Could poverty disappear if the rich gave their fortune? – EconomyMorning


You may have heard that in South Korea two billionaires have decided to donate half of their fortune to charity. We are not talking about potters here, but several billion euros each time.

Rich billionaires from their business

In reality, this is nothing very new: regularly, all over the world, wealthy people and not necessarily billionaires give a quarter, half, sometimes three quarters of their fortune to charity, or even, to the defense of causes to which they are attached. Sometimes even, it is the totality of the fortune which leaves with the death of the billionaire, if this one does not have children or designated heir.

If all the rich in the world gave half or more of their wealth, would poverty go away? True, 1% of the inhabitants of the planet own 50% of the world’s wealth, that is, not only money, but also material goods, houses or businesses. But all of this is largely theoretical: Tesla boss Elon Musk or Amazon boss Jeff Bezos are basically only wealthy from their businesses : resold or dismantled, they could lose a very large part of their value, and even why not disappear. It has happened in the past.

The remunerative activity in question

Then, even by taxing the rich to death, the redistribution of this wealth would not make it possible to permanently change the destiny of the poorest. More than money, they need jobs and schools for their children. Houses, roads, water pipes, power stations.

In short, the solution to our problems, both on a world scale and on a French scale, it is not so much money as income-generating activity. Those whose businesses have been at a standstill or idle for months know this.

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