Total billionaire wealth in the EU reached €2.4 trillion by late November, exceeding Italy's entire GDP of €2.2 trillion and approaching France's €2.9 trillion economy, a new Oxfam report found.
  • ObjectivityIncarnate@lemmy.worldEnglish
    2·
    2 days ago

    Even if you ignore ethics and assume the billionaires are benevolent - it’s just a bad investment to invest majority of resources to a small number of investments. Does any successful large project hold 99% of their investments in few projects? It’s absurd.

    Small number of investments? Billionaires have shitloads of investments, what are you talking about?

    • northface@lemmy.mlEnglish
      2·
      15 hours ago

      I think they are referring to the fact that, ignoring the personalities who hold this kind of wealth, it’s just not a viable investment strategy for a project/organization as large as society to have all that wealth tied up with only a few assets (the billionaires).

      Economics tells us that diversifying the investments (equality, if you will) is a safer bet for society in the long run.

      I probably misread GP but hey, at least I tried!

    • Worx@lemmynsfw.comEnglish
      4·
      1 day ago

      I think they are saying that we, as a society, are investing into a small number of investments: billionaires. This is a bad tactic.

      • Dr. Moose@lemmy.worldEnglish
        4·
        1 day ago

        Exactly what I meant - each billionaire is our collective investment. We invest 99% of our wealth into a few billionaire projects which might trickle down to other smaller projects but trickle down is mostly a myth we can’t accurately represent and control with our current tooling.