In effect, he said, it made private spending worth less.
Last month, it managed to receive financing commitments from private investors worth $90 million that it said would keep it afloat.
In December the Ministry of Defence (MoD) revealed that it had already signed contracts with private suppliers worth about £26 billion ($50 billion) over the next 30 years.
The top 1 percent of Americans owns 34 percent of America's private net worth, according to figures compiled by the Economic Policy Institute in Washington.
Uber's fund-raising arms race comes against the backdrop of falling valuations for many Silicon Valley unicorns — private companies worth $1 billion or more.
It also introduced a superior delivery service and built a business model so successful that the company became a unicorn – private firm worth $1bn or more.
Federal contracts with private businesses, worth about $16 billion, have "created or saved" more than 30,000 jobs, according to figures released on recovery.gov, the government Web site.
At his death at 70 in 1990, Forbes owned 4,000 American presidential autographs and manuscripts, the largest and most important collection in private hands, worth $35 million to $55 million.
Two years after his death in 2008, four paintings from his private collection worth an estimated £20m are to be put up for sale, and will, according to experts, present another side of Crichton's creativity.
The center focuses on academic programs in international development, while the institute, which closed shortly after Professor Sachs left it, solicited public and private grants worth millions to provide economic advice around the world.
