We should want more...billionaires
There is a lot of criticism about the wealth of the richest. However, many people don’t realize that the wealth of the richest is related to their ownership in companies that they have built and, critically important, that most (97%) of the wealth that they have created goes to others: consumers, investors, employees, suppliers and the Government.
It is estimated that the total value created by the companies owned by the 10 richest people is $122.6 Trillion with 51.3 going to consumers, 25.5 going to investors, 20.0 to employees, 11.4 to suppliers and 11.4 to government, with only $3.0 Trillion captured by the richest.
John Cochrane has a great article providing an argument that we want more billionaires as they are the ones creating value for everyone.
