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* NBC Chicago…
After hedge fund manager and Citadel CEO and co-founder Ken Griffin left Illinois for Florida last year, the door opened for a new wealthiest individual in Illinois.
According to Forbes, Griffin is now the richest individual in Florida, with a net worth of $32.7 billion.
As for Illinois, Lukas Walton, a Walmart heir and grandson of Walmart founder Sam Walton, is now the richest resident in the state, with a net worth of $23.3 billion. Walton is ranked by Forbes as the 71st-wealthiest person in the world.
According to Forbes, Walton inherited his fortune when his father, John, died in a plane crash in 2005, receiving approximately one-third of his estate.
* The Question: What would be the first thing you’d do if you inherited a billion dollars?
posted by Isabel Miller
Friday, Jun 16, 23 @ 10:53 am
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Make friends with another billionaire, form a partnership, and buy the White Sox.
Comment by BC Friday, Jun 16, 23 @ 10:58 am
I’m going to Disney World.
Comment by Southern IL Bob Too Friday, Jun 16, 23 @ 11:00 am
The first thing I’d do is change my name and make it hard for people to find me.
Then I’d consider setting up a foundation that would hire my family and friends, and maybe do a little good with some of the money (mostly for tax purposes).
I’d hire tutors for my kids and take them all with me as I travel the world for the next few years while I still can.
Finally, I’d hire the best tax advisors and investment pros to make sure that no descendants of mine need to worry about money ever again, like my parents and grandparents did, and like my wife and I do to this day. That’s the beauty of generational wealth.
Great question. I think about this a lot.
Comment by 47th Ward Friday, Jun 16, 23 @ 11:04 am
Quit my job.
Comment by DuPage Guy Friday, Jun 16, 23 @ 11:04 am
Pay off family members’ mortgages.
Comment by Henry Friday, Jun 16, 23 @ 11:08 am
Hire the best financial planner and lawyer I could find.
Comment by Manchester Friday, Jun 16, 23 @ 11:08 am
Set up a foundation and start giving the money to worthy progressive causes. (I’m not a money hoarder.)
Comment by Pot calling kettle Friday, Jun 16, 23 @ 11:12 am
Get into farming and politics and end up a millionaire
Comment by Facts Matter Friday, Jun 16, 23 @ 11:14 am
I would pay off debts, pay off some family / friends’ debts, then I’d build a mansion with a bowling alley and my own personal In-N-Out Burger.
*Might help solve world hunger too
Comment by Tony DeKalb Friday, Jun 16, 23 @ 11:14 am
1 get a lawyer
2 get a lawyer
3 …you see where I’m going with this
Comment by Flyin' Elvis'-Utah Chapter Friday, Jun 16, 23 @ 11:15 am
What PCK said. In addition, set up trusts for daughters to pass the generational wealth without taxes.
Comment by Huh? Friday, Jun 16, 23 @ 11:15 am
Follow Ken G to Fla..
Comment by NotRich Friday, Jun 16, 23 @ 11:16 am
Go into hiding
Comment by DuPage Saint Friday, Jun 16, 23 @ 11:17 am
There’s an Office Space reference to make here, but I won’t be the one who does it. (Unless this counts as making the reference.)
Comment by The Truth Friday, Jun 16, 23 @ 11:18 am
What Flyin’ Elvis’ said.
Comment by Nick Name Friday, Jun 16, 23 @ 11:20 am
Open an NP to create massive amounts of affordable housing across the state
Comment by The Office Friday, Jun 16, 23 @ 11:20 am
Start a new PAC. Certain people would not be happy. LOL
Comment by Hannibal Lecter Friday, Jun 16, 23 @ 11:22 am
The actual first things I would do are the logistical things people mentioned. Set up a trust, pay off family member debt, hire lawyers, blah, blah. But, traveling the world to every place I want to see and can safely see would be the first thing I would want to do.
Comment by Three Dimensional Checkers Friday, Jun 16, 23 @ 11:24 am
Donate 90% to charities that really do good work. Grab my Hamm’s, get in the old john boat and catch me some bluegill.
Comment by Ducky LaMoore Friday, Jun 16, 23 @ 11:25 am
Man you guys aren’t much fun….
Buy a big old victorian house on Mackinac Island
Comment by OneMan Friday, Jun 16, 23 @ 11:26 am
Take a long nap. Have a cocktail. Maybe take another nap. Then work on getting my finances in order via lawyers, financial advisors once I’m all rested up. Maybe even put together a team to create some checks and balances between them to keep my finances secure.
Comment by T.S. Friday, Jun 16, 23 @ 11:27 am
Agree with pot calling kettle. I’d make sure my kids have enough to get started in life, then I’d start a foundation and give the rest away to worthy causes.
Comment by Steve Rogers Friday, Jun 16, 23 @ 11:29 am
Move my extended family out of Missouri to a blue state of their choice.
Comment by Norseman Friday, Jun 16, 23 @ 11:29 am
“Follow Ken G to Fla”
You’ll need that kind of scratch to afford hazard insurance.
Comment by Flyin' Elvis'-Utah Chapter Friday, Jun 16, 23 @ 11:40 am
Become a paid subscriber to Capitol Fax.
Comment by Proud Papa Bear Friday, Jun 16, 23 @ 11:43 am
Open a rescue facility for canines.
Comment by Papa2008 Friday, Jun 16, 23 @ 11:50 am
Based on New Yorker articles about the mega-rich:
1) Buy a super-yacht
2) Have the Rolling Stones play at a private concert.
Comment by a drop in Friday, Jun 16, 23 @ 11:51 am
I once asked my Grandfather, a farmer, a similar question though I think I said a million (it was the 80’s). He told me “I’d probably just keep farming til I spent it all.”
As I get older I find myself agreeing with him. Spending my time in a tractor vs an office and hunt the legs off a dozen bird dogs sounds nice.
Comment by Mason born Friday, Jun 16, 23 @ 11:52 am
Run for governor. Or does that come later?
Comment by ryan Friday, Jun 16, 23 @ 11:55 am
Hire 47th Ward, since they thinks about this a lot.
I would also buy a six pack of Bud, and drink it.
Comment by H-W Friday, Jun 16, 23 @ 11:57 am
That Office Space-based answer that would definitely not clear the decency filter here.
Other than that (and building the Leap Day William Center for Internet Snark), I’d honestly just give like 90% of it away to as many non-profits as I possibly can. Boy/Girl Scouts, Hospice Hearts, homeless shelters, environmental groups, shul, Planned Parenthood, etc. Pretty much any non-profit in central Illinois will get a taste.
Failing that, I’ll personally fund that high-speed rail between Champaign and Chicago.
Comment by Leap Day William Friday, Jun 16, 23 @ 12:01 pm
===Hire 47th Ward, since they thinks about this a lot.===
As an example, buying a superyacht, as another commenter suggested, is a bad idea, unless you plan to live on it for an extended time. The docking and maintenance, to say nothing of keeping a full-time captain and staff on board, will eat money faster than you can imagine.
I’ve done the numbers. Rent a yacht and spend a year cruising around the world. It’s the smarter choice.
Another good idea is to buy tax free municipal bonds. If you put half a billion into tax-free munis, you’d earn maybe $25 million a year with no income tax issues. And you’d still have the half-billion left if you changed your investment strategy.
I think I could get by on $25 million per year for forever. It’d be fun to try anyway.
For people like us, $1 billion is an impossible amount of money. It is really hard to get your mind around how much wealth that really is.
Comment by 47th Ward Friday, Jun 16, 23 @ 12:11 pm
===I’ll personally fund that high-speed rail===
You’ll need a lot more than that lol
Comment by Rich Miller Friday, Jun 16, 23 @ 12:20 pm
I would buy a D’angelico New Yorker guitar probably get at least 3. Then as one person said subscribe to the Capitol Fax and quit being just another looker. That is serious but how much does high speed rail need to get a good start? I am clueless.
Comment by clec dcn Friday, Jun 16, 23 @ 12:30 pm
Leave this country I formerly knew that was called the United States of America.
Comment by Lurker Friday, Jun 16, 23 @ 12:32 pm
A)Grieve. That’s a horrible and sad way to aquire an inheritance.
B)What Flyn’ Elvis said.
C)What Proud Papa Bear said.
Comment by West Sider Friday, Jun 16, 23 @ 12:45 pm
Here is an article in high speed rail cost in Illinois. It has gone up over 50% since this 2008 estimate of $45B.
https://www.governing.com/community/anticipation-grows-for-illinois-high-speed-rail-project
Comment by Lurker Friday, Jun 16, 23 @ 12:49 pm
Have a nervous breakdown. I’m old, financially comfortable, and inheriting wealth looks like a lot of work. I never play the lottery - not because of the awful odds - but I’m afraid I might win it.
Comment by Rachel Friday, Jun 16, 23 @ 12:50 pm
I have an artist friend who works hard at a not-art job and struggles financially. If she’d allow it, I’d become her patron so she can retire to do what she loves best.
Comment by yinn Friday, Jun 16, 23 @ 1:27 pm
Feed people and drive my new 718.
Comment by Jibba Friday, Jun 16, 23 @ 1:35 pm
Give Frida a raise.
Throw a rage of a party and have Foo Fighters play
Follow Greta Van Fleet when they go on the European leg of their tour
Buy a “getaway from the world” estate somewhere quiet and far from everyone
Go to the Super Bowl, NCAA Final Four, World Series, Stanley Cup and NBA finals in style
Join in a couple legs on the Iditarod race
Scuba in the Great Barrier Reef
Hike the entire Great Wall of Chine
I haven’t really thought about it though
Comment by Frida's boss Friday, Jun 16, 23 @ 1:46 pm
So if someone starts posting as 43d Ward and 47th Ward just disappears can we assume 47th Ward came into the billion?
Comment by West Side the Best Side Friday, Jun 16, 23 @ 1:51 pm
The usual stuff poors dream of: paying off a mortgage, moving somewhere better, buying a house of ill repute in Nevada, a new car…
Comment by thisjustinagain Friday, Jun 16, 23 @ 1:53 pm
Consider a run for Governor. It’s the Illinois way.
Comment by JSI Friday, Jun 16, 23 @ 1:53 pm
Lawyer. Accountant. Move into another house with bigtime security. Donate to a few of my fav groups. Never return calls from those who ask for $.
Comment by Amalia Friday, Jun 16, 23 @ 1:59 pm
I’d act like it made me important.
Comment by Dotnonymous x Friday, Jun 16, 23 @ 2:00 pm
Fully realize my dream of becoming a self made billionaire.
Comment by Candy Dogood Friday, Jun 16, 23 @ 2:06 pm
I’d buy Lincolns (?) top hat…and wear it.
Comment by Dotnonymous x Friday, Jun 16, 23 @ 2:09 pm
The usual tax lawyer/Accountant/financial stuff first.
Give $$ to Lyric Opera to commission an opera based on the life of Samuel Insull.
Set up a foundation to give to my favorite causes.
Buy a house in Venice (Italy).
Always fly first class.
Comment by JoanP Friday, Jun 16, 23 @ 2:17 pm
“Fully realize my dream of becoming a self made billionaire.”
Restaurant quality shade right there.
Comment by Ducky LaMoore Friday, Jun 16, 23 @ 2:19 pm
Although BC’s suggestion is good, I’d want to find a way to give away 90% of it, and fast. A billion dollars is an obscene amount of money to have when people are sleeping on the streets. And if I inherit it, I don’t even have the bragging rights of being a self-made man.
So I’d spend it quickly on things that might better the lot of my fellow man. And then once I’m worth *only* $100 million, I can start to enjoy myself.
Comment by Benjamin Friday, Jun 16, 23 @ 2:24 pm
As for the Office Space solution…let’s just say that $1 billion isn’t enough to buy Mrs. Benjamin’s consent to that.
Comment by Benjamin Friday, Jun 16, 23 @ 2:25 pm
- That’s the beauty of generational wealth. -
Beautiful… if you’re born into the privileged class.
Comment by Dotnonymous x Friday, Jun 16, 23 @ 2:44 pm
With one Billion dollar I buy the presidency- not mine line from a movie
Comment by Joker Friday, Jun 16, 23 @ 2:57 pm
1. Hire a lawyer.
2. Hire a media spokesman.
3. Have them announce that any person or organization asking me for money is automatically permanently disqualified from receiving any.
4. Ensure family members are appropriately taken care of.
5. Keep some for myself, enough to live and travel.
6. Give the rest to deserving and/or favorite causes who understand and follow #3 above.
Comment by Flapdoodle Friday, Jun 16, 23 @ 3:07 pm
Build a 9-hole golf course, make it private, except the local high school would be able to use it. Establish a foundation to fund scholarships for at-need students. And spend winters where it’s warm.
Comment by Bogey Golfer Friday, Jun 16, 23 @ 3:28 pm
Donate 80% to causes close to my heart, Children’s Hospitals and Research, Veterans Organizations and to no kill animal shelters. Take care of family and close friends. Buy property in a couple of places and set up a Veterans Refuge so my brothers and sisters who left parts of themselves over there have a safe and quiet place to heal.
I would look for good things to do for people who work hard and can’t seem to get anywhere.
Then I would buy toys to occupy my time. Always wanted to fly a Bi plane.
Comment by FormerParatrooper Friday, Jun 16, 23 @ 3:52 pm