Do billionaires benefit the world?

Question

There are now a record 946 billionaires worldwide, up 150 from last year, according to Forbes magazine.

Top of the list was the chairman of Microsoft and philanthropist Bill Gates who is sitting on a fortune of 56 billion dollars. But entrepreneurs from Asia were increasingly making their presence felt.

Thirty six of the billionaires are Indian, reflecting the country's recent economic boom. Meanwhile nearly 400 million Indians live on less than a dollar a day.

Does an increase in billionaires benefit society? Do billionaires do enough charitable work or should they be taxed more effectively?

Answer 1

Some might benefit the world with their charitable contributions but personally I don't see enough of that to feel I could say they actually benefit the world.

My compliments.

Answer 2

It is my personal opinion that most of these billionaires are helping society. People like Bill Gates are making much-needed (or wanted) products, and employing thousands of people at wages that are generally very reasonable. People moan about the rich, but everytime major companies have to lay off people for financial reasons, everybody moans even louder than usual. Billionaires have a firm grasp on much of the worlds money, true, but I think that they deserve it for their brilliance, ingenuity, and of course the opportunities that they provide to society.

True, there are some people that just "get" the stock market, there are oddballs that just inherit the money, and even worse, there are drug lords and embezzlers. The former, I dont have a problem with, because they are providing a service the the companies that they invest in. I don't mind inheritance either, because somewhere along the family line, somebody had to have helped society in some way or another. However, I obviously don't like criminal billionaires.

I'm not convinced that billionaires do enough charitable work, but they are taxed enough as it is. Who knows, it Bill Gates had been taxed more, he might not have been able to invest as much $$ into making Microsoft as good as it is right now, and society would be worse off. I figure that most of these people have earned their money due to financial know-how, so I don't mind them controlling so much money- they have proven that they know what to do with it. Plus, in most cases, they earned it. far be it from me to say that they don't deserve money that they have earned fair and square.

Answer 3

You have to find a balance between tax and earnings - too much tax and there is no incentive to work, too little tax and everyones a billionaire. Perhapes the way forward for dealing with billionaires is by individual merit. We all know Bill Gates does a lot of charity work but what about the others?

Answer 4

Many enormously wealthy people have set up foundations in order to distibute their money to charitable endeavors. These foundations often contribute to various causes through non-profit organizations. Many of the foundations have a firm grip on how the non-profits spend their money, so it's not always the most effective or efficient way of giving back to society, but it is still beneficial.

I don't believe that wealthy people are taxed nearly enough, but many are allowed tax breaks because of their foundation efforts. Some people think charitable work should have absolutely no involvement with or support from government, and this would supposedly eliminate some of the special tax treatment given to billionaires.

Answer 5

As a non billionaire I would say no. Then again we all hope to be rich one day so in a way they will inspire the next generation of people to do something with their lives. I guess I'm just too idle and spend too much time on here to actually make something of myself. Jealousy is a terrible thing.

Answer 6

Do not be fooled by this marxist idea of income redistribution. People may be created equal, but it is what they do with what they have that sets them apart. Good habits, preparedness, generosity, and a love of their fellow man keeps billionares in the money. The more you give, the more you get. It is that simple. Billionares gave when they were broke, and they are being rewarded for hard work and brilliant ideas. They should not be punished for that. That is what destroyed Soviet Russia. The idea of lowering everyone to make them equal, it will never work. It is communism, and it is a ridiculous idea.

Answer 7

taxed to the brim
so that the word billionaire only exists in dreams

Answer 8

If they benefited the world then they wouldnt be billionaires still

Answer 9

They don't benefit me in any way shape or form.....
I only need a piddly $million to be happy for the rest of my life.... LOL

Answer 10

They do benefit society.