“Bill Gates is buying up the majority of American farmland and BlackRock is buying the majority of single family houses but I’m supposed to believe the biggest threat to us is Elon Musk buying Twitter?,” read a Twitter post that was liked or shared more than 250,000 times.
But Gates doesn’t own more than 50% of U.S. farmland, according to The Associated Press. Even with recent purchases, he owns less than 1% of the nation’s farmland.
Gates, with 269,000 acres, is considered the largest private owner of farmland in the country. But his share is a small percentage of the nearly 900 million acres of U.S. farmland, according to the Department of Agriculture…
Also, BlackRock does not own a majority of U.S. single-family homes, the AP said.
How much property ownership is too much? Putting the amount of land or property into percentages is one way to think about it. Gates owns less than 1% of the farmland, BlackRock owns under 50% of the homes. The first figure suggests Gates barely owns anything while the second number is not a great one to note since I suspect owning 49% would not assuage those who retweeted this (and the likely figure is way under 10%).
Putting the ownership in absolute numbers might make a different argument. Gates owns 269,000 acres. That sounds like a lot, even in a big country in the United States. Or, if someone said BlackRock owns 60,000 homes, that would sound like a lot, even in a country with many more homes than that.
But, before we decide what numbers to use, we have to know what the concern is: should someone own 1% of the farmland? Should a company own tens of thousands of homes? The numbers can help illuminate the situation but they cannot answer the moral and ethical questions of just how much should one person or organization own? Using big or shocking numbers (even if they are incorrect) to suggest people should pay attention to a particular social problem is not new.