The poor will rise up!: Billionaires fear
The total wealth held by the world’s billionaires rose by 17 percent in 2016 to $6 trillion, but these privileged masses are concerned that this inequality, this poor distribution of wealth, could lead to society turning against them.
This combined wealth hasn’t been seen since the period known as the Gilded Age in the United States.
This period of US history ended with society pushing back against the wealthy, with huge businesses and personal fortunes being taken down.
Joseph Stadler, lead author of the UBS / PwC Billionaires report thinks that these modern billionaires are worried that a similar phenomenon could occur today.
After all, there are now 1,542 dollar billionaires across the world and their wealth keeps increasing. Stadler’s focal point was how this intense wealth affects the rest of the world- ” how society reacts to the concentration of so much money in the hands of so few”.
Small steps are being taken to bridge the inequality gap. The International Monetary Fund (IMF) recently recommended western governments should increase taxes for the top 1% earners.
Despite media coverage encouraging this staunch difference in wealth, Stadler insists the opinion that the wealthy keep their money to themselves is incorrect.
He adds that 98% of billionaires’ wealth found its way back into wider society and said the world’s super-rich employed 27.7 million people – not far behind the number of people in the UK workforce.
Billionaires have started hosting art gallery openings and public exhibitions, sharing their vast collections with the public. Individuals are desperately trying to appeal to the mass population and dispel any ill feeling.
Recent gallery openings include The Broad in Los Angeles, funded by Eli Broad – the world’s 65th richest person with a $7.4bn fortune. Japanese billionaire Soichiro Fukutake is building a series of galleries to house his art collection on islands in Japan’s Seto Inland Sea.
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