Insite Risk Management president Christopher Falkenberg says he’s been-hard pressed to find a correlation between a client’s net worth, his or her perceived risk and the amount of security he or she is willing to accept
. reaches levels not seen since the years before the Great Depression. That raises questions about seemingly exorbitant corporate perquisites reserved for the wealthiest executives—like companies picking up the tab for personal security.looked at the five richest founders of public companies in the U.S. and found no correlation between growth in wealth and increased benefit for personal security paid by the firms they founded.
Berkshire Hathaway didn’t report security costs associated with protecting its avuncular CEO, Warren Buffett, until 2008, a year after a man with camouflage paint on his face and a fake gun tried to break into the billionaire’s home. In 2017, Berkshire spent $375,000 on personal and home security services for the Oracle of Omaha, a 16% increase from security spending five years prior. Over that same time Buffett’s net worth rose 72% to $75.6 billion. Today, his net worth stands at $82.5 billion.
“Let’s say you have a totally under-the-radar billionaire. Nobody knew who they were,” Falkenberg says. “If that billionaire had a totally ordinary lifestyle, literally lived a life like the dentist down the street … there is no more risk to that person than there is the dentist down the street, unless someone is opening their bank statements.”
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