Apple is £1.6 billion richer than the US government, official figures reveal. And with the country spending more money than it earns per month, that gap looks set to widen
Perhaps Steve Jobs should run for president?
According to official figures released by the US treasury, Apple has more cash to spend than the United States Government. With a reserve of $76.4 billion (£46.9bn), the tech juggernaut's healthy bank balance overshadows that of the governors of the world's largest economy, which currently has $73.7 billion (£45.3bn) in cash reserves.
The news comes just as President Obama is under tremendous pressure to tackle the country's debt crisis, otherwise it could face defaulting on its loans for the first time in its history.
Following July's quarterly profits call which saw Cupertino-based Apple achieve a 125 percent rise in profits in the three months running up to June, the company’s cash reserves exceed that of the US government's by £1.6 billion.
And that gap looks set to widen with the US Treasury revealing that the US is currently spending $200 billion (£122 billion) per month more than what it collects.
Whilst Apple’s cash reserves have been made open knowledge, it is unknown what the company plans to do with the money. However, that hasn't stopped many from speculating.
"Apple keeps its cards close to its chest," says Daniel Ashdown, an Analyst at Juniper Research. “Industry watchers believe that it is building up a war chest to be used for strategic acquisitions of other businesses, and to secure technology patents.”