Now i am not very good at math now, its been almost 10 years since i finished college. But i came to the similar numbers, even though i made calculations before i even opened this thread and used a different "method"...
Here is my, practical example of the math theory:
I bought my gear before i could wear it ( used most of my skillpoints on AGI after the patch ), so i saved some gold, and could afford to lose it even with the worst odds. So... My total gear cost was around 37000, and after 20+ hours in-game, i have gained 5.000 gold. Basicaly its breaking even for me.
37k is far from 48k, but i guess, if one has 200-300k to "gamble" with - it will last for a good amount of time... If you only have 10.000 left when you buy your top 48k gear - you might get unlucky, and be naked in no time.
48.000 is not that much. I have a heirloomed 1h ( 6.5k ), a heavy board shield, heraldic chainmail, chainmail boots, chainmail gloves and a plated 50+ armor helmet ( + a great maul as my back-up weapon ). As you can see - its a very medium armor set. Both of my weapons and shield - are pricey for what they are.
I would have to drop something, if i want to get a good horse. Or a siege crossbow with high end bolts... Etc.
48k is actually not that stupid. I still hate the patch, but it is starting to make sense...