How much money is too much money?
Updated: Oct 29, 2020
“The rich get richer and the poor get poorer”, throughout the past several years this statement has only gotten truer and truer. In 2020, the total number of billionaires stands at 2,095 which even though is lesser than 2,153 billionaires we had in 2019, is still a very long list of names. Even during the Coronavirus pandemic, billionaires around the world are seeing a surge in their wealth while millions of people are filing for unemployment around the world. Jeff Bezos, who sits at the top of the rich list throne and is miles ahead of others on the list, added an astonishing $24 billion to his net worth amidst the pandemic. At this pace, as per reports Bezos could be on his way towards being the world’s first Trillionaire by the year 2026.
This raises the question; ‘How much money is too much money?’ According to Oxfam, the world’s richest 1% has more than twice the wealth of the rest of humanity combined and reports from previous years shows how the richest have continued on to a dominant trend year after year. Just how much wealth can be enough for a person?
Let’s say there is a cap on how much a person’s net worth can be. Let’s say it’s in the ballpark of $400-600 million dollars. Even with this kind of capping you would find it difficult to think of a person who sits at that range and looks at the most expensive of things and says he/she can’t afford that. But it’s not about taking money away from the rich , it’s about balancing the distribution of wealth across the world. Creating funds and opportunities for people who are suffering and do not have the adequate means to live a life where they could fulfill their basic needs. It’s about improving the overall standard of living of people throughout the entire world.
The CEO of Facebook, who is consistently in the top 10 of World’s richest list even went on to say, “I don't know if I have an exact threshold on what amount of money someone should have, but on some level no one deserves to have that much money”, Zuckerberg continued, “I think if you do something that's good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable.”
The world still has a long way to go. Removing Regressive Taxes might prove to be a good first step in taking care of the poor. A regressive tax is a tax applied uniformly or at the same rate to everyone, taking a larger percentage of income from low-income earners than from high-income earners. It is in opposition to a progressive tax, which takes a larger percentage from high-income earners.
While the world’s richest 1% are on course to control as much as two-thirds of the world’s wealth by 2030, I think it is safe to say that no country has been able to even come close to solving the problem of poverty.