(MENAFN) As the United States Treasury grapples with limited cash reserves amounting to just USD38.8 billion, a staggering revelation emerges: there are currently 31 billionaires whose individual fortunes surpass the treasury's holdings. The implications of this stark contrast have been underscored by Treasury Secretary Janet Yellen, who issued a warning that failing to raise the borrowing limit by June 5 could result in the United States defaulting on its debts for the first time in history, potentially sending shockwaves throughout the global economy.
The influential Bloomberg Billionaires Index reveals that 18 of these billionaires are Americans, surpassing the wealth of the very nation they call home. Prominent figures such as Elon Musk, the CEO of Tesla, Jeff Bezos, the founder of Amazon, Bill Gates, the co-founder of Microsoft, and Larry Ellison, the co-founder of Oracle, all find themselves in a wealthier position than the country itself. Notably, even the founders of Google, Larry Page and Sergey Brin, along with the Walton family, the heirs behind the retail giant Wal-Mart, can claim to possess personal fortunes surpassing that of their nation.
Recently, the French CEO of luxury conglomerate LVMH, Bernard Arnault, secured the number-one spot on the billionaire list, surpassing Elon Musk. Arnault's ascension was attributed to Musk's acquisition of Twitter, a move that the Tesla CEO himself admitted was not financially wise. This reshuffling among the wealthiest individuals further emphasizes the extraordinary wealth amassed by these billionaires, which surpasses even the financial resources held by the US Treasury.
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