Summary

The article argues that having billions of dollars serves no practical purpose in fulfilling human needs or activities, as even a high net income like $10,000/month allows for a luxurious lifestyle, and the ultra-wealthy primarily use their excessive wealth for hoarding and controlling large organizations.

Abstract

The author of the article questions the necessity and utility of having billions of dollars, suggesting that a net income of $10,000 per month is more than sufficient to live comfortably in modern society. This level of income allows for decent housing, quality transportation, travel, savings, family life, and reasonable luxuries. In contrast, billions are beyond what is required for extravagant purchases such as prime real estate, luxury cars, or even private islands. The article posits that such extreme wealth can only practically exist as stock ownership and control over corporations, serving the purpose of wealth accumulation and corporate control rather than any tangible human need. It criticizes the accumulation of wealth for the sake of ego and the feudal-like control over the economy, arguing that this level of wealth is detached from any form of human activity or enjoyment.

Opinions

A net income of $10,000/month is sufficient for a very high standard of living in most parts of the world.
Billions of dollars are unnecessary for personal enjoyment or luxury as even the most extravagant purchases do not come close to this amount.
The true purpose of billions of dollars is to own stocks and control corporations, which inflates personal wealth through stock market valuations and dividends.
The article suggests that allowing individuals to amass billions of dollars is unjustified, as it does not contribute to human needs or activities.
The author implies that the desire to accumulate billions is driven by ego and psychological needs rather than practical considerations.
The ownership of such wealth allows for feudal-like control over large parts of the economy, which is portrayed as problematic and unnecessary.

No One Really Needs Billions of Dollars

You can get this level of luxury without billions of dollars

Just think for a second:

What can’t you do with a net income like $10,000/month?

Aside from living in extremely dense, prime real estate like Manhattan or central SF, or wasting money in extravaganza like $10,000-per-bottle champagne, is there anything that you couldn’t do in our modern society?

With a net income like that, you can live in decent housing in many varied locations, you can buy a house in a majority of cities, you can get a very good car, you can travel, you can save for retirement, you can raise children, you can acquire reasonable luxuries…

Even in high cost of living countries, this kind of net income can provide you with a pretty upscale life, at the forefront of the living standards of our modern society.

In contrast, what can you do with billions of dollars?

You can buy overpriced, extravagant real estate from prime locations, you can buy rare luxury cars like Ferrari, Lamborghini which you could not use in any daily setting, you could get extravagant yachts, and…

Wait…

Even that kind of stuff doesn’t cost billions of dollars. They cost a few hundred million each at the highest tiers. Even the extravagant estate which Jeff Bezos is building in Beverly Hills costs $175 million…

Even buying an island can’t cost you that much… Even if you push the limits.

Maybe if you bought a pretty large island from a prime location, then you could spend a billion dollars or more. But that’s pretty much it.

Then What Is the Purpose of Billions of Dollars?

This kind of wealth can’t even exist in the form of cash. Or ownership of real estate — with a few exceptions not making a rule…

It can only exist in the form of ownership of stocks, corporations, its value calculated over the value of these organizations.

Like how the value of Amazon is calculated based on the stock market prices and its profits. Or the value of Walmart. Or the value of any other corporation, or any investment fund which holds shares from such corporations…

This kind of wealth increases over time as the values of the relevant stocks go up and the corporations pay dividends. And if someone has enough shares, it can allow the control of the corporation as the majority shareholder.

That’s it.

That’s the point of billions of dollars of wealth — hoarding it to increase it more, and controlling entire organizations.

Hoarding to satisfy one’s own ego and psychological needs, and controlling gigantic organizations which command large parts of the economy as if they were your personal fiefdom…

It can’t be used for anything that is remotely near any kind of human need, any kind of human activity, regardless of how extravagant it may be.

Having hundreds of millions of dollars seems to provide you with the power to do things that are actually doable and get things which actually can be enjoyed by yourself or your family and friends as human beings, living at the top level of luxury which our civilization can provide today.

But having billions of dollars does not seem to provide for anything other than hoarding and having feudal control over gigantic organizations.

So, what’s the point of allowing people to amass that kind of wealth?

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