I argue that billionaires pose a significant threat to democracy, not because of their wealth, but due to the disproportionate power they wield. This power extends over the political process, rendering them virtually untouchable and unregulated. Their influence makes laws unenforceable, leaving the rest of society to face the consequences. This situation is unacceptable and undermines democratic principles.
Philanthropy is often used as a smokescreen to mask the real issue: power imbalance. Instead of engaging in philanthropy, billionaires should pay their taxes and allow governments to determine priorities. Elected representatives, despite their imperfections, have a duty to serve the public, unlike billionaires who often have conflicting interests with shareholders. Our current system, where a few individuals control major communications channels, exemplifies this problem. Elon Musk is a particularly toxic example, but the issue is much broader and systemic.
Change is necessary, and although I may seem like a lone voice, I will continue to speak out. The hope is that as more people become aware of the power imbalance, they will recognise the broader implications beyond individual figures like Musk. The time has come to address and rectify this imbalance for the sake of democracy.