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Dollar BillsIt's a question almost everyone has been asked, or at the very least posed to themselves: What would you do with $1 billion? For a select number of people, this query is much more than a dream; it's a reality.

In the United States, there are approximately 540 billionaires, according to the most recent estimates, each with an eye-opening amount of resources at his or her disposal. Only one other nation, China, has more — with just under 600.

It's hard to get your head wrapped around just how much $1 billion is. Perhaps it's best understood by using the term that people from the United Kingdom use when referring to the jaw dropping figure, that being: "1,000 million."

An even better way to determine its financial significance comes from learning what exactly $1 billion actually buys.

To get a full appreciation of the hulking figure, consider what $1 million will get you. As noted by Forbes, an annual salary of $1 million would land you a pretty swanky piece of real estate in Naples, Florida, where the median listing price of a home for sale is $339,000. For a set of wheels, a seven-figure salary would be plenty to purchase a Tesla Model S, which retails for a cool $50,000.

And for sports enthusiasts, a million-dollar bank account could get you a personally licensed seat on the 50 yard line at AT&T Stadium where the Dallas Cowboys "lace 'em up" every football Sunday.

World's Most Expensive Car Costs $52 Million

Impressive though these purchases may be, it's child's play compared to what $1 billion can land you. For instance, instead of watching your favorite sports team, you could buy one, like the NBA's Oklahoma City Thunder, valued at $475 million. For a car, feast your eyes on the world's most expensive one — a 1962 Ferrari 250 GTO. Multibillionaire Craig McCaw bought the ultra luxury model for $52 million back in 2013.

For a place to call home, In addition to buying — or building — pretty much any kind of house that's on the market, you could buy an island all to yourself, like the one that McCaw is selling for $75 million off the Canadian coast.

What Are billionaires' Insurance Needs?

With these types of belongings, you have to wonder if billionaires buy insurance. After all, they have a tremendous amount of money as it is. They shouldn't have a problem paying out of pocket to replace what's damaged or stolen, right?

Not necessarily. For instance, because consumers - wealthy or otherwise - often live up to their means rather than below it, billionaires may have their earnings invested in other areas. This can prevent them from having financial resources available at a moment's notice. Alternatively, with the possible exception of lottery winners, billionaires don't arrive at their financial status by making foolish, rash decisions. And as anyone would tell you, it doesn't get more responsible than securing insurance.

Regardless of your means, being covered is a smart way to cover all your bases when life throws you a curve ball. For more information on the variety of policy offerings available, call Raymond Preston & Reed, LLC at (615) 866-2728.

(Article Courtesy: Selective)
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