Should billionaires be subject to dekulakization, and who would be better off if this occurred. Ilgiz Baymuratov’s Comment for Ridus agency

The richest in the world become richer at such a fast rate that soon they will own almost everything on Earth. The world’s richest people increased their wealth over the year. So the world’s richest 1% got 82% of the wealth according to an Oxfam report, while the 3.7 billion people saw no increase in their wealth. The report is timely as the World Economic Forum is scheduled to convene in Davos, Switzerland.

Ilgiz Baymuratov

Deputy General Director of FinExpertiza

- Obviously, the Oxfam report is giving ammunition to fighters for social justice in all countries of the world. However, if you think without emotions, the situation where billionaires are condemned for being billionaires is not fair enough as well. Do not perceive these figures as though Bill Gates or Warren Buffett is counting banknotes hidden in suitcases in their villas. Their impressive wealth does not look like a pile of cash or nine zeros in a bank account. The wealth of billionaires is, for the most part, the capitalization value in the context of their businesses or securities, i.e. it is "blurred" between shareholders, the number of which reaches thousands and tens of thousands. Billionaires, of course, are the beneficiaries in companies, but something trickles down to other holders of shares too.

The concentration of world wealth in fewer hands has been increasing for many decades, but the world economy as a whole is growing as well. So the perception of billionaires as avaricious knights admiring their gold in castle vaults is false.

The formula "money makes money" is absolutely true. Therefore, the tendency to polarize the distribution of world income will only grow. This happens as it is. And the growth of fiscal wealth leads to the growth of real production as well. If money was taken away from the richest and given to the poor, the latter wouldn't be better off. This is utopia.