Finding a “Gold Lining” in Economic Inequality

A report that the billionaire class is increasing in size and wealth has added fuel to the issue of economic inequality. However, there may actually be a positive side to the issue when considering what the wealthy class does and can do for everyone else.
The number of billionaires in the world exceeded 1,500 in 2016, an increase of nearly 150 over the previous year. The combined global wealth of these family units is believed to be around $6 trillion. This situation could be considered a public relations nightmare for the billionaire class, but it could also be motivating them to take action. More information the effect of great wealth is available at www.theguardian.com/business/2017/oct/26/worlds-witnessing-a-new-guilded-age-as-billionaires-wealth-swells-to-6tn.
According to one study, some 98 percent of the wealth owned by billionaires makes its way back into the economy. The wealthy class employs some 28 million of the world’s citizens, which is good for those at even the lowest income levels. Additionally, the upper class has invested heavily in public institutions and facilities. In one example of this shared wealth, a Japanese billionaire is in the process of building a number of galleries in his country. It is the billionaire class that generally owns professional sports teams, which give enjoyment to millions on an almost daily basis.
Concern over economic inequality can ultimately lead to important policy changes, such as the increase in taxes on the wealthy and the dismantling of corporate monopolies enacted under President Theodore Roosevelt. Society in general can benefit from billionaires, provided that their wealth is shared and their income is properly taxed.