Okay a quick breakdown of what I have in my racks:
Compressors x11
Limiters x2
Eq (stereo) x5
Digital fx x6
Patchbays x6
Synths/Samplers x31
Plus all sorts of other stuff like audio interfaces, midi interfaces, other outboard, hard drives, DAT & cassette recorders, CD-ROM drives, mixers, etc.
The point is, you don't always use it all at the same time. You have different gear for different uses, for different sounds.
For example, I'm working on some rock songs with my brother. I'll use one compressor for the vocals, another for the guitars, another for the drums, and yet another for the bass. So there's four compressors right there for a simple song. And it's nice to have a variety to choose from, in order to match the tones and response to the track well.
It's not like one should just go out and buy all this stuff at once. The way to do it in my opinio is to gradually build up a collection over time, and based one need.