Richard Teets Jr
Source of wealth: steel
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The scale of their wealth
Health
The price of life
Let's compare Richard Teets Jr's fortune with the healthcare spending of a massive country
Richard Teets Jr could fund the entire healthcare system of DR Congo, with a population of over 105,800,000 people, for approximately 0.5 years.
But even if we compare their fortune with that of a rich country
On the other end, Richard Teets Jr could cover the healthcare spending of Luxembourg, considered the most heavily funded healthcare system in the world, for 0.2 years.
Education
Buying the future
Let's also compare their fortune with education spending, first with a poor country
Richard Teets Jr could cover the total cost of Nigeria's education system, the most populous country in Africa with over 243,000,000 inhabitants, for 0.3 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 Richard Teets Jr could pay for it entirely for 0.5 years.
Research
The monopoly on progress
Coming full circle, we think it's also interesting to add another gigantic country
Richard Teets Jr could fully fund the state research budget of Pakistan, the fifth most populous country in the world with over 260,000,000 inhabitants, for 2.0 years.
And of course, the country that invests the most per capita worldwide
But even if we compare the total wealth of Richard Teets Jr 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 0.0 years.
Gold
Everyday luxuries
Richard Teets Jr's fortune is equivalent to 8 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.
Richard Teets Jr could buy 2,127,510 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 0 trucks to transport them. Although Richard Teets Jr will almost certainly have enough money left over to pay for the gas.
Biography
Richard Teets is a cofounder of Steel Dynamics, one of the largest steel producers and metals recyclers in the United States.
He cofounded the Fort Wayne, Indiana-based company in 1993 and helped take it public on the Nasdaq in 1996.
He retired as the company's executive vice president for steelmaking and president and chief operating officer of steel operations in 2016.
He owns 3% of the company.
Financial Assets
Fortune comparison
Historical data not available for comparison