I read three interesting statistics this weekend.
Firstly the estimates of how much we have stockpiled in savings during the pandemic has risen and it’s now estimated to have hit a trillion pounds. That’s a lot of cash! But at the same time the amount of interest on our savings has now fallen to a stupid 0.11% on average.
And that’s ridiculous.
Then I starting reading about Warren Buffet and his company Berkshire Hathaway where they hold approximately $145,400,000,000 (that’s one hundred and forty five billion dollars) in cash.
Can you imagine such an amount?
And if Warren has got that money invested in an average savings account getting 0.11% that would still amount to neatly $160 million a year in interest which would be more than enough for us all.
It just goes to show that it’s all relative and I’d be very happy with $160 million but I’d be even happier if the interest rate was 1%, or 2%, or 3% or ………..