Pity the poor billionaires – demands for higher taxes must feel hurtful | Arwa Mahdawi
Summary
Billionaires are facing increasing calls for higher taxes, with some of them strongly opposing these demands. Despite public criticism, their wealth has grown significantly, and they control much of the media, which influences public opinion.Key Facts
- Steve Roth, CEO of Vornado Realty Trust, compared the phrase “tax the rich” to hateful slurs.
- New York Mayor Zohran Mamdani proposed a tax on second homes worth over $5 million.
- Billionaire Ken Griffin owns a $238 million penthouse, the most expensive US residential property.
- Billionaires' wealth increased by 16% in 2025, much faster than in previous years.
- Since 2020, billionaire wealth grew by 81%, while one in four people lack enough food regularly.
- Billionaires own more than half of the world’s largest media and all major social media companies.
- Some media pieces praise billionaires and suggest they deserve public statues and admiration.
- A gold statue of President Trump stands at a Florida golf club, and there are hopes for more such statues.
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