Assuming that Mr.Gates decides to sell all his shares/stock and other assets and deposits the sale proceeds in his bank.( by cheque )If he wants to withdraw all that BILLIONS of DOLLARS from the bank and retain it in currency form what happens.Is it possible.Do banks really have so much currency????????
2007-01-10 22:25:10 · 3 answers · asked by fcashyam 3 in Business & Finance ➔ Personal Finance
No, there's not nearly enough cash to go round. But then the cash is a sham anyway - do you think that bit of paper is really worth the number printed on it?
Most of Bill Gates's money is represented by his shares in Microsoft. If he tried to sell them through a stockmarket, the price would collapse.
2007-01-10 22:30:28 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I think it would seriously screw things up. Going back to my A-Level Economics (10 years ago yipes!), I seem to remember that only a tiny proportion of a nation's wealth is actually currency. The rest is a 'promise to pay the bearer of this note the sum of £5' (etc).
The banking system is designed to assume that people will only want to actually hold 10%(???) of their wealth in cash at any time.
I doubt that there is physically enough cash for Mr Gates to exchange into cash...
On a brighter note did anyone ever watch a cartoon with Scrooge McDuck. He had his wealth in cash, and would go swimming in it. Now that would be cool...
2007-01-10 22:33:56 · answer #2 · answered by Simon C 3 · 0⤊ 0⤋
No problem, He will just have to inform bank well in advance, and he will get the entire currency notes.Banks have money,as this is public money and the Bank is custodian of it.
2007-01-10 22:44:11 · answer #3 · answered by AVANISH JI 5 · 0⤊ 1⤋