My twenty year old nieces and their husband/significant others are in a quantifiably worse position than I was at when I was their age. As an adult we can buy more trinkets and cheap baubles but making the major purchases of things that are true measuring sticks is more difficult now, particularly for young adults.
The problem with unfettered capitalism and with Libertarianism in general is that is assumes that people are of a certain level of morality (they aren't) and that the systems will work themselves out to keep things equal (they don't). The reason they don't is because people aren't by nature "good" or "benevolent". The wealth of a few billionaires becomes problematic when they game the system to their benefit, always. When they lose? Socialize those losses. We're too big to fail. If we go down look at all the people who stand to lose. If they win? That is on them. They are so smart and industrious that they deserve to keep the fruits of their labor and they shouldn't be forced to share that which they do not with most other people. And when they maximize productivity and don't trend pay with that productivity line it is because workers are "stupid" and so we need to bring in "smart" workers from countries who will coincidentally accept far less pay than domestic labor for the same jobs.
I don't have a problem with the concept of billionaires. I think my issue is that the most well known (and politically active) billionaires have gotten that way by being monopolistic, rent seeking, self centered twats who have weaponized their good fortune against people much less well off.
Craze, here is an
interesting article about how billionaires become billionaires along with the industries in which they used to build their fortunes.
Here are the the top 10 biggest industries for billionaires in 2024:
DATA IS AS OF MARCH 8, 2024
1. Finance & Investments
427 billionaires | 15% of list
Richest: Warren Buffett ($133 billion), chairman and CEO of Berkshire Hathaway.
2. Technology
342 billionaires | 12% of list
Richest: Jeff Bezos ($194 billion), founder of Amazon and owner of the Washington Post and rocket company Blue Origin.
3. Manufacturing
328 billionaires | 12% of list
Richest: Reinhold Wuerth & family ($33.6 billion), chairman of screw and fastener maker Wuerth Group.
4. Fashion & Retail
285 billionaires | 10% of list
Richest: Bernard Arnault & family ($233 billion), chairman and CEO of luxury goods company LVMH and the world’s richest person.
5. Food & Beverage
210 billionaires | 8% of list
Richest: Zhong Shanshan ($62.3 billion), chairman of bottled water company Nongfu Spring. He also controls the publicly-listed Beijing Wantai Biological Pharmacy.
6. Diversified
201 billionaires | 7% of list
Richest: Mukesh Ambani ($116 billion), chairman of Reliance Industries, which holds interests in petrochemicals, oil and gas, retail and telecommunications.
7. Healthcare
197 billionaires | 7% of list
Richest: Dilip Shanghvi ($22.6 billion), founder and managing director of Sun Pharmaceutical Industries, India's most valuable listed pharmaceuticals company.
8. Real Estate
190 billionaires | 7% of list
Richest: Lee Shau Kee ($27.7 billion), Sun Hung Kai and Henderson Land Development, two of Hong Kong’s largest property developers.
9. Media & Entertainment
104 billionaires | 4% of list
Richest: Rupert Murdoch & family ($19.5 billion), chairman emeritus of News Corp., one of the world’s largest media conglomerates.
10. Energy
98 billionaires | 4% of list
Richest: Harold Hamm & family ($18.5 billion), founder and chairman of Continental Resources, one of the biggest independent oil companies in the U.S.