Billionaires are dangerous.
The world is witnessing more wealth inequality than at any time in history.
If billionaires decided a build a separate country for themselves, that country will in the top wealthiest countries.
Net worth calculated by Forbes every year accounts for only about two-their of their wealth. They take data that is available in the public domain. This includes their stock, house, vehicles. The remaining portion of the wealth is unknown to the public.
The world’s 2,153 billionaires have more wealth than the 4.6 billion people who make up 60 per cent of the planet’s population, reveals a new report from Oxfam today ahead of the World Economic Forum (WEF) in Davos, Switzerland.
How did the inequality trend change over the century?
During the 19th century and 20th-century wealth wasn’t so biased. It changed when technology improved.
In the 21st century, there is rising wealth inequality.
What are the reasons for this richness?
- Invention of engine
When the first combustion engine was invented in the 19th century, this boosted the manufacturing sectors. Many mills were set up by rich people. This made them produce a lot of yield in less time and with less labour force. Thus their profit. They replaced a major part of the workforce with machines, this made many unemployed and rich richer.
2. Improvement in Logistics.
Railways, sophisticated ships, and aircrafts made the high producing manufacturers market their product even from another country. This made manufacturers who rely on the traditional methods of manufacturing go out of the market as they couldn’t compete with their price.
This happened to the Indian textile manufacturers. Unable to compete with the British textile mills they left their business and started agriculture.
3. Rise in Information Technology
Digital payments, ads, e-commerce, etc made it even easier to do business using undersea cables. A lot of tech giants make millions sitting in a country and extending their market throughout the globe. This increased globalization exponentially. In the long run, they make the local businesses go bankrupt. We will observe their dominance in every field. In this type of system, some people make fortune without even working on anything. They just earn from their capital.
Conclusion
Governments have the ultimate power to control everything. There are many bodies meant for that. Countries should tax people according to their wealth very seriously. Globalization should not be practised excessively. Always go for local products, avoid big brands and services because whenever you buy from there you are just making a rich guy richer.
Remember there are millions of people in extreme poverty, think about them. If you can affording 3 meals a day means, you are in the top 20% richest people in the world. Charity should be practiced by whoever has the strength. This is the only solution that is available.
