The Myth That Billionaires "Hoard" Wealth
Whether it's through investment, consumption, or philanthropy, the vast majority of wealth billionaires hold is anything but stagnant.
by Trace Mitchell
March 15, 2019
In October 2018, Tom Scocca called for the abolition of billionaires, claiming, “No one needs a billion dollars. No one deserves a billion dollars.” This sentiment is not new, but it is gaining new traction as popular progressives make similar claims. Dan Riffle, one of Alexandria Ocasio-Cortez’s senior advisors, recently changed his Twitter name to “Every Billionaire Is A Policy Failure,” and Farhad Manjoo published an article in The New York Times entitled “Abolish Billionaires.” Ocasio-Cortez herself even said, “a system that allows billionaires to exist when there are parts of Alabama where people are still getting ringworm because they don't have access to public health is wrong.”
The view that billionaires are “hoarding” wealth at the expense of the rest of society is becoming increasingly more common. Critics paint this picture of billionaires with Scrooge McDuckian vaults where they swim around in a sea of money. Their perception is that billionai…
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