Wealth concentration is growing faster than ever and creating a new category of ultra-rich: the superbillionaire. If technology evolves at an exponential pace, maybe wealth will follow the rhythm, as most members of this new elite emerge from the sector. It may not be that long until we see the first known trillionaire in history\u2014while some argue that such a man may already exist with a very well-protected identity or discreet management of patrimony.<\/p>\n
When we compare the first list of rich people ever published by Forbes in 1987 to the most recent publication of the American magazine\u2014the main one covering wealth globally\u2014we can see how dramatic the situation is. At the time, the list was composed of 140 individuals who, together, had roughly US$295 billion. The richest man on earth back then was Yoshiaki Tsutsumi, a real estate wizard from Japan with a fortune of US$20 billion. That was already an impressive amount to hold, if you think about it.<\/p>\n
Nowadays, however, a group of 24 individuals makes this seem like a modest bank account. These gentleman, the \u201csuperbillionaires,\u201d are defined by having a fortune equal to or greater than US$50 billion individually. More than that, 16 of them are already in the \u201ccenti-billionaire\u201d category, with more than US$100 billion each. One of them is Elon Musk, who is worth around US$419.4 billion alone, representing much more than the 140 billionaires combined from the 1980s by himself. The club includes also Jeff Bezos ($263 billion), Amazon’s founder, Bernard Arnault ($239 billion), from LVMH, Lawrence Ellison ($237 billion), behind Oracle and
\nMark Zuckerberg ($220 billion), the co-founder of Meta.<\/p>\n
Most economists argue that this concentration of wealth exacerbates political and economic disparities, while neoliberals defend it as a necessary outcome of market-driven innovation. The predominant sector, of course, is technology. Among the top 10 richest men on earth, six built their fortunes working in this industry and, despite efforts to be perceived as \u201cself-made,\u201d many are actually a result of inheritance. Musk himself is the heir to emerald mines in South Africa\u2014a piece of information he still denies today, despite evidence.<\/p>\n
The reason why the wealth of the richest individuals has skyrocketed is, in fact, a combination of financial market gains, aggressive business expansion, and favorable tax policies. The pandemic also played a crucial role in this process, as digital businesses and technology giants thrived while traditional industries struggled. This uneven growth has led to predictions that the world\u2019s first trillionaire could emerge within the next few years.<\/p>\n
It wouldn\u2019t be a problem if wealth increased worldwide, if it weren\u2019t for the global continuously rising inequality and, consequently, poverty. At the same time that the superbillionaires have emerged, the number of people living under the World Bank poverty line, defined as US$6.85 a day, has barely changed since 1990 and is close to 3.6 billion\u2014equivalent to 44% of the world\u2019s population. It is also a matter of gender, since one in ten women lives in extreme poverty, with less than US$2.15 a day, which means 24.3 million more women than men in extreme poverty.<\/p>\n
Governments around the world face increasing pressure to regulate wealth accumulation more effectively. Proposals such as wealth and inheritance taxes, stricter corporate regulations, and policies promoting economic inclusivity are gaining traction. However, resistance from powerful interest groups and concerns about capital flight to other countries with more permissive rules make these measures difficult to implement.<\/p>\n
At the same time, philanthropy has been presented as a solution, with billionaires pledging to donate large portions of their fortunes to social causes. While initiatives like the Giving Pledge have mobilized significant resources for global issues, many argue that voluntary donations are insufficient to address structural inequalities.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wealth concentration is growing faster than ever and creating a new category of ultra-rich: the superbillionaire. If technology evolves at an exponential pace, maybe wealth will follow the rhythm, as…<\/p>\n","protected":false},"author":4,"featured_media":1332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[229,228],"tags":[827,82,830,829,826,828],"class_list":["post-1328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news","tag-billionaire","tag-featured","tag-inequality","tag-poverty","tag-superbillionaires","tag-wealth"],"yoast_head":"\n