The gap between the working class and the rich is increasing day by day. It seems that 3% of the world’s population earns 95% of the world’s income, and income inequality is becoming a hot topic that everyone is talking about. Furthermore research conducted by Oxfam suggests that there are 85 individuals that collectively hold more wealth than half of the world’s population.
The situation also seems like it’s more likely to deteriorate than to improve. Forecasters predict that the world will likely have its first trillion-dollar baby by 2039, and Bill Gates is currently the front-runner for this title. Bill currently holds the title of the “world’s richest person,” yet there are other contenders for this coveted title as well. Warren Buffet, the renowned American investor, and Carlos Slim, the savvy Mexican telecommunication giant, are elbowing each other for second place in this race.
Analysts at Credit Suisse believe that 11 trillionaires will emerge in the next two generations. These super rich individuals could sprout from emerging markets like China and India, which have both experienced rapid growth in the last few years, or they can very well be the next Edison or Gates of our generation, having developed a life changing tool or idea that will help millions around the world.
Regardless of who they are and how they get there, let’s hope these wealthy individuals put their money to good use and help create access to better opportunities for disadvantaged people around the world. Whether it is in the developing world or in our own back yard, there are plenty of people, especially children, who remain economically underrepresented in a system that gives them few options for upward mobility. Bill and Melinda Gates are a great example. Their philanthropic work reaches millions of people worldwide each year, and the world is truly a better place for having people like them in it.
The Bill and Melinda Gates foundation donates millions of dollars each year to health research, education, clean water, and much more. In fact, Bill and Melinda Gates have decided to donate a good majority of their wealth to charity, as they realize that they have no need for such vast amounts of wealth sitting in their bank accounts helping no one. They decided that the money could be put to far better use elsewhere, and along the way they have convinced many of their counterparts to follow in their footsteps.
Warren Buffet and Mark Zuckerberg, for example, have decided that they too will donate the majority of their wealth to charity. It actually comes at a good time for Zuckerberg, as his wealth has just increased to $32 Billion due to the revaluation of Facebook, which is currently worth more than $190 Billion. All three giants, Gates, Buffet, and Zuckerberg, have teamed up and are actively encouraging other tech entrepreneurs to follow in their footsteps. Now, that doesn’t mean that because they are doing so much good work we normal people can get away with doing nothing at all. Every dollar and cent counts.