Nothing wrong with being a billionaire

THE EDITOR, Sir: MEMBERS OF the productive class provide services that the market demands, so whenever entrepreneurs accumulate wealth, consumers obtain a product that is often used to enrich the quality of their lives. Therefore, wealth creation should not be seen as a zerosum game.

Although income inequality has become a topical issue worldwide, it is highly overrated. Some are even insinuating that the wealth disparity among various income groups is a moral crisis. This analysis is quite faulty.

Entrepreneurs must not be maligned for amassing great wealth for themselves, because without them, the world would be poorer, and in the process of creating their fortunes, they allow others to earn an income.

It’s quite ironic that athletes and entertainers are never castigated for accruing millions of dollars while engaging in pursuits that rarely benefit the ordinary man, but an entrepreneur who provides thousands of jobs is vilified. A billionaire who operates a financial company or a tech firm is of greater value to society than a footballer who is paid millions for scoring a goal.

The institutions of society may find it very difficult to survive without the existence of proper financial advice or technological services that improve efficiency. The footballer may be a good entertainer, but most individuals can do quite well without him.

BUSINESSMAN MORE PRODUCTIVE

The glamour that is affiliated with being a sports personality or an entertainer is more appealing and it is also easier to enter these professions. However, the businessman is forced to create a quality product that consumers demand. He is also expected to compete with rivals and endure sleepless nights.

Furthermore, the view that the rich is getting wealthier at the expense of the poor is a fallacy. Many proponents of the Income Inequality Movement fail to analyse sociological factors. For example, many individuals in the bottom percentile of income earners may be college students who are unable to find suitable work after graduating, but within the next 20 years, these students could become business owners. Hence, we should not pretend that all poor people will remain poor forever.

Nothing is immoral about the wealth disparity among income groups. And it is indeed fair for the market to reward billionaires who opt to use their creativity. LIPTON MATTHEWS lo_matthews@yahoo.com