You might think the return of Donald Trump is merely a figment of imagination. Sadly, it’s a harsh reality – the danger he and his “broligarchs” pose to people globally is all too real. Just last month, Trump, in the company of his affluent allies, was sworn in as the 47th president, while his political backers braved the cold outside – a fitting metaphor for who truly counts in this administration.
Among this inner circle were the wealthiest individuals on the planet: Jeff Bezos, Mark Zuckerberg, and the leading figure Elon Musk, who personally funneled $277 million into Trump’s campaign, significantly boosting his own fortune by $170 billion in the process.
The adage “money equates to power” rings true, and it is currently unfolding on the global stage. Musk’s endeavors to usher Trump back into the White House granted him a position at the helm of the newly established government efficiency department – or Doge for short, conveniently sharing its name with the very cryptocurrency he champions.
A man born into affluence now advises the president on how the United States should manage its finances, alongside a roster of about a dozen other billionaire officials. Meanwhile, the rest of the globe grapples with economic anxiety as the divide between the ultra-rich and the general populace rapidly widens.
These ultra-wealthy individuals are so disconnected from reality that it’s infuriating. Wealth has transformed from mere financial metrics to a means of exerting control over our democracies, societies, economies, and the planet. Trump’s appointments exemplify the harmful impacts that wealth disparity and privilege can enact on us all.
Billionaire fortunes escalated threefold faster in 2024 compared to 2023. Data from Oxfam predicts that there may be five trillionaires within a decade, while progress against global poverty has stagnated. Inequality has spiraled out of control.
On his first day back in the Oval Office, Trump signed an array of executive orders that rolled back years of progress with each stroke of his pen. He declared he would be a dictator from day one. Only time will reveal the truth.
Brian Cox as Logan Roy in Succession. Photograph: HBO
Shortly after, he took the spotlight at the World Economic Forum in Davos, mingling with heads of state, politicians, and business titans who arrived at an extravagant expense, both financially and environmentally. Trump participated via video, often issuing demands and menacing threats, reminiscent of a scene from The Apprentice. This is not entertainment; this is reality. His choices impact us all.
Having experienced both poverty and wealth, I recognize that individuals from my working-class background may increasingly miss out on the opportunities once available to me. As wealth centralizes, cronyism intensifies, and the rest of the world endures the fallout.
At least some are speaking out. Recently, nearly 400 millionaires and billionaires signed a letter urging leaders at Davos to tackle extreme wealth – by taxing the super-rich, like themselves. In his farewell address, then-President Joe Biden warned against the emergence of a perilous oligarchy. This should serve as a wake-up call for all of us – especially those in office representing our interests.
Governments must confront the blatant political capture we are witnessing. A straightforward approach would be to tax the ultra-wealthy, who now wield influence over much more than mere wealth. They dictate our news, entertainment, and ultimately, how we cast our votes.
Last year, the EU Tax Observatory estimated that a modest 2% tax on billionaires could generate up to $250 billion annually. About 3,000 individuals would contribute, making minimal impact on their lives, while offering a much-needed step towards curbing extreme wealth and combating the rising inequality adversely affecting lives worldwide.
When a wealthy elite determines election outcomes solely to safeguard their interests and boost profits, it’s evident that we are ensnared in a disconcerting era of wealth extremism.
Our leaders have lacked the resolve to curb political capture and prioritize everyday citizens. This cannot persist. It’s time to scrutinize this reality closely, to recognize how Trump exacerbates a dire situation – and finally commit to drawing a line in the sand.
