wealth – Random Thoughts on an Imperfect World

Why Philanthropy Doesn’t Compensate For Obscene Wealth Inequality

My previous posts have dealt with the fact that, even in the midst of a catastrophic pandemic, the ultra-rich are getting richer. However, it is well known that many of these obscenely wealthy people have given millions, and in some cases billions, to “good causes”. Surely this makes up, at least to some extent, for worsening global wealth inequality? In my last entry I made the point that the ultra-wealthy are, as a group, highly competitive: even to the extent of, in some cases, competing regarding how much of their wealth they give away!

How Do The Ultra-rich Think?

My last post dealt with the richest man in the World, and the fact that to qualify as being ultra-rich one would “only” need a net worth of $30 million: a tiny fraction of Jeff Bezos’ $200 billion fortune. We live in a World where millions of people still live in extreme poverty, without access to the very basics of existence. In the UK, one of the wealthiest countries on Earth, an increasing number of families rely on food banks. Even those who have work in this country often have no savings and, as the current pandemic has shown, are one pay cheque away from financial disaster. At the other end of the scale, globally there is an increasing number of millionaires, billionaires, and indeed centibillionaires! What must it be like to go through life never having to worry about how to put food on the table, how the bills are going to be paid, and how you are going to set aside enough money for your retirement (if you live that long)?

The Ultra-rich Will Always Be With Us

I apologise for not writing for a while, but I was away for a short break and it is sometimes difficult to “get back in the saddle” as far as writing is concerned! Before I left, I spotted an article on Forbes.com which stated that Jeff Bezos, the World’s richest man, was now richer than ever. He had, in fact, “crossed a milestone previously unseen in the nearly four decades Forbes has been tracking net worths” by becoming the World’s first ever person to have a net worth of over $200 billion!