In Defense of Billionaires | by Michael R. Strain - Project Syndicate

As a culture, we have a tendency to celebrate status that emerges from net worth and network signaling rather than the work ethic of a second-act founder using his net worth and network, while he grinds on a project, to drive the world forward. This is totally backwards.

But Alfani’s observation that the rich as a group have no clear social function is borne out by the fact that, in the Musk era, they have reacted to populist pressures largely by justifying their fortunes as individuals. When they maintain a combative social-media presence, fixate on meritocracy, employ idealistic language to describe for-profit en... See more

There are many variations of this that highlight the inadequacy of the “money-in-the-bank” metric. There are many millionaires that have no desire to influence or help their families and close communities. On the other hand, there are people earning a minimum wage that send what little they have back home to assist their parents and friends.