more accessible to people. His companies, Tesla and SpaceX, have already seen major successes and people are starting to pay strong attention to his every move. This newfound influence comes with a newfound appreciation for Musk, whose work ethics, revolutionary spirit and dedication to provide safer, cheaper, and more accessible technology have made him an even more recognizable figure in business and entertainment circles.
In comparison, Putin has built a significant influence in the world that should not be taken lightly. As a world leader and former Prime Minister of Russia, he has been in power for two decades, and after multiple shifts in the geopolitical landscape and economic policies, his presence remains as relevant as ever. His presence in international politics and the various financial businesses that he is associated with have ensured his status as a major figure in the corporate and political world.
The Impact of Their Wealth on Society
When it comes to how the wealth of Musk and Putin has impacted society, it is plain to observe just how differently their respective funds are used. Musk has invested a lot of his income in building a visionary dream. He has been ambitious in his project while at the same time, he is strongly concerned with the benefit the innovations and inventions can bring to the world.
On the other hand, Putin’s wealth has been accumulated by means of extractive natural resources, such as oil and gas, and his main concern has been on strengthening national security and reinforcing Russia’s geopolitical power. Profits from this type of investments have been largely reinvested in the military, making military private industry and arms exports a major factor in Vladimir Putin’s regime.
The Verdict
Overall, it is difficult to determine exactly who of the two is in fact richer due to a few factors. First, Putin’s money is currently located inside Russia and much of his wealth is in untraceable investments. Through this mechanism, a portion of his money hasn’t been taxed. Secondly, certain aspects of Musk’s wealth, such as stock options and bonuses, fluctuate rapidly, making it practically impossible to accurately measure his level of wealth.
What can be seen, however, is that the two men have made some distinct strides in their respective fields and industries. With their money, both of them have made significant impacts on the economy and the world in both good and bad ways.
Musk’s Impact on Climate Action
When it comes to the environment, Elon Musk has undoubtedly made a massive positive difference. His electric car company Tesla has revolutionized the vehicle industry by introducing zero-carbon battery technology. Additionally, Musk’s decision to switch Tesla factories to renewable energy to reduce the company’s carbon footprints is also a small but important step in the right direction.
In contrast, Putin has not revealed any firm plans to counter climate change. Instead, Moscow has continued to invest heavily in the production of fossil fuels and has even begun to finance the construction of several new oil pipelines throughout the country.
Putin has allegedly attempted to implement a carbon tax but the Russian leader himself has repeatedly denied the existence of global warming. Thus it is understandable why the two men remain in two vastly different positions when it comes to climate action.
Musk’s Visionary Project to Colonize Mars
The space business has for many years been an industry notoriously difficult for entrepreneurs to make a successful stride in. But Musk shattered any previous considerations when he founded SpaceX – the first-ever private space exploration company. Not only had he planned to revolutionize the way humanity explored space, but he also had a vision to colonize Mars.
In contrast, Putin has displayed no interest in space exploration. Given its military focus, Moscow’s space program has been exclusively dedicated to either technological advancement or defence of its interests. In that sense, the differences between what these two individuals set to achieve by investing their resources could not have been more profound.
Musk’s Goal to Make Human Life Multiplanetary
Despite the fear of this futurist goal being dismissed as something impossible and impossible to capture, Musk has, on the contrary, provided us with a practical roadmap to make life multiplanetary, through a series of ambitious projects he has been involved in. The goals are to eventually get people to a new home planet, Mars, and to make the whole process possible and more affordable for the public.
Meanwhile, Putin has not shown any interest in creating a Mars-focused venture. On the contrary, he and his government have continued to remain strongly focused on the welfare of Russia and its nationals, putting and keeping them first.
Conspicuous Consumer Culture of Both Men
It is also important to note that both Elon Musk and Vladimir Putin present a conspicuous consumer culture while indulging in the luxuries their money can provide. Musk has spent a substantial sum of his cash on expensive items such as cars, boats, planes, and properties. Putin is no different. He uses his funds to buy luxury cars, a collection of historic artifacts, and expensive residences such as villas.
Clearly, both of these men have used their funds differently. Once their sources and spending are taken into consideration, one might begin to understand why there is no clear-cut answer to the question as to who is richer between the two men.
