The Rise of the Billionaire Class: A Consequence of Policy and Political Power

3 hours ago7 min read1 comments

The dramatic surge in the global billionaire population is not an organic economic event but the direct outcome of decades of deliberate political and fiscal decisions. The number of billionaires has exploded from a mere 66 in the U.S. in 1990 to nearly a thousand today, a trend mirrored worldwide with over 3,000 individuals now holding this status.This concentration of wealth has been engineered through the systematic dismantling of progressive taxation, particularly on capital gains and inheritance. The evidence is clear: the tax rate for the top 400 richest Americans has been cut in half over the last fifty years, while the tax burden on the bottom 90 percent has seen little change.This has fueled a massive transfer of wealth, with the share held by the top 0. 1 percent soaring from 7 percent to 18 percent.The political consequences of this wealth consolidation are now fully apparent. The fusion of immense private wealth and state power was on stark display during the second Trump inauguration, where billionaires assumed roles traditionally filled by elected officials.This visible shift has ignited a powerful anti-billionaire sentiment, reflected in a recent survey where 67 percent of Americans believe billionaires make society less fair. This modern class consciousness, championed by figures like Zohran Mamdani and policies like wealth taxes, echoes the populist movements of the Gilded Age.The rise of the 'centibillionaire'—a class that didn't exist a decade ago—and their extravagant displays of wealth exist in stark contrast to a declining American Dream. A child born today has less than half the chance of out-earning their parents compared to a child born in 1940.As history suggests, from the decline of Rome to the Progressive Era, such extreme inequality often precipitates a corrective political response. The central question is whether a democratic society can endure such radical concentrations of private power, or if a historical pendulum swing is now inevitable.

#billionaires

#wealth inequality

#tax policy

#protests

#featured

#Zohran Mamdani

#political sentiment

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