Not sure if this falls under politics or not but it seems, like everything else, that there is no middle ground on this issue. Which probably falls in line with there being no middle class.
You’ve got one group shouting “no one needs that much money, why can’t they cure world hunger” and another shouting “that’s part of capitalism they earned it, if you work hard enough you can be a billionaire too!”
True
shareThe people who say they shouldn't exist would be quick to set themselves up with their own privilege and deprive others.
Look at any socialist society
the ones in charge have it made.
That's called "wealth envy," usually generated by ignorant idiots who can't hang onto money of their own to save their lives, and being used as a pawn in taking over a country with veiled communism disguised as "socialism."
shareNo one has the right to say how much money another person can have, as long as said person accumulated their wealth via honest means.
Lots of people don't understand how Capitalism works. They confuse it with ancient times, when feudal lords would literally appropriate wealth and resources from the people they ruled over, using force. Back then, wealth was a static commodity and could only be taken from other people at their expense (mostly).
In our time, the free market (loosely speaking, without all the government interventions and what not) allows individuals to offer products and services that they invented, discovered or innovated, and let the market decide how well they do. Bill Gates came up with Windows after a lot of hard work and effort. There are billions of people who can operate a computer, but there are only a handful of people like Bill Gates who can come up with the product that the billions use. Humanity rests on the shoulders of these handful of giants who advanced us as a species by their ingenuity and creations / discoveries.
You don't have the right to say, "But no one needs that much money" - it's not your place to decide how much money another person should have, nor what they ought to do with it, no matter how noble you think your intentions are or how worthy the cause you're advocating for. You can think of many ways you can employ that hoarded wealth to improve the world, like fund research to cure diseases or feed people starving from poverty? Do it with YOUR own money - that's the only thing you have rights and a say over.
Millionaires and Billionaires should absolutely exist - they help economies progress by investing money into new ventures, risking their capital. Sure, there are bad ones among them who are selfish and maybe loath less fortunate people, but that's their problem, not a license for a greedy looter to appropriate their wealth under the excuse of having a noble intention.
I'll let you know as soon as I become a billionaire.
shareThe answer is Yes - they should exist. But only one. And it should be me.
shareWell many billionaires are deemed such due to the perceived worth of their stock in their own company.
You can be worth a billion but be cash poor.
Michael Jackson was a cash poor billionaire at the end of his life.
His catalogue was worth a billion but only if he died.
Some billionaires would have to sell their companies to get their worth but by doing so, would devalue the company. It's like a catch-22.
Tesla would not be worth as much if Elon Musk wasn't vested in it.