Why the World Benefits from Billionaires

It was supposed to be a sermon warning against greed, but it was more of an attack on billionaires.

On a recent Sunday, the preacher at the church we attend used Luke 12:13-21 as the basis for his message. But in his critique of people who accumulate vast wealth, he didn’t seem to understand that a billionaire doesn’t have a billion dollars in cash in the bank and he totally overlooked the good those phenomenally successful entrepreneurs do.

Billionaires are good for the world.

They build businesses that create jobs, develop innovative products and technological advancements, and support local economies. They contribute to philanthropic and social initiatives. And they have the money and influence to get things accomplished.

Consider Jeff Bezos. I don’t like his politics, but his vision created Amazon, which employs approximately 1.5 million people worldwide (about 1.1 million in the U.S.). Beyond those direct jobs, Amazon has a network of suppliers that create additional opportunities for individuals and small businesses. Amazon has transformed logistics and delivery systems. And one of the things about Amazon I especially appreciate is that the company’s KDP platform has made it possible for independent authors to get their books published and available to readers worldwide.

I wish Jeff Bezos would see the political light, but whether or not he ever does, I don’t begrudge him his wealth.

Let’s look at Elon Musk. The preacher said Musk is on track to become the world’s first trillionaire. Bravo! Besides creating hundreds of thousands of high-paying tech jobs, the companies Musk has built are changing the world. For example, Tesla is involved in delivering solar energy solutions to underserved communities, directly impacting those areas by providing clean energy at lower costs. Starlink satellites have been deployed at no charge to users to provide internet access in areas affected by natural disasters (including the Carolinas after Hurricane Helene) and in Ukraine. SpaceX is focused on interplanetary colonization and technological advancement.

Because of his ownership of these amazing companies, Musk is mind-bogglingly wealthy. He’s earned it.

Then there’s George Soros. He made his billions as an investor and hedge fund manager. He doesn’t make anything, and he hasn’t created any jobs. He created a foundation that employs some people and through which he gave money to various left-leaning causes around the world. His son Alexander has taken over his multibillion-dollar empire. I disagree with the politics of the Soros family, and George Soros has used investment strategies that hurt people, but as far as I know, he made his money legally and he’s entitled to do what he wants with it.

The bottom line on billionaires is that, just like those of us who are happy when we can earn a living doing work we enjoy, take care of our family, and serve our community in some way, they come in all shapes and sizes. You can’t lump them into one basket and suggest they are all greedy and “don’t need that much money.”

I happen to like wealthy people.

I’ve never met any billionaires, but I’ve known plenty of millionaires and a number of them have been our clients. I’ve found that most millionaires are great clients because they respect and appreciate the value the people who support them bring to the table.

I decided to ask my AI app why the world benefits from billionaires. The list I got included these points:

• Billionaires invest in businesses and startups, which help create new jobs and stimulate local economies.
• Billionaires frequently fund research and development in cutting-edge technologies.
• Many billionaires engage in philanthropy, providing substantial funding for education, healthcare, and social causes.
• Billionaires often invest large amounts of capital in various industries, which can stimulate economic growth.
• Billionaires often have the resources to take risks on innovative projects that may not receive funding from traditional sources.
• Billionaires often support the arts by funding museums, theaters, and cultural institutions.
• The presence of billionaires can foster competition among businesses, leading to better services and products for consumers.
• Billionaires often engage in international philanthropic efforts, addressing issues like poverty, disease, and climate change on a global scale.

I think the world needs more billionaires, not fewer.

Let’s go back to the scripture the preacher used to introduce his sermon.

Parable of the Rich Fool

Then someone called from the crowd, “Teacher, please tell my brother to divide our father’s estate with me.”

Jesus replied, “Friend, who made me a judge over you to decide such things as that?” Then he said, “Beware! Guard against every kind of greed. Life is not measured by how much you own.”

Then he told them a story: “A rich man had a fertile farm that produced fine crops. He said to himself, ‘What should I do? I don’t have room for all my crops.’ Then he said, ‘I know! I’ll tear down my barns and build bigger ones. Then I’ll have room enough to store all my wheat and other goods. And I’ll sit back and say to myself, “My friend, you have enough stored away for years to come. Now take it easy! Eat, drink, and be merry!”’

“But God said to him, ‘You fool! You will die this very night. Then who will get everything you worked for?’

“Yes, a person is a fool to store up earthly wealth but not have a rich relationship with God.”

(Luke 12:13-21, NLT)

The lesson in this scripture is that we should indeed guard against greed, that we shouldn’t stockpile things for our own selfish purposes, and that true wealth is found in a rich relationship with God. Do you see anything in there that says that billionaires are inherently greedy or innately evil? I don’t.

Let’s take a look at a scripture that didn’t make it into this sermon.

Each of you should use whatever gift you have received to serve others, as faithful stewards of God’s grace in its various forms. (1 Peter 4:10, NIV)

If your gifts include the ability to build businesses that create jobs and serve people, you would be dishonoring God if you didn’t do that. And if you happen to become a millionaire or billionaire in the process, that’s okay.