At the beginning of the year, we wrote about how billionaire Bill Gates buys agricultural land across the United States. Although it was not clear at the time why it was doing that and what the purpose of that land would be, almost 100,000 hectares in 18 American states was a signal for the others as well.
New Ways To Make Money
According to CNBC, the reason for the increasing investments is because the rich are looking for new ways to make money. According to their writing, it is also known what Gates is doing on his land. On his farmland, onions, carrots, and even potatoes are grown, which are used to make french fries at McDonald’s. Jeff Bezos has twice as much as him, and the largest landowner in the U.S. is billionaire John Malone, who owns just under 890,000 acres. According to CNBC data, the 100 largest landowners have 1.86 percent of the total area of the United States. Most of their land is made up of forests, ranches and farms.
The U.S. Department of Agriculture estimates that 30% of all agricultural land is owned by people who do not cultivate the land themselves. They often buy land from farmers who have owned it for decades; but who are rich in property but not in cash.
“They spent their whole lives on that land. Their capital in that country is also related to the sale of land, “said Holly Ripon-Butler, director of the National Coalition of Young Farmers.
Leased And Owned Land In The US
Private landowners also make a profit by using the land in a number of ways. Approximately 39% of the 370 million acres of arable land across the U.S. is leased to farmers, and 80% of that leased farmland is owned by landowners, according to data from the Department of Agriculture.
“Young farmers are also happy to rent land, because whether you’re young or old, it’s a job, isn’t it?” Says Thomas Peterfi, president of Interactive Brokers and owner of 235,122 acres.