The Inequality Debate Intensifies

Newsreel Asia Insight #119
Feb. 1, 2024

In the next 10 years, we’re about to see something huge happen: someone will become the world’s first trillionaire. A recent report, highlighted by CNBC, tells us this is not just a big deal for the rich person but a moment that makes us all think hard about what it means when one person has that much money.

The report on global inequality comes from Oxfam, as reported by CNBC. Its researchers have carefully studied how the richest people in the world are getting even richer. It says that in the next 10 years, some of these super-rich folks will have more than a trillion dollars. They figured this out by looking closely at the numbers, considering how fast these rich people are making money, what’s happening in the markets, and what experts predict for the economy.

The main reason behind this huge growth in wealth is the booming technology industry. It’s not just technology; it’s also about things like artificial intelligence, biotechnology and renewable energy. These areas have not only changed how the world works but have also made some people incredibly rich. The people leading these industries have become much richer than those who followed the old ways of making money, and this is why we’re talking about the possibility of a trillionaire soon.

The things we need to think about because of this are many, and we need to look at them carefully. From a money and business perspective, having a trillionaire shows how far capitalism and human inventiveness can go to make money. It’s a big deal because it highlights how one person having so much money can make the gap between super-rich people and everyone else even bigger. This is a problem that affects people all over the world.

This big gap between the super-rich and everyone else makes us ask important questions about how we share money and what governments should do. People who study money and politics say that while making money is good for the economy, having one person with so much money can cause problems in our society. The possibility of a trillionaire makes us think harder about how taxes work, how we can share wealth more fairly, and the agreement between governments and the people they represent.

We can’t forget about the impact on our environment and what’s right or wrong when it comes to this massive wealth. The industries making these people trillionaires are also connected to big debates about the environment and what’s fair. For example, the tech industry is being questioned for how much it harms the environment and the moral questions about artificial intelligence. So, talking about the world’s first trillionaire isn’t just about money; it’s about what it means for our society and the whole planet.

To sum it all up, having a trillionaire isn’t just about one person’s success. It shows us what’s happening in our world economy. We need to find a balance where we can create wealth and make progress, but also make sure everyone gets a fair share and deal with the big problems we're facing today.

Thinking about the possibility of a trillionaire is a moment for us to think about the world we want to live in. It asks us to think about what’s important to us and what kind of world we’re creating. As we get closer to this huge event, the conversations it starts might shape how our world looks for a long time.

Political leaders should stop supporting a system that prioritizes wealthy shareholders and start listening to their citizens who want a fairer and better economy that benefits everyone, says the report.

Ultimately, we can choose hope, it adds. Right now, we see a system where business and politics mainly serve extreme wealth, supported by big corporations and financiers. But there’s another way forward: a future where governments use their power to reshape our economy for the better. In this future, businesses are more responsible and benefit everyone, not just the rich. Innovation and creativity aren’t just for a select few; they benefit all of us. This choice is mainly up to governments, and it’s something people worldwide should push for.