Thomas Hagen & family
Source of wealth: Insurance
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The scale of their wealth
Health
The price of life
Let's compare Thomas Hagen & family's fortune with the healthcare spending of a massive country
Thomas Hagen & family could fund the entire healthcare system of DR Congo, with a population of over 105,800,000 people, for approximately 1.9 years.
But even if we compare their fortune with that of a rich country
On the other end, Thomas Hagen & family could cover the healthcare spending of Luxembourg, considered the most heavily funded healthcare system in the world, for 0.9 years.
Education
Buying the future
Let's also compare their fortune with education spending, first with a poor country
Thomas Hagen & family could cover the total cost of Nigeria's education system, the most populous country in Africa with over 243,000,000 inhabitants, for 1.3 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 Thomas Hagen & family could pay for it entirely for 1.7 years.
Research
The monopoly on progress
Coming full circle, we think it's also interesting to add another gigantic country
Thomas Hagen & family could fully fund the state research budget of Pakistan, the fifth most populous country in the world with over 260,000,000 inhabitants, for 7.2 years.
And of course, the country that invests the most per capita worldwide
But even if we compare the total wealth of Thomas Hagen & family 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 0.2 years.
Gold
Everyday luxuries
Thomas Hagen & family's fortune is equivalent to 29 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.
Thomas Hagen & family could buy 7,864,679 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 1 trucks to transport them. Although Thomas Hagen & family will almost certainly have enough money left over to pay for the gas.
Biography
Thomas Hagen is chairman of Erie Indemnity and has been a part of the company for more than 50 years, including three years as CEO from 1990 to 1993.
The publicly-traded insurance company was cofounded by his late wife Susan's father, H. O. Hirt, and his friend, O. G. Crawford.
Susan Hagen, who was Erie's longest serving director, died in 2015 at age 79.
Now one of the nation's largest property and casualty insurance companies, the firm began with a business plan scribbled in a 10-cent notebook in 1925.
In 2017, Hagen gifted $1.5 million to Mercyhurst University's history department, which subsequently took his name.
Financial Assets
Monthly wealth history
Fortune comparison
Historical data not available for comparison