What Keeps A Billionaire Awake At Night: "Envy, Hatred, Social Warfare" And The "Destruction Of The Middle Class"
There is something morbidly ironic when one of the world's richest men, in this case South African Johann Rupert, who has made billions (his net worth is roughly $7.5 billion) peddling Cartier jewelry and Chloe fashion as founder and chairman of luxury conglomerate Richemont, whose 20 brands also include Vacheron Constantin and Montblanc, said tension between the rich and poor is set to escalate, that the "envy, hatred and the social warfare" may crush society, and that "we are destroying the middle classes at this stage and it will affect us."
According to Bloomberg, Rupert said that “we cannot have 0.1 percent of 0.1 percent taking all the spoils,” adding that “it’s unfair and it is not sustainable." Being among the 0.1% of said "0.1% of 0.1%" he should know.
“How is society going to cope with structural unemployment and the envy, hatred and the social warfare?” he said. “We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night.”
One other person who has been quite a fan of such as "fairness doctrine", at least as far as it does not directly affect his personal wealth, is none other than crony capitalist and railroad enthusiast #1, Obama's personal tax advisor and the world's third richest man: Warren Buffett, who for all his sage advice on income tax has had surprisingly little to say about taxation on financial assets/capital, esatate of carried interest tax. Or has, in any other way, provided any of his wealth for "fair" use among the destitute.
Which is why we skeptical of Rupert's preaching and motives, especially since he himself, unlike millions of other people, actually can do something about "unfair" social inequalty if he really feels the deep urge.
Furthermore, it is now much too late to do anything about the social issues which Rupert accurately lays out as the biggest problems facing the world. There was some hope in 2008 when resetting the "unfair" system was a distinct possibility, however it was if not Rupert, than his billionaire banker peers who hijacked the system once more, transferred some $50 trillion in wealth away from the global middle class to the "0.1% of 0.1%", and have virtually assured a revolution or war.