According to Forbes, the US is currently home to the largest number of billionaires in the world at 989. Billionaires hoard millions of dollars that could be used toward solving larger problems like the ongoing environmental crisis, or global health catastrophes, along with undermining those who suffer due to poverty, food insecurities, and homelessness.
According to Economist Jeffrey Sachs, to end poverty it would be roughly $175 million each year for 20 years. Billionaires could solve worldwide poverty and would still have a trillion dollars left altogether (reported 2021).
A celebrity that has chosen to use their wealth for the good of the people is Billie Eilish. At the Wall Street Innovator Awards, it was announced that Eilish would donate $11.5 million from the Hit Me Hard and Soft tour to various organizations and charities. “There’s a few people in here who have a lot more money than me… If you’re a billionaire, why are you a billionaire?” Eilish said at the event.
Another example of a humanitarian-driven celebrity is Dolly Parton. According to Billboard, since the 1990s Parton has focused a good chunk of her donations on creating organizations dedicated to helping school students and residents from her home county of Servier County, Tennessee. Along with raising funds for Tennessee residents amid the 2016 wildfires and 2021 floods, and assisting research efforts from Vanderbilt University during the COVID-19 shutdown. Parton has a long history of using her earnings for the greater good.
Many people agree that wealthy people have a moral obligation to give back.
“I think people that become wealthy, for whatever reason, it would be nice if they gave back to their community or gave to groups or organizations to help others that need support… And for those who have risen to it, I think that impacts how they donate,” said John Weber, government teacher.
In the case of a lot of today’s million/billionaires they did not start out disadvantaged, and were born into a position of inherited wealth instead of having to work hard to get into a similar position of wealth.
“I think that it is right to give. But I also think that giving sometimes in this way can be superficial. I feel like people in a school do work that is a lot more valuable than what billionaires are doing. You know, [billionaires] are not coming from nothing,” said Michael Rogers, IB Theory of Knowledge and English teacher.
Overall this is a multi-faceted conversation, but billionaires really should be helping out more. Working together for the good of humanity is always more important than the good of a handful of rich people.
