Ernest Garcia III
Source of wealth: Used cars
...
...
The scale of their wealth
Health
The price of life
Let's compare Ernest Garcia III's fortune with the healthcare spending of a massive country
Ernest Garcia III could fund the entire healthcare system of DR Congo, with a population of over 105,800,000 people, for approximately 4.6 years.
But even if we compare their fortune with that of a rich country
On the other end, Ernest Garcia III could cover the healthcare spending of Luxembourg, considered the most heavily funded healthcare system in the world, for 2.0 years.
Education
Buying the future
Let's also compare their fortune with education spending, first with a poor country
Ernest Garcia III could cover the total cost of Nigeria's education system, the most populous country in Africa with over 243,000,000 inhabitants, for 3.0 years.
And yes, we can also compare it with a rich country
But they couldn't just cover the cost of a poor country; Luxembourg is considered the country with the highest per capita investment in education in the world, and Ernest Garcia III could pay for it entirely for 4.1 years.
Research
The monopoly on progress
Coming full circle, we think it's also interesting to add another gigantic country
Ernest Garcia III could fully fund the state research budget of Pakistan, the fifth most populous country in the world with over 260,000,000 inhabitants, for 17.3 years.
And of course, the country that invests the most per capita worldwide
But even if we compare the total wealth of Ernest Garcia III with Israel, the country that invests the most per capita in research in the world, they could cover the total cost of the system for 0.4 years.
Gold
Everyday luxuries
Ernest Garcia III's fortune is equivalent to 71 tons of gold. It's hard to process, since we don't usually keep a handful of gold bars in our piggy banks.
A standard gold ring usually weighs between 4 and 7 grams. Let's say this one weighs 5 grams. It's usually 18 karats.
Based on today's gold price (excluding the jeweler's commission, shipping, or anything else), that ring would be worth $546.86.
Ernest Garcia III could buy 18,804,079 gold rings. That's a lot of fingers and way too many gifts!!
And if you're struggling to visualize that many rings, it would take 3 trucks to transport them. Although Ernest Garcia III will almost certainly have enough money left over to pay for the gas.
Biography
Ernest Garcia III is the cofounder and CEO of Carvana, an ecommerce platform for buying and selling used cars.
Garcia launched Carvana in 2012 as a subsidiary of DriveTime, a traditional used car business that operates 149 dealerships in 29 states.
Garcia started Carvana as a way to sell used cars directly instead of relying on middlemen; the company also offers financing services.
In 2017, Carvana spun out of Drivetime in an IPO that raised $225 million.
Garcia's father, Ernest Garcia II, owns and runs DriveTime. He helped fund the initial development of Carvana and remains its largest shareholder.
Financial Assets
Monthly wealth history
Fortune comparison
Historical data not available for comparison