There are many claims that his family were exceptionally wealthy on account of his grandfather - however his grandfather had 10 children and 37 grandchildren so it's unclear how "cash rich" his immediate family actually was.
There are 3 children in his family. He was at a $40k/year high school, surely a feeder school before that, if it wasn't all-grades, and no reason to think the other siblings were denied similar schools. So likely for at least 12 years+ there were at least two kids in private school at all times, so conservatively $60-80k/year cash out of pocket.
Then you have 15 years of at least one kid in college.
This year, Penn provides an estimated all-in cost of on-campus undergrad expenses of over $90k. $76k off-camplus + whatever you figure out for rent.
Total Budget | $92,288 | $91,474 | $76,076 |
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Go back a few years, so call it $320,000 for the four years for Luigi's post-secondary education.
His sister, MariaSanta, did undergrad at Maryland, then EIGHT years at Vanderbilt (2012-2020) (private and notoriously expensive) getting a PhD (and I believe an MD, as she's supposedly now a physician).
His other sister, Luciana, went the other rich kid route: College of Charleston (private, easy) majoring in international business with a minor in studio art and Italian. Worked in art galleries in Charleston and in Florence (Italy) during school. Possibly lived in an apartment in a chic part of Charleston - her parents bought one for $820,000 in
2014, the year she was graduated. Tried a business career in retail, then quit to become a full-time artist.
You could knock it all way down and they still spent millions.
They clearly also went on vacations, donate money, etc.
They are very cash-rich.
So to have an actual clear picture you would need to know just the insurance arms profit margins
Optum has higher net margins than UHC.
UHG profit margin in Q3 2024 was 6.0%, down from 6.3% the prior year's Q3. UHC profit margin in Q3 2024 was 5.6%, down 1.0% YOY (Q4 2023 was 4.4%), and Optum's was 7.0%, down 0.4% yoy.
UHC commercial domestic customers number increased 2.4 million ytd at the Q3 results release.