`Apple has more cash than US Government`
Computer giant Apple has more cash in hand than the United States government, that is struggling with a debt crisis.
Washington: Computer giant Apple has more cash in hand than the United States government, that is struggling with a debt crisis, figures have revealed.
Official figures showed the US Treasury has 44.8billion pounds in cash in its books, compared with 46.3billion pounds at Apple, the Sun reports.
Finance experts yesterday said the news would increase the nervousness of money markets.
The new figures reduced America`s growth rate for the first quarter, and meant the US economy grew by just 0.1 per cent between January and March.
The US is currently spending 122 billion pounds more than it collects in tax revenue each month.
However, Apple last week reported the most successful three months in its history.
The company sold an incredible 20.3 million iPhones alone between April and June.
Industry watchers believe Apple may be building up a war chest to be used for strategic acquisitions of other businesses, and to secure technology patents.
Economists believe American companies are sitting on around 750billion pounds in cash, equal to the entire output of Mexico.