Mega Millions winners are rich, but not THAT rich - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Mega Millions winners are rich, but not THAT rich

By JIM SALTER and MICHAEL TARM
Associated Press

ST. LOUIS (AP) - Congratulations, Mega Millions winners! You've just won the biggest lottery in history! Move over Bill Gates and Warren Buffett!

Not so fast, Richie Rich.

By taking the lump sum, and after paying taxes, you're likely to clear roughly $100 million each. There's no doubt that you're now a member of the 1%.

But let's just not get carried away.

Thirty years ago, had you won the jackpot alone, the $300 million would have been more than enough to land you on Forbes magazine's annual list of the 400 richest Americans.

But you're splitting it three ways. And in 2011, you would have needed $1.05 billion to tie four others for last place on a list topped by Microsoft co-founder bill Gates.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly