We ask the founder of Craigslist 'is there such a thing as having too much money?'

Among the statistics that define the United States, one is particularly eye-popping - the country has 989 billionaires, the most of any nation in the world by a long shot. While many of the super-rich splurge vast sums on private islands, owning sports teams and space travel, more than half of American households don’t have the means to pay bills or save a little towards retirement, according to the nonprofit Urban Institute. That chasm between the ultra-rich and workers is widening. Nearly a third of America’s wealth is held by 1 percent of the population, according to Inequality.org. The world’s richest person, Elon Musk, grew his fortune by $935 million per day in 2025, and appears set to become the world’s first trillionaire when his company, SpaceX, goes public later this month. Discontent is also growing. Thousands of people across the U.S. took part in May Day protests last month to condemn billionaires for not paying their fair share of taxes while companies underpay workers. Societal fraying aside, there’s a broader question of how extreme wealth impacts happiness. Money can pull people out of misery up to around a salary of $100,000 but after that, earning more money doesn’t have much of an impact on sadness, according to a study published in the March 2023 edition of the Proceedings of the National Academy of Sciences journal. That’s something Craig Newmark, founder of classifieds site Craigslist who says he has given away $526 million over his lifetime, has seen play out. “I looked around me to people who had a lot of money,” he told The Independent. “Most are miserable. And I don't know about you, but between miserable and possibly happy, I choose possibly happy.” Watch more on Independent TV: https://tinyurl.com/yc7ukx9n The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded. Subscribe: https://bit.ly/Subscribe-to-Independent Find us on social: TikTok / https://www.tiktok.com/@independent Instagram / https://www.instagram.com/the.independent/ X (Twitter) / https://twitter.com/Independent Facebook / https://www.facebook.com/TheIndependentOnline Download the iOS & Android app: https://tinyurl.com/2s3ts5dh Sign up to our newsletters: https://tinyurl.com/2bmw565x Help to support truly independent journalism. Every dollar you contribute will directly fund additional special reports and investigations from a free-thinking, award-winning newsroom you can trust: https://www.independent.co.uk/donations