Average Worth of the Top 10 Billionaires in a Country

The USA leads the 2013 Forbes Billionaire list, with 442 billionaires followed by China with 122 and Russia with 110. Germany with 58 billionaires and India 55 round off the Top 5 (click here, see also Refs. [1,2]). The total number of billionaires worldwide was 1426, distributed across 64 countries. The number of billionaires in each country can be found in the Infographic attached to Ref. [1] and has been presented in Table A, in the Appendix 1, with the data sorted by the total number of billionaires from high to low.

Table 1: Distribution of Ranks for the Top 10 US billionaires and their net worth
Forbes Rank 2 4 5 6 6 11 13 14 15 16 Worth, $ B 67 53.5 43 34 34 28.2 27 26.7 26.5 26.3 Total money UN = $366.2 B and average U = UN/N = $366.2/10 = $3.66 B where N is the number of billionaires being considered. The total worth, or the money UN, and the average U, will increase as N increases and we include more and more billionaires in the analysis. China and India, the two countries with the highest populations, can be seen separate out in practically all of the analysis of the billionaires data that I have performed to date, see Refs. [3-8]. The main purpose here is to address the topic of the average wealth of the billionaires in a country. The 442 US billionaires, for example, have a combined net worth of $1.87 trillion for an average net worth of $4.32 billion each. The distribution of the ranks and the net worth of the top 10 US billionaires is given in Table 1. Their combined worth is $366.2 B and the average net worth is $36.2 billion, much higher than the overall average of $4.32 billion.

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The combined net worth of the six (6) Norwegian billionaires, on the other hand, is only $17.1 billion for an average net worth of $2.85 billion. Singapore and Malaysia, with ten (10) billionaires each, have a higher average net worth than Norway, with averages of $31.6 billion and $4.875 billion, respectively.

Table 2: Rank and Net worth for the Top 10 Billionaires from India and China
Country rank
Forbes rank Net worth, $B Forbes rank Net worth, $B

India

China

1 22 21.5 86 11.6 2 41 16.5 128 8.6 3 91 11.2 158 7.3 4 116 9.4 172 6.9 5 131 8.5 173 6.8 6 150 7.9 198 6 7 155 7.6 209 5.9 8 173 6.8 211 5.7 9 182 6.5 229 5.3 10 191 6.3 299 4.3 Totals, UN 1252 102.2 1863 68.4 Average, U 125.2 10.22 186.3 6.84 Source: The 2013 Forbes Worlds Billionaires, The worldwide ranks in the Forbes list, and the net worth, for the 10 billionaires from India and China. http://www.forbes.com/billionaires/#page:1_sort:0_direction:asc_search:_filter :All%20industries_filter:India_filter:All%20states for the Indian list and http://www.forbes.com/billionaires/#page:1_sort:0_direction:asc_search:_filter :All%20industries_filter:China_filter:All%20states for the Chinese list. Going across the first row, the top Indian billionaire, Mukesh Ambani, is ranked no. 22 in the Forbes list and has a net worth of top $21.5 B. The top Chinese billionaire, Zong Qinghou, is ranked no. 86 worldwide and has a net worth of $11.6B, and so on. The total combined net worth and the average net worth are given in the last two rows. The average rank is also computed and is higher for India (lower number) and this also leads to the higher average net worth.

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40

Average Net Worth, $ [Billions]

35 30 25 20 15 10 5 0

USA

Russia Brazil, India

Israel (10) Peru

China, UK
0 200 400 600 800 1000

Kuwait
1200 1400

Average Forbes Rank of Billionaires (of the Top 10 or all in a country)

Figure 1: The average net worth of the Top 10 billionaires, or all the billionaires (if less than 10), in a country, as a function of their average rank in the Forbes worldwide list. The rank numbers of all the billionaires were added and divided by the number of billionaires for an average rank. The total of all the rank numbers for the Top 10 US billionaires in Table 1 is 92 and their average rank is thus 9.2. The lower the average rank number the higher the average net worth. However, the net worth changes in a nonlinear way as the rank number increases, see Tables 1 and 2. When the rank dropped from 2 to 4, the net worth decreased by $13.5 B but when the ranked dropped from 4 to 6, the net worth decreased by $19.5 B and so on for other rank changes. Also, although China has more billionaires than India, the Indian billionaires are richer and are higher up in the Forbes rankings. The top ranked Indian billionaire in the Forbes list, see Table 2, Mukesh Ambani, holds the 22nd spot
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worldwide while the top ranked Chinese billionaire, Zong Qinghou, holds the 86th spot. The average rank number for the top 10 Indian billionaires is 125.2 versus 186.3 for the top 10 Chinese billionaires.

Table 3: Average Forbes Rank and the Average Net Worth of Top 10 Billionaires
Country
USA Russia Brazil India China UK Canada Australia Taiwan (top 10) Israel (top 10) Malaysia Norway (all < 10) Singapore Israel (all 17) Peru Kuwait (all < 10)

Average Forbes Rank

9.2 53.6 98.3 125.2 186.3 226.8 296.6 326.6 337.1 447.3 522 699.7 702.9 754.4 766.9 1166.6

Average Net Worth, $ B

36.62 14.93 11.15 10.22 6.84 6.24 5.99 5.62 4.68 3.77 4.875 2.85 3.16 2.72 2.33 1.23

The average net worth decreases as the average rank drops, see Figure 1, where average rank is plotted on the horizontal axis (x-axis) with higher x values meaning a lower ranking and therefore lower average net worth. A total of 15 countries from around the world were considered, see Table 3. If the total of the billionaires exceeds 10, the average net worth was determined by considering only the top 10 in each country. For countries with fewer than 10 billionaires (e.g., Norway 6 and Kuwait 5) the average net worth is for all the billionaires in the country.

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Reference List
1. Mapping the wealth of the worlds billionaires, Luisa Kroll, Mar 9, 2013, http://www.forbes.com/sites/luisakroll/2013/03/09/mapping-thewealth-of-the-worlds-billionaires/ 2. Inside the Worlds Billionaires List: Facts and Figures, Luisa Kroll, Forbes, March 4, 2013,
http://www.forbes.com/billionaires/#page:2_sort:0_direction:asc_search:_filter:All%2 0industries_filter:Switzerland_filter:All%20states for Switzerland (13 names only) and

http://www.forbes.com/billionaires/#page:1_sort:0_direction:asc_search:_filter: All%20industries_filter:Egypt_filter:All%20states for Egypt (7 names only)

3. Countries with the most billionaires in the 2013 Forbes Billionaire List, Published March 9, 2013, http://www.scribd.com/doc/129406030/Countrieswith-Most-Billionaires-in-the-Forbes-2013-Billionaires-List 4. Average worth of the Top 10 Billionaires in a Country, Published Mar 11, 2013, http://www.scribd.com/doc/129863162/Average-Worth-of-the-Top-10Billionaires-in-a-Country 5. Per Capita Trends for Ultra High Net Worth Residents in US Cities, Published March 11, 2013, http://www.scribd.com/doc/129722844/Per-CapitaTrends-for-the-Ultra-High-Net-Worth-UHNW-Residents-in-US-Cities 6. Europe and Asia-Pacific billionaires in the Forbes 2013 list: Whats the difference? Published March 10, 2013 http://www.scribd.com/doc/129634796/Europe-and-Asia-Pacific-Billionairesin-the-2013-Forbes-List-What-s-the-difference 7. The Rate of Creation of Billionaires: Analysis of the Forbes 2013 Billionaire List, Published March 6, 2013, http://www.scribd.com/doc/128944910/The-Rate-of-Creation-ofBillionaires-Analysis-of-the-2013-Forbes-Billionaire-s-List 8. Billionaires and Calculus: Ratio versus Rate of Change Is Einsteins Work Function Observed In this Problem? Published March 5, 2013. http://www.scribd.com/doc/128610494/The-Forbes-Billionaires-andCalculus-Is-Einstein-s-Work-Function-Observed-Here 9. Billionaires and the Population Law: Analysis of the 2013 Forbes Billionaires List, to be published shortly.
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Table A: Complete list of 64 countries Ranked by total (Forbes 2013) billionaires

Country
USA China Russia Germany India Brazil Turkey Hong Kong United Kingdom Canada Taiwan Indonesia France S. Korea Italy Australia Japan Spain Israel Mexico Chile Sweden Switzerland Philippines Malaysia Peru Singapore Thailand Ukraine Austria Saudi Arabia

Rank (by number of billionaires)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Billionaires, y
442 122 110 58 55 46 43 39 37 29 26 25 24 24 23 22 22 20 17 15 14 14 13 11 10 10 10 10 10 8 8

Population, x (millions) 315.44 1354.04 143.37 81.95 1210.19 193.95 75.63 7.136 63.18 35.002 23.316 237.641 65.635 50.004 60.871 22.923 127.4 46.816 7.981 116.9 16.572 9.556 8.014 92.338 29.627 30.136 5.312 65.926 45.56 8.458 29.196
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Country
Egypt Denmark Lebanon Netherlands Norway South Africa Argentina Colombia Ireland Kazakhstan Kuwait Czech Rep Poland United Arab Emirates Cyprus Greece Monaco Morocco New Zealand Portugal Belgium Nigeria Angola Belize Finland Georgia Guernsey Nepal Romania St. Kitts & Nevis Swaziland Venezuela Vietnam

Rank (by number of billionaires)

32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64

Billionaires, y
7 6 6 6 6 6 5 5 5 5 5 4 4 4 3 3 3 3 3 3 2 2 1 1 1 1 1 1 1 1 1 1 1

Population, x (millions) 84.008 5.603 4.292 16.775 5.074 51.771 40.117 46.949 4.588 16.897 3.582 10.513 38.538 8.264 0.839 10.815 0.035 32.837 4.458 10.562 11.139 166.629 20.609 0.357 5.432 4.498 0.066 26.494 19.044 0.053 1.22 28.95 88.78

The Infographic in Ref. [1] gives 14 billionaires for Switzerland and 8 for Egypt. However, checking the billionaires list once again, in Ref. [2], we only find 13 names for Switzerland and 7 for Egypt, not 14 and 8, respectively. Also, we get the correct count for Europe with Switzerland equals 13. Page | 7

Appendix 2 Money in Economics is like Energy in Physics

Comparison with the first steps taken by Planck to develop Quantum Physics
The main purpose in this Appendix is to reconsider the simple problem of determining the combined total and the average net worth of the billionaires in a country. This also serves a nice way to understand the very first steps taken by Max Planck, in his famous paper, presented to the German Physical Society on December 14, 1900, which marks the birth of modern quantum physics; see nice review article by Gearhart (click here). Tables 1 and 2 actually provide a nice illustration of how Planck develops quantum physics. I have intentionally used the notations used by Planck for the totals and the averages given in the last two rows of Table 2. Planck starts by discussing the meaning of entropy and how it arises in any complex system of interest to us. He then gives a small table very similar to Tables 1 and 2 here, see below, in his famous December 1900 paper. An English translation of Plancks original paper is available and can be found in the book Great Experiments in Physics, edited by Morris H. Shamos (Dover Publications, 1959, pp. 301-314). Planck was distributing energy among N particles (or oscillators, as he calls them) where N = 10 in his simple example. Here, we have N = 10 billionaires. And, instead of energy, we are distributing money among them. Plancks example of distribution of P units of among N entities Particle No. 1 2 3 4 5 6 7 8 9 10 Energy units 7 38 11 0 9 2 20 4 4 5 The total of all the units in the second row UN = 100 = P = NU and N = 10 Planck explains that the same total energy can be distributed in many different ways among the N = 10 particles. It is the same with money. The same total wealth could be distributed in many ways among the N = 10 billionaires. This is Plancks explanation for how entropy develops in the
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system. Like the energy UN= NU the entropy SN = NS is another important property that can be associated with the system of N particles. (The subscript N means that we are dealing with the total for N particles or entities.) The more the number of ways of doing something, the higher the entropy of the system. Just like the particles in physics have the properties called energy and entropy, the entities (billionaires of N or the N different products that produce revenues and hence wealth for a company, and so on) of a financial, social, or economic system also have entropy. Money is also a property just like energy. Hence, instead of associating the meaning of energy with the symbol U in Plancks paper, we can associate the meaning money to the same mathematical symbol. With this background, we can now proceed to derive all of the Planck equations by mentally substituting the word money for energy. Then, we will arrive at the average value of any property of interest for a complex system with N entities being placed in many different states. The property of interest, instead of energy, is money, revenues, price (if we consider the stock market and many different shares), gasoline consumption (if we want to model the fuel economy, or the average gasoline price), etc. In all cases, there is entropy in the system, since the same macrostate can be manifested from many microstates. This multiplicity of microstates is a measure of the disorder, chaos, randomness, or the many ways of doing something. Cheers! Now, we understand entropy as well. Plancks definition of temperature T using energy U and entropy S Planck considers the distribution of a fixed total energy UN in a system of N = 10 particles (or oscillators as he calls them). The total energy UN = NU where U is the average energy. Planck uses this example to show how entropy arises in a system. As the energy U increases the entropy S also increases. The rate of increase of U with respect to entropy, i.e., the derivative dU/dS is the temperature T of the system. This is the combined statement of the first and
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the second laws of thermodynamics: dQ = dU + dW and dQ = TdS where dQ is the heat added at temperature T. The first law, dQ = dU + dW, is also the statement of the law of conservation of energy. The second law defines entropy via, dQ = TdS. The first law is also used to analyze the workings of modern heat engines such as the engines that we find in our cars, airplanes, spacecrafts, rockets, etc. The heat added dQ is converted partly into the internal energy dU of the system and also results in some useful mechanical work done dW (which produces the desired motion). In the limit, when dW = 0, dQ = dU = TdS and we get T = dU/dS. This is the definition of temperature used by Planck in his December 1900 paper. The rate of increase of the energy U as entropy increases is equal to the temperature T of the system. Hence, if a system of interest to us possesses the properties of energy U and entropy S, we can define its temperature T as the derivative T = dU/dS. Instead of energy U, as defined in physics, we could consider any other property of interest, such as the distribution of money between N billionaires, or N people, or revenues between N products of a company, and so on. Entropy arises because there are many different ways in which the same total UN can be distributed between the N entities, particle, billionaires, product streams, etc. Before deriving the formula for average U when N is very large, Planck introduces the following notion of an elementary quantity . Let UN = NU = P ...(1)

Here N and P are both very large integers. The product NU could also be written as the product P, just 18 = 2 x 9 = 3 x 6 or 24 = 3 x 8 = 4 x 6. Planck then derives the expression for U, when N is a very large, after introducing the idea of entropy S via what is now called Boltzmann statistics, or the elementary theory of permutations and combinations. The total entropy is given by the expression first introduced by Boltzmann into physics.

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SN = k ln + S0 where and, giving, = (N + P 1)! /(N 1)! P! (N + P)N + P / NN PP ln = (N + P) ln (N + P) N ln N P ln P

..(2) ..(3) ..(4) ..(5)

Here k is a proportionality constant, now called the Boltzmann constant and S0 is a nonzero additive constant, similar to the nonzero intercept c that must be included in the general equation for a straight line. The total entropy is proportional to the natural logarithm of plus the additive constant S0 and is the number of ways of distributing P elementary units of among the N entities. The expression for used by Planck is based on the expression given earlier by Boltzmann in his 1877 paper (see equations 5 and 6 on page 13 of the Gearhart review article and the example given by Boltzmann to compute and explain how entropy arises in a system, also click here for more details, What is Entropy?, http://www.scribd.com/doc/95728457/What-is-Entropy). The notation P! means the factorial of P and is P(P -1)(P-2) .2 x 1. For example, the factorial of four is 4! = 4 x 3 x 2 x 1 = 24, the factorial of 3 is 3! = 3 x2 x 1 = 6 and so on. The approximation P! PP applies when P is a large integer and is known as Stirlings approximation. Planck uses the expression for ln to arrive at the following expressions for total entropy SN and the average entropy S, after some straightforward algebraic manipulations. SN = Nk { [1 +(P/N)] ln [1 + (P/N)] (P/N) ln (P/N) ] } S = k { [1 +(P/N)] ln [1 + (P/N)] (P/N) ln (P/N) ] } ..(6) ..(7)

Now Planck invokes P/N = U/ to get rid of the integers N and P. He then introduces T = dU/dS, or 1/T = dS/dU, and arrives at the expression for U in terms of T and .

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S = k { [1 +( U/)] ln [1 + (U/)] (U/) ln (U/) ] } and, dS/dU = 1/T Hence, U = /[e/kT 1] = [ e-/kT /(1 - e-/kT) ]

..(8) ..(9) ..(10)

Introducing the expression for U in equation 10, into the classical power law equation, y = mxn, also called the Rayleigh-Jeans law, completes Plancks mathematical development of quantum theory. This power-law relates the intensity of radiation y, also called radiation density or energy density, to the frequency x. (Planck calls y the energy density in December 1900 paper. In his review article, Gearhart calls it the radiation density.) The Rayleigh-Jean law is written as u = (8U/c3)2 with y = u , x = , the frequency, c the speed of light, the power law n = 2, m = (8/c3)U. Plancks theory developed the new expression for the average energy U. Thus, using the most general mathematical symbols, we arrive at the powerexponential law given below. The quantity with the square brackets is Plancks factor above. y = mxn [e-ax /(1 + be-ax) ] + c ..(11)

In Plancks law, x is frequency and y is the energy density, b = - 1 and c = 0, a = hf/kT, n = 3, with f being the frequency. For n =1 and a = 0, equation 11 becomes the equation for a straight line. Einstein uses equation 11 with b = 0, i.e., y = mxne-ax (also known as Wiens law) to show that light can be treated as a stream of particles with the elementary energy unit introduced by Planck. Note the average energy U is the elementary unit of energy multiplied by the factor within the square brackets which has been highlighted intentionally. (In his 1905 paper, Einstein also starts with a discussion of exactly the same idea of entropy and applies it to radiation in the form of light. The expression for entropy is compared to the classical expression for entropy change in an ideal gas. This leads to the conclusion that light can be thought of as a stream of particles, each having the elementary energy unit .)
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We can follow the same steps now by: a) Replacing energy U by money or any other property that is to be distributed between N entities. b) The expression for entropy applies for all systems, even outside physics, which is simply many different ways in which the same system can exhibit the same average property denoted by U which need not be identified with energy but any general property. c) The product UN = NU = P and we thus conceive an elementary unit . d) The expression for temperature T applies and T = dU/dS. Thus, we start with equation 1 for the averaging process and the elementary , and equation 2 for the total entropy SN , and we arrive at the expression for the average value U for any system, outside physics. Finally, instead of the first law of thermodynamics, or the law of conservation of energy, other systems have similar conservation laws. For a financial system, Revenues R = Costs C + Profits P, or Profits = Revenues Costs. In symbols, P = R - C. This is similar to dQ = dU + dW or dW = dQ dU, Likewise, in unemployment studies, Total labor force L = Number of Employed workers E + Number of Unemployed workers U, or U = L - E. For the government budget discussions, Receipts = Outlays + Surplus. In Einsteins photoelectric law, K = E W, which is analogous to P = R C. Thus, money in economics is just like energy in physics, or vice versa. Hence, with appropriate change of notations, the key equations of quantum physics can be extended to many problems outside physics. The most useful of all is the conception of a work function and the linear law for photoelectricity deduced by Einstein using Plancks equations. This has been discussed in details in other articles in this series which discuss the billionaire creation problem, see reference list provided before the Appendices.

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Finally, it should be noted that Einstein has also used this analogy between energy and money in a famous essay entitled E = mc2, written in 1946, shortly after the atomic bombs were dropped over Hiroshima and Nagasaki to end World War II. To explain his famous equation relation energy E, the mass m, and the speed of light c, Einstein says, lets imagine a very rich but miserly man. During his lifetime, no one knows that he is rich because he never gives away any of his money. But, when dies, in his will, he bequeaths his wealth to his two children with the stipulation that a small part of the wealth be given away in charity. Thus, M = M1 + M2 + M where M is the total wealth, or money, and M1 and M2 the parts bequeathed to the children and M the small amount that must be given away in charity. Although the amount of money M is very small compared to M or M1 and M2, it is nonetheless a very large sum of money and its beneficial effects are immediately felt by society. And, so it is, says Einstein, with the energy possessed within the nucleus of an atom. When the nucleus of the uranium atom splits up into two parts, the same equations apply with M now being the total mass of the uranium atoms and M1 and M2 the masses of the two daughter nuclei into which it splits and M is the very small mass that is transformed into energy E with the multiplying factor c2, the square of the speed of light. Since the speed of light is so large, its square is a very large quantity and the small M becomes a very large energy whose effects are seen (as in the devastating atomic bombs, or harnessed for peaceful purposes, as in a nuclear reactor). Thus, E = (M) c2 or E = mc2. This is how Einstein explains the worlds most famous equation (click here to read the essay or click here); see also David Bodanis, E = mc2: A Biography of the World's Most Famous Equation (New York: Walker, 2000). In other words energy in physics is just like money in economics, or vice versa. Now, we can go beyond just analogies and arrive at mathematical conception of this equivalence of energy and money via a re-interpretation of the meaning of the various symbols in Plancks famous derivation of the formula for the average energy U of a system of N particles placed in various microstates, all of which lead to the same macrostate.

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a) E = mc2: The Meaning of the Formula, by Albert Einstein (1946) http://books.google.com/books?id=U6bVfOPfnKcC&pg=PA350&lpg=PA 350&dq=einstein+1946+essay+pendulum&source=bl&ots=eB0NbZ3njs &sig=sLaQcsusulRY8yenK8J9D4AX5bQ&hl=en&sa=X&ei=DkA_UcerIKq6 0QG30YDAAg&ved=0CEUQ6AEwAzgU#v=onepage&q=einstein%20194 6%20essay%20pendulum&f=false Full text of the essay can be found here. Einstein starts by explaining the meaning of energy conservation by considering the case of a pendulum swinging back and forth freely under the influence of gravity. Later he discusses the rich and miserly man to explain the meaning of the formula for mass-energy equivalence.

b) E = mc2 : The Most Urgent Problem of our Time, November 25, 2005, by Taimur Khan, http://taimur.org/2005/11/25/einstein/ c) Einsteins letter to President Franklin D Roosevelt, and FDRs reply dated October 19, 1939 see page 129 of this document by Bodanis, http://www.scribd.com/doc/55581293/E-Mc2-a-Biography-of-theWorld-s-Most-Famous-Equation d) The theory of relativity and other essays by Einstein, http://vobisestspe.blogspot.com/2006/04/theory-of-relativity-andother-essays.html

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About the author V. Laxmanan, Sc. D.

The author obtained his Bachelors degree (B. E.) in Mechanical Engineering from the University of Poona and his Masters degree (M. E.), also in Mechanical Engineering, from the Indian Institute of Science, Bangalore, followed by a Masters (S. M.) and Doctoral (Sc. D.) degrees in Materials Engineering from the Massachusetts Institute of Technology, Cambridge, MA, USA. He then spent his entire professional career at leading US research institutions (MIT, Allied Chemical Corporate R & D, now part of Honeywell, NASA, Case Western Reserve University (CWRU), and General Motors Research and Development Center in Warren, MI). He holds four patents in materials processing, has co-authored two books and published several scientific papers in leading peer-reviewed international journals. His expertise includes developing simple mathematical models to explain the behavior of complex systems. While at NASA and CWRU, he was responsible for developing material processing experiments to be performed aboard the space shuttle and developed a simple mathematical model to explain the growth Christmas-tree, or snowflake, like structures (called dendrites) widely observed in many types of liquid-to-solid phase transformations (e.g., freezing of all commercial metals and alloys, freezing of water, and, yes, production of snowflakes!). This led to a simple model to explain the growth of dendritic structures in both the groundbased experiments and in the space shuttle experiments. More recently, he has been interested in the analysis of the large volumes of data from financial and economic systems and has developed what may be called the Quantum Business Model (QBM). This extends (to financial and economic systems) the mathematical arguments used by Max Planck to develop quantum physics using the analogy Energy = Money, i.e., energy in physics is like money in economics. Einstein applied Plancks ideas to describe the photoelectric effect (by treating light as being composed of particles called photons, each with the fixed quantum of energy conceived by Planck). The mathematical law deduced
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by Planck, referred to here as the generalized power-exponential law, might actually have many applications far beyond blackbody radiation studies where it was first conceived. Einsteins photoelectric law is a simple linear law and was deduced from Plancks non-linear law for describing blackbody radiation. It appears that financial and economic systems can be modeled using a similar approach. Finance, business, economics and management sciences now essentially seem to operate like astronomy and physics before the advent of Kepler and Newton. Finally, during my professional career, I also twice had the opportunity and great honor to make presentations to two Nobel laureates: first at NASA to Prof. Robert Schrieffer (1972 Physics Nobel Prize), who was the Chairman of the Schrieffer Committee appointed to review NASAs space flight experiments (following the loss of the space shuttle Challenger on January 28, 1986) and second at GM Research Labs to Prof. Robert Solow (1987 Nobel Prize in economics), who was Chairman of Corporate Research Review Committee, appointed by GM corporate management.

Cover page of AirTran 2000 Annual Report

Can you see that plane flying above the tall tree tops that make a nearly perfect circle? It requires a great deal of imagination to see and photograph it.

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