The difference between a millionaire and a billionaire

When discussing equality and the 1% versus the 99%, the discussion often turns to the billionaire and what a billionaire represents. I’ve always considered, and still do, a millionaire to be a rich person. And a billionaire an even richer person. But do we actually completely understand the difference between rich and even richer? We often don’t, and it’s not easy to explain this in a comprehensible manner.

This is why I was struck by a comparison made in a podcast I was recently listening to, an interview by Tim Ferriss of Graham Duncan, the co-founder of East Rock Capital. In the podcast, Duncan compares the millionaire with the billionaire by using another comparison, a time comparison:

To understand the difference between a million and a billion, compare a million and a billion seconds: a million seconds is 11 days … a billion seconds is 31 years.

That is very clear. And quite confrontational.