The global M1 supply, which includes all the money in circulation plus travelers checks and demand deposits like checking and savings accounts, was $48.9 trillion as of Nov. 28, 2022, according to Visual Capitalist. That publication estimated the total value of the M2 supply to be $82.6 trillion.
According to the World Bank, the total world's GDP per capita was $12,263 in 2021. With 7.9 billion people in the world in 2021, that amounts to a total global GDP of around $97 trillion.
If you printed that much money in 500 ZWD notes, the volume of the notes would be approximate to the volume of the Earth itself. So the short answer to the question “How much money is in the World?” is $80 trillion.
Real, inflation-adjusted GDP, didn't increased much for hundreds of years. Then the industrial revolution happened and the rest is history: So, no, the money in the world isn't finite.
After a billion, of course, is trillion. Then comes quadrillion, quintrillion, sextillion, septillion, octillion, nonillion, and decillion.
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.
Just as this $10,000 bill, produced in 1918, is rare, the likeness on the front might be unfamiliar. It shows Salmon P. Chase, who served as President Lincoln's Secretary of the Treasury from 1861 to 1864.
The purchasing power of the amount that people would receive after the even distribution would decrease because the economy would not produce any new goods. The economy would stop growing, which would eventually reduce the world's population.
A world without money will require an extremely ideal approach as when people are stripped of the incentives of activity, they choose to not participate in the activity. If workers receive no rewards, they will not work. But this will not eradicate any of the human needs crucial to the survival of humanity.
No production of goods for consumption. With high demand but low supply, the prices could then skyrocket to the point that the economy would become stagnant, while the costs would still rise and rise. With this in mind, having an infinite amount of money available to everyone could become dangerous.
While the planet is valuable, it isn't exactly priceless. Or that is what one astrophysicist will have us believe. If humans were to sell the Earth off, Greg Laughlin, an assistant professor from the University of California, estimated the Earth's price to be $5 quadrillion.
Americans need at least $2.2 million in assets to be considered rich, according to Charles Schwab's 2023 Modern Wealth Survey. The investment platform surveyed 1,000 Americans to determine the average net worth required to be considered wealthy in America.
Estimates of how much money it would take to end global climate change range between $300 billion and $50 trillion over the next two decades.
According to Credit Suisse, individuals with more than $1 million in wealth sit in the top 1 percent bracket. The billionaire class is $2.6 trillion richer than before the pandemic, even if billionaire fortunes slightly fell in 2022 after their record-smashing peak in 2021.
While it is impossible to know the exact amount of money that changes hands each day, economists have developed estimates based on data from central banks and other sources. According to one estimate, around $5 trillion is spent globally each day.
Why Do We Need Money? Money can't buy happiness, but it can buy security and safety for you and your loved ones. Human beings need money to pay for all the things that make your life possible, such as shelter, food, healthcare bills, and a good education.
Without savings, it's challenging or even sometimes impossible to take time off for some rest. When you don't set money aside, you can get sucked into the never-ending cycle of living paycheck-to-paycheck. Since you need to work to support yourself, vacations may become less frequent or disappear altogether.
Specifically, for the least happy group, happiness rises with income until $100,000, then shows no further increase as income grows. For those in the middle range of emotional well-being, happiness increases linearly with income, and for the happiest group the association actually accelerates above $100,000.
The richest 1% own almost half of the world's wealth, while the poorest half of the world own just 0.75% In fact, they have acquired nearly twice as much wealth in new money as the bottom 99% of the world's population.
Altrata's Billionaire Census 2023 report combed data on the billionaire class and found that in 2022 there were 3,194 billionaires in the world. That's a decline of 3.5% from a year earlier.
The United States has never issued a million dollar bill. However, many businesses print million dollar bills for sale as novelties. Such bills do not assert that they are legal tender. The Secret Service has declared them legal to print or own and does not consider them counterfeit.
If you're in the US, you can get $2 bills at the bank. Depending on the size of the bank, the teller may need to go to the vault to get the bills for you, but if you ask for them then you shouldn't have your request refused. You may even get a brand new stack, if you swap a $100 bill (or other bills totaling $100).