To Retire Well, You Need Less Than 0.1% of Mark Cuban’s Net Worth — How Much Is That?

Mark Cuban is among the most visible representatives of the world’s 1%.

A self-made man, Cuban was an early internet pioneer whose endless entrepreneurial endeavors positioned him to achieve television stardom, social media celebrity status and revenue streams that include an NBA franchise.

According to Forbes, Cuban’s net worth is $5.7 billion.

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To put the scope of such an eye-popping sum in context, just 0.1% of Cuban’s personal fortune is enough to retire rich in the most expensive state in the country and to live downright extravagantly in much of the rest .

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An Entrepreneur Since Childhood, Cuban Founded His Way Into the Gilded Class

Cuban’s early entrepreneurial ventures are part of the billionaire’s legend.

As a kid, he sold stamps and garbage bags door-to-door for spending money and eventually gave disco lessons to pay his way through college at Indiana University. Perhaps most famously, Cuban was fired from a software company for closing a $15,000 deal instead of cleaning the store as his boss had instructed.

That indignity inspired the future mogul to branch out on his own.

He went on to pioneer the digital streaming movement at the dawn of the internet age when he co-founded Broadcast.com with college classmate Todd Wagner in 1995, a full decade before the emergence of YouTube in the mid-2000s.

Just four years later, they sold the company to emerging internet giant Yahoo for $5.7 billion.

Cuban was now in the big leagues, and he parlayed fortune into fame by purchasing the Dallas Mavericks and serving as a “Shark Tank” judge for 12 seasons on ABC.

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A Tiny Fraction of 1% Could Buy Several Posh Retirements

Mark Cuban is so rich that just 0.1% of his $5.7 billion net worth is $5.7 million, which could buy the average American a dream retirement — or several dream retirements — anywhere in the country.

To identify the minimum needed to retire in the United States, GOBankingRates used data from the Missouri Economic Research and Information Center and Bureau of Labor Statistics to analyze living costs like transportation, housing, utilities, groceries and healthcare in all 50 states and Washington, D.C. The analysis then subtracted the average Social Security income from each state’s average yearly living costs and presumed a 4% annual drawdown from the typical retiree’s savings.

You Could Buy 8 or So Retirements in the Cheapest State

The study found that West Virginia is the least expensive state in America to retire. There, the average cost of living is $49,261 per year, but Social Security benefits whittle that sum down to just $27,124. All in all, you can retire in the Mountain State with $678,095 — but that’s only enough to cover basic expenses and pay the monthly bills.

If you doubled your retirement fund to $1.36 million, you’d have 50% of your nest egg to spend on wants, like travel and dining out, with the other 50% covering your needs.

However, 0.1% of Mark Cuban’s fortune wouldn’t give you double what you need to retire in West Virginia. It would give you 8.4 times what you need.

In Pricey Hawaii, You Can Retire Rich With Riches To Spare

On the other end of the spectrum is Hawaii, the most expensive state in America to retire, where annual living costs average $103,610, or $81,473 after Social Security. To cover the basics in the Aloha State, a retiree would need $2,036,818. Double that to retire well, and the bill comes to a little more than $4.07 million — and 0.1% of Cuban’s wealth would give you that plus $1.63 million in walking around money to spare.

Methodology: In order to find how much you need in savings to retire in your state, GOBankingRates analyzed each state to find the cost of living indexes across grocery, healthcare, utilities, transportation and housing from the Missouri Economic Research and Information Center. Using these cost of living indexes, GOBankingRates found the national average costs for people aged 65 and over across the expenditures; grocery, healthcare, utilities, transportation and housing as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey to find the average expenditure costs for each category in each state. The average Social Security income was subtracted from the overall expenditure to find the annual cost of living remaining. Assuming a drawdown of 4% a year to pay for living expenses, GOBankingRates calculated the savings needed to retire in each state. All data was collected and is up to date as of May 22, 2024.

This article originally appeared on GOBankingRates.com : To Retire Well, You Need Less Than 0.1% of Mark Cuban’s Net Worth — How Much Is That?