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Daily Mail
3 days ago
- Business
- Daily Mail
How nine families in Silicon Valley have total wealth of $638B
Silicon Valley is the epicenter of America's tech hub, attracting many of the world's richest individuals and generating an estimated wealth of $638 billion. But now it has emerged that the eye-watering sum is shared between just nine families. And a new study conducted by San Jose State University concluded that the city's wealthiest households are only gaining wealth. Their collective net worth was up by a staggering $136 billion from 2024, according to the recent data. The annual report, titled the Silicon Valley Pain Index,is designed to measure 'personal and community distress' through data tracking structural inequalities in the region. Silicon Valley refers to the southern part of the San Francisco Bay Area, including Santa Clara, San Mateo, the western edge of Alameda, and Scotts Valley in Santa Cruz. It represents a high concentration of wealth and can be an increasingly difficult place for working and middle-class families to make ends meet. Meta boss Mark Zuckerberg is among the ritzy residents, accounting for $253.5 billion of the area's wealth. Zuckerberg's net worth is more than 20 times the wealth of the bottom 446,505 households in the area. The Meta CEO purchased a five-house compound in the area, estimated to be worth a whopping $37million. He bought a $7 million mansion in 2011 before buying the neighboring residences to create the compound. The report also estimates that the region has $1.01 trillion of liquid wealth. Three companies based in Silicon Valley - Adobe, Alphabet (Google), and Meta comprise a combined net worth of $535 billion. Even outside of the nine wealthiest families, the annual income needed to afford just a median-priced house is $370,000, up 54 percent in the last six years, according to the report. The report also found that renters need to have an average annual income of $136,532 to afford an apartment at 30 percent of their take-home pay, representing the highest rents in the country. In San Mateo County, a household annual income of $156,650 for a family of four is considered 'low, ' compared to the state average of $94,500. Nearly 71 percent of homes sold in the area were priced around 1.92 million and were considered the 'median home price.' The median home price in Santa Clara alone was 2.171 million in May, which is a 3.4 percent increase from last year. The study doesn't explicitly state the nine families contributing to the mass concentration of wealth in addition to Zuckerberg, but listed Google's former CEO, Larry Page, as the second richest billionaire in the area. Sergey Brin , who co-founded Google with Page and served as the president of Alphabet, is the third-wealthiest billionaire in the region. Jensen Huang, the CEO of Nvidia, an artificial intelligence company, comes in fourth. Page and Zuckerberg live in Palo Alto, while Brin and Huang have properties in Los Altos Hills. Former Google CEO Eric Schmidt is listed as the fifth-wealthiest billionaire in the region, with Dustin Moskovitz of Facebook as the sixth. Financier George Roberts was listed seventh, while Laurence Powell Jobs of Apple came in eighth. Venture capitalist John Doerr came in ninth, and Charles Schwab of Charles Schwab brokerage ranked tenth. Silicon Valley is home to major enterprises including Apple, Alphabet, Chevron, Meta, Visa, and Wells Fargo. The companies employ a significant portion of residents in the region, leading to the high concentration of wealth from executives and engineers reporting high incomes. The success of these companies has solidified Silicon Valley as a wealthy enclave and the tech capital of the world, but the region has a long history of advancement. The silicon chip, which is used in computerized machinery, was invented in the region, and electronics reporter Dan Hoefler coined the name 'Silicon Valley' in 1971. Since then, the area has grown wealthier and wealthier, and is now home to the world's richest billionaires.
Daily Mail
5 days ago
- Business
- Daily Mail
American city named the fourth most 'impossibly unaffordable' in the world
In the heart of wealthy California, a city has been ranked the fourth most 'impossibly unaffordable' place on Earth - surpassed only by three major global metros. San Jose, a major city nestled among the rolling hills of Silicon Valley, was revealed as the most expensive large city in America - with a staggering $370,000 annual household income needed to live comfortably, according to this year's Silicon Valley Pain Index report. Its extreme cost of living isn't just astounding by US standards - it ranked as the fourth-most 'impossibly unaffordable' city on the planet, trailing only behind global heavyweights like Hong Kong, Sydney and Vancouver. According to the latest data from the Social Security Administration, the average salary in the U.S. is $66,622 - nearly 82 percent lower than the $370,000 annual income needed to live in San Jose. Even more shocking, the annual income needed to live comfortably has skyrocketed - rising by 54 percent in just a mere six years. The shock factor doesn't ease up for renters either - the income needed just to afford rent aligns almost exactly with what personal finance experts recommend you spend on a total housing budget. In 2024 alone, the median home price in Silicon Valley soared to an eye-watering $1.92 million. The shock factor doesn't ease up for renters either - the income needed just to afford rent aligns almost exactly with what personal finance experts recommend you spend on a total housing budget To afford even a temporary rental while staying within the recommended 30 percent income guideline, a renter would need to earn an eye-watering $136,532 a year. Nearly half of Silicon Valley's renters and homeowners are struggling, spending over 30 percent of their income just to keep a roof over their heads. The report - published by researchers at San Jose State University's Human Rights Institute - also revealed that Silicon Valley's wealth gap is growing twice as fast as the rest of the nation. Alarmingly, just nine households - making up a tiny 0.01 percent of the population - control 15 percent Silicon Valley's total wealth, according to data from the Silicon Valley Index. But 0.1 percent of Silicon Valley residents hold a staggering 71 percent of the region's wealth. Worryingly, 201,000 households in the region have less than $5,000 in savings or assets - barely enough to cover a major emergency. Experts pointed to soaring housing costs as a key reason San Jose was rapidly aging - meaning younger people and families moved away because living there had become too expensive, while older residents tended to stay put. To meet the state's housing goals, San Jose would have to build a staggering 7,775 homes every year until 2031 - more than four times the city's current annual record of 1,710. Nearly half of Silicon Valley's renters and homeowners are struggling, spending over 30 percent of their income just to keep a roof over their heads Experts pointed to soaring housing costs as a key reason San Jose was rapidly aging - meaning younger people and families moved away because living there had become too expensive, while older residents tended to stay put Beyond the sky-high prices, researchers labeled the region as America's '#1 in societal pain' - a term describing personal and community struggles that deeply harmed resident's quality of life But it's not just about money - it's about how these challenges impact everyday life and the overall health of the community. Beyond the sky-high prices, researchers labeled the region as America's '#1 in societal pain' - a term describing personal and community struggles that deeply harmed resident's quality of life. Some of the root causes of this distress included pay inequality affecting both women and people of color, widespread layoffs in the tech sector, a growing homeless population and rising rates of sexually transmitted infections and infant mortality, according to the report. In 2024, Silicon Valley experienced its highest infant mortality rate in five years. Black and African American babies in the region are over four times more likely to die before their first birthday than White babies (8.3 vs. 2.0 per 1,000 births). However, the report also highlighted some positive changes in the region, including a decrease in use-of-force incidents by the San Jose Police Department while on duty. Other positive developments include expanded services for homeless and housing-insecure residents, as well as new pilot programs launched by local officials to address challenges like homelessness among college students.
CBS News
5 days ago
- Business
- CBS News
Report ranks San Jose as most expensive large city in the country
The cost of living in the Bay Area's largest city has become exceedingly expensive, according to a new report, which says it is now the most expensive large city in the entire country. The latest Silicon Valley Pain Index report, published by San Jose State University, reports that the average city renter needs to make more than $136,000 to keep their housing payments at 30% of their income. The report also says it's 81% more expensive to live in San Jose compared to the national average, meaning that for a median-priced home in San Jose, an annual household income of $370,000 is needed. Rapidly rising rents have made it beyond a challenge for hairstylist Cassie Cook to find a new apartment. "100% it's getting harder and harder," said Cook, who works full-time at "Cassie Cook Hair Designs" in West San Jose, where she works and rents a 1-bedroom for herself and two children. "For a regular apartment complex, it feels like there are ten other people with better credit, and a deposit to get into the same apartment as someone like me in the service industry," said Cook. The report also notes that the cost to rent a two-bedroom apartment in Santa Clara County has increased 90% over the past 10 years. "I can't afford to live here," said Cook. "I'm barely making it. Last month I was late on my rent." Besides rentals, the index report also highlights how the median home price in Silicon Valley reached $1.92 million in 2024. Michael Repka, CEO of DeLeon Realty, recently listed one home in Los Gatos for nearly $4 million. The house sold this week for more than $5 million, over $1 million above the asking price, with multiple bidders. "We're seeing strong demand in terms of home sales and also for rentals," said Repka. "Some people are finding it's too expensive or cost-prohibitive to buy homes because the interest rates are so high." City Councilmember Pamela Campos has been pushing for more affordable housing to prevent family homelessness. "The situation is dire, particularly for working families in San Jose who are under tremendous pressure because of these skyrocketing housing costs," said Campos, who currently lives with her parents. "We're seeing that many families cannot afford to stay." As rental prices continue to rise, it's a struggle for Cook. "That's the difficult part. Everyone is trying to save money when prices are becoming so expensive everywhere," said Cook. But she says there's no giving up, no matter how unaffordable the housing situation appears. City officials say more than 2,200 public school students currently face homelessness and that more families are in danger of being in the same situation.
San Francisco Chronicle
6 days ago
- Business
- San Francisco Chronicle
This Bay Area city is the fourth-most ‘impossibly unaffordable' place on Earth
How much do you need to make to afford a house in the wealthiest part of Silicon Valley? For the median-priced home in San Jose, you'd need an annual household income of $370,000 — one of many eyebrow-raising findings in this year's 'Silicon Valley Pain Index,' an aggregate report of economic data about Santa Clara and San Mateo counties published by researchers at San Jose State University's Human Rights Institute. That $370,000 figure is up 54% from what it was just six years ago, the first year the 'Pain Index' was put together. If you're looking to rent, it's also steep: The average San Jose renter needs to bring in $136,532 to keep their payments at 30% of their income, which is the amount most personal finance experts recommend you budget for housing. The report says San Jose is the most expensive large city in America, and notes that researchers from Chapman University and the Frontier Centre for Public Policy in Canada named it the fourth-most 'impossibly unaffordable' city on Earth, surpassed only by Hong Kong, Sydney and Vancouver. The wealth divide has grown twice as fast in Silicon Valley compared to the rest of the country, the report says. Just nine households in the region — .01% of residents — hold 15% of all wealth, according to a part of the report citing data from the annual Silicon Valley Index. (Those nine are Mark Zuckerberg, Laurene Powell Jobs, Larry Page, Sergey Brin, Jensen Huang, Eric Schmidt, Jan Koum, George Roberts and Robert Pera.) Housing costs contribute in large part to why the Bay Area is aging so fast, experts say. Beyond the sky-high cost of living here, researchers write that the region is '#1 in societal pain.' It defines that pain as 'representative of both personal and community distress or suffering, resulting in negative impacts on a person's quality of life.' Some sources of that distress: pay inequality for women and people of color; high numbers of layoffs in the tech sector; increasing numbers of homeless people; and rising rates of sexually transmitted infections and infant mortality. The report does point out some ways in which the region is improving. The San Jose Police Department reports fewer use-of-force incidents. Services for homeless and housing-insecure people have been expanded. And local officials have launched some pilot programs to address problems like homeless college students and nutritional gaps for CalFresh recipients. 'We know, now more than ever, that it will take cross-sector collaboration to make gradual changes in alleviating the pain in our region,' the report reads. It's 81% more expensive to live in San Jose compared to the national average. Average monthly household expenses in San Jose are $3,504. 40% of renters and homeowners in Silicon Valley are considered cost-burdened by their housing, meaning they spend more than 30% of their income on their rent or mortgage payment. 201,000 households in the region have less than $5,000 in assets. 1.8 million people in Santa Clara County face health risks due to poor air quality. The median home price in Silicon Valley reached $1.92 million in 2024. The cost to rent a two-bedroom apartment in Santa Clara County has increased 90% over the past 10 years. San Jose would need to build 7,775 homes every year between now and 2031 to meet the state's housing goals. The most homes that have ever been built in San Jose in a single year is 1,710.
Winnipeg Free Press
22-07-2025
- Science
- Winnipeg Free Press
A look at megafires as an Oregon wildfire approaches the 100,000-acre mark
A wildfire burning in a sparsely populated region of central Oregon has become the largest fire this year and is on the verge of surpassing 100,000 acres to become what's officially known as a megafire. Nearly 900 personnel have been battling the Cram Fire about 100 miles (160.93 kilometers) southeast of Portland, and they have it about 73% contained with more than 95,000 acres burned. Here's a look at what megafires are and their increasing frequency in the warming world. What is a megafire? A megafire is generally defined as a fire that burns at least 100,000 acres, said Craig Clements, a climate scientist and director of the Wildfire Interdisciplinary Research Center at San Jose State University. That translates to about 156 square miles (404 square kilometers), or about half the size of New York City, which has a land area of 300 square miles (778 square kilometers). Not all researchers agree that megafire is a scientifically sound term, though Clements has used it, and with its usage by the media increasing, he believes it's 'here to stay,' similar to 'heat dome' and other popular weather labels that aren't formal scientific terms. References to 100,000 acres as megafires can also be found in some government reports and research in recent years. Are megafires happening more often? There were at least 14 wildfires that burned more than 100,000 acres in the U.S. in 2024, according to a report by the National Interagency Coordination Center. A 2022 Interior Department report found that the number of megafires, which it defined as more than 100,000 acres, had increased in the preceding decade. The link between wildfires and climate change Wildfires naturally occur in healthy ecosystems, but extreme wildfires can slow the regrowth of native plants and trees and create favorable conditions for invasive species. The threat is growing as climate change can make wildfires more frequent and severe, according to the U.S. Department of Agriculture. Wildfire seasons are also influenced by lightning, land management practices and human-caused fires. Fires started by humans account for 70-90% of wildfires depending on the state and year, according to the USDA. This includes fires started by fireworks or discarded cigarettes. Rising temperatures and longer droughts have dried out plants and leaves, driving wildfires in the western U.S. over the past 20 years, according to the National Oceanic and Atmospheric Administration. 'Fires are getting bigger and this has been linked to drying of fuels from a warming climate,' Clements said. 'As we are seeing play out so far this year in California, day-to-day weather plays the largest role in fire behavior,' said Clements. This includes weather conditions like low humidity and strong winds. When and how did the Cram Fire start? Firefighters responded to a fire burning on private land along U.S. Route 97 in the Willowdale area on July 13, according to Central Oregon Fire Information. It just over 2 square miles (6 square kilometers) at the time, and uncontained. By the next day, it had grown so much that Gov. Tina Kotek invoked the Emergency Conflagration Act after county officials requested assistance, allowing the Oregon State Fire Marshal to mobilize resources to support local agencies. It was the sixth time this wildfire season that the governor invoked the act. The cause is under investigation. What kind of damage has it caused? The fire has destroyed two homes and 14 outbuildings such as barns, pump houses, workshops or sheds, officials said. The threat to structures was significantly reduced when containment reached 73%, officials said Monday. Some evacuations remained in effect Monday, but some zones have been downgraded. ____ O'Malley reported from Philadelphia and Brumfield reported from Cockeysville, Maryland. ____ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
