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Are billionaires helping or hurting society?

Whether to have billionaires or not has sparked hot debates among politicians and citizens concerned with inequality and wealth issues. They establish more economic surplus than other entrepreneurs and significantly contribute to society's happiness. Billionaires are immensely helping society; hence need to have more of them to facilitate economic growth through their capitalist skills by their innovation, creativity, and ingenuity.

The taxes collected help build and develop the society in a society consisting of billionaires. According to ( Peck ) billionaires' taxes help people rise to the top level at the bottom. In the United States, paying taxes by financial tycoons has ensured social safety. These billionaires tend to show the society members the best privilege of ensuring liberty, quality of life, and attainment of social happiness. The best innovations are by billionaires. These innovations help society advance socially and economically. For instance, Bill Gates' innovation has transformed society by changing people's lives from the perspective of computer technology. Likewise, Mark Zuckerberg, the Facebook founder, has changed society by interlinking people worldwide. According to (Peck ) high taxes on billionaires will help reduce their incentive to grab society's properties. The logic behind these raised taxes is that billionaires tend to fight less to depress weak society members or people's wages since they know that every extra million earned is subject to taxation (Peck ). As a result, society can benefit from enhanced efforts to ensure economic parity and bridge the poor-rich gap. For instance, a high-paid director or human resources manager has less incentive to keep employees' wages low to get a bigger payday. In the United States, the number of billionaires in American societies remained low. However, the slashing of tax rates by the federal government contributed to the explosion of this number, far outpacing inflation. As a result, this growing number in a society will lead to public housing development growth, thereby benefitting the society (Peck ). Society members can afford houses developed by the private sector (billionaire class), thus improving their social welfare.

The wealth of billionaires in a society trickle down to the many at the bottom. As a result, the rich people or billionaire class create employment opportunities by setting up industries. People working in these newly created jobs earn income that remains a crucial driver of the economy. From this perspective, the industries help the society generate tax dollars from the billion-dollar profit (Ayres ). In a study by Oxfam, the findings showed that if the world's billionaires pay 0.5% more in tax, more than 262 million kids could get educated and access care services (Ayres ). As a result, 3.3 million lives would get saved. Billionaires in society are crucial inventors and innovators who stimulate socio-economic growth. The community should accept that people have to work and get what they desire in the current era. In any society, one should not expect socialistic institutions such as non-governmental organizations or the government to feed him and provide shelter. There is more than food, and a house needed. As a result, society needs billionaires to amass the wealth and invest the same so that society members can secure jobs and venture into search and development and innovation under billionaires' financial support.

Billionaires promote capitalism in society. This capitalism helps society increase production in a free-market system. Increased production means many production plants owned by billionaires, which have helped employ people in society (Longley). Also, society's billionaires who control private enterprise, property, and capital utilize economic resources more efficiently than the government. The community benefits from this utilization of resources when the freely-operating market determines the distribution of wealth in a society. This free market plays a crucial role in deciding who profits and who does not (Longley). Billionaires tend to be private owners of properties, making it easy for society members to borrow and invest money, thus growing the economy. Society can produce quality products at lower costs, courtesy of billionaires who run production means. Since these billionaires believe more in capitalism than socialism, the level of innovation in society remains high, allowing better manufacturing of products at reduced costs. Capitalist billionaires discourage state-run care facilities because of their delays and inefficiencies (Longley ). As a result, these billionaires offer alternatives by setting up private facilities that offer social services to society efficiently and quickly. These capitalism-based industrial advancements accumulate profit for billionaires, which gets invested in increasing productivity and improving society's economy.

Billionaires make part of the new entrepreneurs class within a society and display the "capitalist skills (innovation, creativity, and ingenuity)" linked with the advanced economies. Suppose the society has almost a third of the mega-rich tycoons in free markets who are "self-made" entrepreneurs. In that case, such a society will benefit from resolved unemployment challenges due to newly established companies that employ locals. Capitalist billionaires promote the natural right of people to control their affairs in society (Longley ). These billionaires believe that it becomes easy for society members to borrow and invest money, thus growing their economy. Socialist billionaires help society by assisting the government in removing economic disparity. These billionaires tightly regulate enterprises and distribute wealth via initiatives whose primary beneficiaries are low-income people. These initiatives include free education and care services, unlike capitalist billionaires who invest in private ownership of enterprises and properties at the expense of the vulnerable population to create economic disparity.

In conclusion, billionaires play a crucial role in helping society; thus need more. Society members can boost their socio-economic status through them since billionaires tend to control the economy, especially in a capitalist society. For instance, billionaires create employment opportunities by establishing new industries that employ society members. Also, the huge profit generated from these industries gets used in financing society's social amenities such as hospital construction. Innovative and creative billionaires are significant drivers of the economy, whereby the vast tax generated from them helps raise people to the top from the bottom. However, these billionaires may hurt society through the creation of economic disparity, in which only fewer individuals accumulate wealth at the expense of the vulnerable population. Also, capitalist billionaires make little or no effort to eliminate income disparity. Financial disparity promotes competition and innovation, which prompts economic growth. In comparison, the advantages of having billionaires in society outweigh the disadvantages; thus, society should find unique ways of making self-made billionaires.