The loot of the billionaires
A few thousand billionaires — 2,781 according to the latest report from Forbes magazine — own US$14.2 trillion in wealth, up by $2 trillion (14%) from 2023. The billionaires, and about 60 million millionaires, make the core of the world ruling class. They have huge luxuries. The first guiding principle of economic life, under capitalism, is to make these ultra-rich even richer, i.e. to maximise profits. They have big houses, private jets, and other luxuries. Most of their wealth, though, is financial wealth — shares, bonds, and other “tickets” to future profit income, the wealth that also...