{"id":89754,"date":"2023-01-22T12:03:07","date_gmt":"2023-01-22T16:03:07","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=89754"},"modified":"2023-01-22T12:03:08","modified_gmt":"2023-01-22T16:03:08","slug":"are-billionaires-ethical","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/are-billionaires-ethical\/","title":{"rendered":"Are Billionaires Ethical? Arguments For & Against the Ultra-Rich"},"content":{"rendered":"\n

Are billionaires ethical<\/a>? Is it possible to be a billionaire without exploitation? How do people become so rich?<\/p>\n\n\n\n

According to a survey, most Americans see billionaires as neither good nor bad for the country. However, there\u2019s a growing number of those who doubt that it’s possible to be an ethical billionaire, claiming the ultra-wealthy unfairly influence policy-making and don\u2019t use their riches for the greater good.<\/p>\n\n\n\n

Read on to learn if billionaires are ethical, based on arguments for and against billionaires in the U.S.<\/p>\n\n\n\n\n\n\n\n

Ethical Billionaires\u2014Myth or Reality?<\/h2>\n\n\n\n

According to a 2021 Pew Research Center survey<\/a>, 55% of Americans see billionaires as neither good nor bad for the country. Despite the majority being neutral, the percentage of those who have a negative view of the ultra-wealthy rose to<\/strong> 29% <\/strong>from 23% the previous year. In this article, we’ll explore both viewpoints, considering whether billionaires are ethical or unethical, and we’ll also explore how people amass wealth in the U.S. in the first place\u2014from millionaires to billionaires.<\/p>\n\n\n\n

Why Are We Turning Against Billionaires?<\/h3>\n\n\n\n

While the survey doesn\u2019t touch on why<\/em> there\u2019s a changing perception of the rich, one possible reason is indignation over some billionaires\u2019 self-interest. These billionaires include Elon Musk, who acquired Twitter ostensibly to safeguard free speech but who subsequently suspended journalists\u2019 accounts<\/a>; FTX founder Sam Bankman-Fried, who claimed he wanted to use his cryptocurrency billions for good<\/a> but who allegedly diverted customers\u2019 funds for personal use<\/a>; and the Sackler family<\/a>, who remain unapologetic<\/a> despite growing their fortune by peddling OxyContin, the prescription painkiller that precipitated the U.S. opioid crisis<\/a>.<\/p>\n\n\n\n

Another reason for the negative perception may be the increasing wealth disparity between the rich and the poor<\/a>: The 2022 World Inequality Report notes that billionaires hold 3% of the world\u2019s wealth\u2014a disproportionate amount concentrated in the hands of just 2,668 people<\/a>. In the U.S., there are 728 billionaires<\/a> while 37.9 million people live in poverty<\/a>.\u00a0<\/p>\n\n\n\n

How Do People Actually Become Rich?<\/h3>\n\n\n\n

Before we begin our discussion of whether billionaires are ethical or unethical in the U.S., we’ll explore how people in America tend to become rich in the first place.<\/p>\n\n\n\n

In the book The Millionaire Next Door<\/a><\/em>, authors Thomas J. Stanley and William D. Danko counter the popular image of a wealthy person in the U.S. as someone who has a high-income occupation, or who benefited from an inheritance or windfall. According to them, high-income people who spend freely and ostentatiously fit the Texas description, \u201cbig hat, no cattle.\u201d In other words, they put on a show<\/a>, but lack substance\u2014they have very little accumulated wealth.<\/p>\n\n\n\n

In contrast, those who are truly wealthy typically don\u2019t flaunt it<\/strong>\u2014for instance, they don\u2019t wear expensive clothing or jewelry, or drive luxury or even late-model cars. They aren\u2019t interested in status symbols.<\/p>\n\n\n\n

The authors\u2019 research paints the following picture of the average millionaire<\/em>:<\/p>\n\n\n\n