Do We Really Need a Trillionaire?, Daily Brief January 15, 2024

As the annual gathering of the extreme elite kicks off in Davos today, I’m reminded of an argument I often have with an old friend.

It always starts with some news item about the number of billionaires somewhere: “the US is doing great – look at the number of billionaires they have!” Or, “you can see China’s getting better by the increasing number of billionaires there.” Or, “Look at the number of billionaires in India now!”

The prospect of the world’s first trillionaire has him almost unbearably excited: “Who will it be?”

To these friendly provocations, I eventually crack and respond with something like: does humanity really need a trillionaire? In what way will the world be a better place when someone becomes the first trillionaire?

Then, I remind him that the number of super-rich people says nothing about the greatness of a country. Greatness, to me, has far more to do with the overall happiness of its population. Some say billionaires create wealth (and therefore happiness, in their eyes), but, practically by definition, it looks more like they’re hoarding it.

Vast riches have always sparked admiration among many folks like my friend, but they’ve also increased envy and resentment among others. A system perceived as unfairly benefitting a tiny few while the vast majority are essentially told to live on the scraps of what the rich leave behind doesn’t sound like a stable system to me. I don’t see any national benefit there.

What’s more, extreme inequality is a human rights issue. Among other things, it contributes to corruption and mismanagement of public resources, which further reduces access to the keys to a dignified life: affordable healthcare, quality education, adequate housing, a living wage, social protection, and safe drinking water.

Human Rights Watch research frequently exposes how people in poverty are often more vulnerable to having their rights violated. Extreme disparities in wealth mean extreme disparities in power, and thus a greater potential for human rights abuses, which, of course, tends to happen more to those without power than to those with it.

To coincide with the start of billionaires’ private jets arriving for the World Economic Forum Annual Meeting in Davos, Switzerland, Oxfam has published a new report on global inequality. It reads:

“Since 2020, the richest five men in the world have doubled their fortunes. During the same period, almost five billion people globally have become poorer. Hardship and hunger are a daily reality for many people worldwide. At current rates, it will take 230 years to end poverty, but we could have our first trillionaire in 10 years.”

That doesn’t sound like greatness to me.