I agree with the reasoning, but I extrapolate Rayleigh's case because it's different. He's not simply an underling, he's an equal to Roger. His name is in the books, is treated as a legend alongside Newgate and has the narrative role of mentor to the protagonist. I easily put Rayleigh above 3 billion and I think it will be close to Zoro's final bounty
That probably puts him at 2 billion
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That probably puts him at 2 billion