The billionaire class: a threat to democracy? | Business Beyond

There are just a few thousand billionaires in the world. But their number is rising. And combined, they control a vast chunk of the entire wealth of the planet. They are also getting wealthier. According to Oxfam, the 10 richest in the world have doubled their collective wealth since the start of the coronavirus pandemic - helped by soaring stock markets and our increased reliance on technology.
In this edition of Business Beyond, we'll look at what it takes to become a billionaire in the countries which produce the most. We'll even speak with one. And we'll ask a key question: should billionaires be allowed to exist?

Chapters:
0:00 Intro
01:42 USA: The World’s Richest
06:00 China: The Most Billionaires
09:02 Russia: Oligarchy
12:45 India: Nikhil Kamath
14:45 Inequality
16:27 Sharing The Wealth
19:08 Billionaires: Do we need them?
20:15 Goodbye

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[lewisII]

Man I love this guys double standards
When the poor say "tax the rich!" They say you can't because it would cost jobs.
But when they destroy middle class companies and their workplaces it's "just the game of business"

[techcafe]

Indian billionaire says 'money is freedom'... in this world we've created for ourselves, indeed; and a select few are much freer than the rest of us.

[singularity___]

All you have to do is look at the political influence of an average person vs. a billionaire and that tells you just about everything you need to know. The billionaire undeniably has much greater influence because of who they're able to sponsor with their money, which obviously isn't supposed to be the case in a democracy

[murraynelson]

The USA is also an oligarchy, I believe officially by definition since 2014.

[GladysAlicea]

During the 50's and 60's, when millionaires were the highest income earners, they paid appropriate taxes, and life was fairly good for almost all of society. Today, workers pay more taxes than the billionaires, and don't earn fair wages, a pension, benefits, etc. These are the people who are the primary necessity to increase company productivity and ultimately the owner's wealth, yet they're treated as paid slaves. The rich are anti-union, anti-worker safety, anti- anything that will lessen their personal profit, while simultaneously buying politicians and gaining more power. This is not sustainable and, unchecked, will continue to destroy society and democracy. I predict the young of today and tomorrow won't accept it and at some point will revolt and act against it. At least, for their sake, I hope they do.

[john_doe_not_found]

First, the monetary system is a system where money generates money. For someone making minimum wage, they will struggle to build a nest egg because their day to day cost of living eats what they make. But if they can get a pool of money earning interest or market returns, they can start to climb the ladder.
This system greatly advantages intergenerational money. Someone born with a huge pool of capital invested and earning money will never struggle unless they self destruct through bad choices.

[bmac]

What could the super-rich be saviors of? Inequality? Injustice? Corruption?

[zoranhorvat]

at some point the money aint enough, they want to be the Supreme Being holding your fate in their hands

[AdsaAdad]

Its entertaining watching who earn a bit more than minimum wage defending billionaires lmao

[Ddkrew]

“Buys you policy and impunity from justice”…good it is finally being seen…

[hereigoagain]

We tend to glorify billionaires as great entrepreneurs who add value and change the world. Most of the super wealthy are descendants of these founders. Their main occupation is meeting with their financial advisors.

[perfectvibes]

It's not the billionaires as much as the governments that allow such things to happen

[franzjoseph]

The fact this is even a question is truly dystopian.

[WayWillow]

They have ALWAYS been a threat to the common man. Hence a House of Commons. Oh they bought that also ⚘😔😔😔😔😔😔😔

[farticlesofconflatulation]

Inequality is rising just as much as new opportunities in tech are opening. Can’t blame the go-getters for siezing oportunies and becoming stewards of wealth.

[shadowdemon]

I just have to point out that if you photoshop Elon into a powdered wig and 1700s clothes, he looks just like a old-time British royal. Think of that what you will.

[MrBirdistheword]

The billionares that wear the small hats are sure too powerful

[mikhelBrown]

Billionaires are not the problem. Corrupt politicians have become better liars. If public servants start doing their jobs as required, progress will be made and life will become bearable.

[brettb]

I don't have a problem with ambition and success: a progressive income tax and fair tax laws work well, but seldom exist - particularly in the United States where spending on elections has been equated to "free speech" the concentration of wealth and power does lend to the large projects that governments are not always capable or willing to carry out. However, the wealth should not be passed on to the next generation or sequestered away in powerful foundations, NGOs, shell companies and offshore banks. An escalating inheritance tax would take zero of the 1st $4 million then 1% more of each additional $4 million, to 100% at $404 million. Ideally this would be applied worldwide to every person, particularly monarchs.

[BoydGilbreath]

Pledging money and actually spending it on the poor are two different things. Most charities funnel the money back to the billionaires.