Billionaire Michael Bloomberg’s entry into the Democratic party race to challenge US president Donald Trump highlights the unprecedented power accumulated by the ultra-rich.
Not for a century have billionaires had so much clout or caused as much controversy as now. The number of billionaires globally rose 55 per cent in the five years to 2018 to a record 2,230, according to GlobalData, a research company. It is the greatest concentration in wealth since the Gilded Age of US plutocrats at the end of the 19th century.
Many wealthy people have profited from revolutionary technological change, driven by the internet and digitalisation, which has created fortunes in everything from taxis to financial engineering. A few hundred have benefited disproportionately, establishing global businesses that critics condemn as monopolies.