Are Billionaires “Enemies of Humanity”?

Pastor Paul Drees declared on Instagram that billionaires like Taylor Swift are enemies of humanity. To support this assertion, he likens a billionaire’s wealth to the hoarding of apples. Suppose Taylor Swift’s $1.6 billion is actually 1.6 billion apples, which just sit in a cellar while millions of people around the world go hungry. By hoarding billions of apples, billionaires are depriving the poor of food and are therefore the vilest of sinners. Billionaires should give away their wealth to the poor to raise living standards.

Hoarding apples is not an accurate analogy to describe wealth. Most of the wealth of billionaires is not found in stockpiles of food, water, clothing, and other consumer goods, but instead is in savings and investments. This saving and investment is an important factor in improving human standards of living.

One reason some countries are wealthier than others is because wealthier nations have better factories and equipment (more capital), which makes our labor more productive. Saifedean Ammous says that for these factories and equipment to exist, we need people “…deferring current consumption, saving for the future, and accumulating durable goods and productive capital… [which] lead to increases in productivity…” (p. 60). People become wealthy in market-oriented economies by successfully investing in companies that produce what consumers value. Those who invest in enterprises that do not produce what consumers value will lose their money.

People who save and make wise investments, whether they are billionaires or young people preparing for retirement, provide a valuable service to society. Phil Gramm, Robert Ekelund, and John Early write that billionaires like Warren Buffett, who do not consume most of their income but instead save and invest, allow entrepreneurs “…with good ideas and big dreams to create value. They buy plants and equipment, create jobs, and develop new goods and services…” (p. 110). This is not to say that billionaires in and of themselves are a good thing. Billionaires who gain wealth by receiving special privileges or protections from self-serving government officials are a drain on society. People around the world should be wary of businesses that lobby for government policies which shut out their competitors and reduce options for consumers. 

— Colin Braman

References

Saifedean Ammous (2023). Principles of Economics. The Saif House.

Phil Gramm, Robert Ekelund, & John Early (2024). The Myth of American Inequality: How Government Biases Policy Debate. Rowman & Littlefield.