cross-posted from : https://lemmy.zip/post/57305272

Total billionaire wealth in the EU reached €2.4 trillion by late November, exceeding Italy's entire GDP of €2.2 trillion and approaching France's €2.9 trillion economy, a new Oxfam report found.

Archived version: https://archive.is/20260118190308/https://euobserver.com/health-and-society/ara3abf5ee

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[–] 2 points 9 months ago (3 children)

Even if you ignore ethics and assume the billionaires are benevolent - it’s just a bad investment to invest majority of resources to a small number of investments. Does any successful large project hold 99% of their investments in few projects? It’s absurd.

Small number of investments? Billionaires have shitloads of investments, what are you talking about?

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  • [–] 4 points 9 months ago (1 child)

    I think they are saying that we, as a society, are investing into a small number of investments: billionaires. This is a bad tactic.

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  • [–] 4 points 9 months ago*

    Exactly what I meant - each billionaire is our collective investment. We invest 99% of our wealth into a few billionaire projects which might trickle down to other smaller projects but trickle down is mostly a myth we can't accurately represent and control with our current tooling.

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  • [–] 2 points 9 months ago

    I think they are referring to the fact that, ignoring the personalities who hold this kind of wealth, it's just not a viable investment strategy for a project/organization as large as society to have all that wealth tied up with only a few assets (the billionaires).

    Economics tells us that diversifying the investments (equality, if you will) is a safer bet for society in the long run.

    I probably misread GP but hey, at least I tried!

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