Billionaires

Yesterday

Cockburn

Tom Steyer should hire a financial advisor

Tom Steyer spent $340 million of his own money on a failed 2020 run for president – and judging by his standing in the California governor's race, he's learned nothing. An idle Google search for the Steyer’s campaign reveals the tagline, “Tom is running for Governor because Californians can no longer afford to live here.” Yet Steyer's run has been defined by his most unique characteristic: his billionaire status. Steyer has the most expensive political campaign in the country this year, with a media spend north of $195 million. Steyer has shelled out 20 times more than the leading Democratic gubernatorial candidate, Xavier Becerra, and in doing so has maintained a steady presence online and on TV.

tom steyer

Saturday

Michael P. Gibson

Billionaires or bust: the world needs the super-rich more than ever

The socialist left was on parade in the final innings of 2025. The long cold shadow cast by “The 2026 Billionaire Tax Act,” a ballot initiative in California to be voted on in November, has led tech billionaires to take flight out of the state and land in the zero-income-tax paradises of Texas and Florida. The initiative seeks a one-time 5 percent tax on the worldwide net worth of anyone stupid enough to be a Californian with assets worth more than $1 billion as of January 1, 2026. That meant anyone in the three comma club had to hightail it out before Governor Gavin Newsom could bellow “Happy New Year.

old buff dudes bodies billionaires

Wednesday

Spectator Editorial

Bill Gates and the rightward shift of the billionaires

To his fellow high priests of the church of climate change, Bill Gates has just committed the ultimate heresy. He has told us that we are not all going to die from scorching temperatures, despite in the past having said “we are setting ourselves up for a humanitarian and geopolitical disaster.” In a new essay posted on his personal website, he has attacked the “doomsday view” that “in a few decades, cataclysmic climate change will decimate civilization.” He writes: “Fortunately for all of us, this view is wrong. Although climate change will have serious consequences… it will not lead to humanity’s demise.” His rejection of catastrophism is no small matter.

bill gates

Monday

Alexander Larman

Mountainhead gets nowhere near the polished vitriol of Succession

There are few American shows more acclaimed and successful in the past decade than Succession, Jesse Armstrong’s peerless study of the corrupting influence of money and power, as illustrated through a Murdoch-esque media dynasty led by Brian Cox’s bull-like Logan Roy. The series was magnificent because it blended hysterical, unexpected black humor (step forward the excellent Matthew Macfadyen as Tom Wambsgans, who is hilarious virtually every moment he’s onscreen) with the serious thespian pyrotechnics of a starry cast including Cox, Kieran Culkin and the great Jeremy Strong, who, rumor has it, did not believe that he was making a comedy but a serious study of moral decay.

mountainhead

Tuesday

Peter Watson

The rise of millionaires, valet parking and facelifts in Palm Beach

The two favored topics of conversation in Palm Beach are money and the place itself, so the latest survey by Henley & Partners, a specialist service which advises wealthy clients where to live, is doubly welcome. It shows that Palm Beach County is among the top five fastest-growing “wealth hubs” in the world, outpacing even Dubai and Silicon Valley. This latest report shows that Palm Beach County cities (that is, Palm Beach, the island off the mainland, and West Palm Beach, on the mainland, separated only by three drawbridges) experienced a 112 percent increase in millionaire residents between 2014 and 2024.

Palm

Friday

Cockburn

Bezos dines with Trump after dicing up Opinion page

“We are going to be writing every day in support and defense of two pillars: personal liberties and free markets,” wrote billionaire Jeff Bezos in a Wednesday note to the staff of his newspaper, the Washington Post. “We’ll cover other topics too of course, but viewpoints opposing those pillars will be left to be published by others.” The missive from on high sent shockwaves around the capital. David Shipley, the Post’s Opinion editor, stepped away from his role over the new directive. Libertarian magazine Reason had a field day: “If this sounds like something you might want to read, may I suggest @reason where we’ve been doing this since 1968?” wrote editor-in-chief Katherine Mangu-Ward.

jeff bezos

Thursday

Joel Kotkin

The battle of the oligarchs

Money and power have rarely been strangers; often nations are made to shudder when the ruling elites battle each other. Britain’s late empire was divided between liberal manufacturers and aristocratic interests, whose conflicts hastened the rise of the Labour Party and the end of empire. In the United States, opposition to powerful trusts defined progressive politics for decades, ultimately laying the basis for the New Deal and a greater scope for government. In the West today we are witnessing a similar divide among the uber-rich class — epitomized by Elon Musk’s embrace of Donald Trump — that is already reshaping politics. Until 2016 the US establishment, both Republican and Democratic, embraced similar views on national security, global trade and multilateral institutions.

oligarchs

Tuesday

Kathleen Willcox

The grapes of wealth

Are the rich different from you and me as F. Scott Fitzgerald posited in 1926? Or do they just have more money, as Ernest Hemingway allegedly retorted? Whatever the answer, they’ve certainly become wealthier. While many of us normies have been sweating fallout from inflation and skyrocketing interest rates — buying a dozen eggs, never mind a new home, requires major budget adjustments — we can take comfort that at least the 0.001 percent are doing fine. According to the latest Oxfam International Inequality Report, the five richest men in the world have doubled their fortunes since 2020 — from a measly $405 billion to $869 billion. What do they sip as they stroke their fat white purebred cats atop piles of gold? It’s wine you won’t find at a store.

wine

Tuesday

Leighton Woodhouse

How Big Philanthropy became Big Grift

In 1889, Andrew Carnegie, one of the most ruthless industrialists in American history, wrote an essay entitled “The Gospel of Wealth,” which became the moral playbook for the oligarchs of his time on what to do with their fortunes. Carnegie was determined to overcome his reputation as a “robber baron” by becoming one of the greatest philanthropists who ever lived. The “man of wealth,” Carnegie wrote, should “consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer... in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community.

philanthropy

Friday

Bill Zeiser

Elon Musk is the wrong kind of billionaire

Oh, to have been a fly on the wall in the C-suite at Twitter on Thursday afternoon. The social media company’s San Francisco headquarters reportedly played host to an all-hands meeting in which concerned employees were given the chance to ask questions about billionaire Elon Musk’s offer to buy their company. Their panic is not entirely without merit — Musk has floated the idea of turning Twitter’s building into a homeless shelter. Yet it's worth noting that Twitter’s employees have been told they can work from home indefinitely, and their questions were delivered to a largely empty building via the messaging app Slack.

elon musk ketamine

Friday

John Steele Gordon

The wealth explosion

Not all inventions change the world. But some do — and they do it by greatly lowering the cost of a fundamental economic input. This inevitably causes an economic revolution that brings about a new political and social order by opening previously impossible economic opportunities,  creating vast new wealth in the process. We are in the middle of such a revolution today, thanks to the microprocessor, which first came to market in 1972 and really took off with the introduction of the personal computer in the early 1980s. The microprocessor, a dirt-cheap computer on a chip, hugely reduced the cost of storing, retrieving and manipulating information. Computing power that cost $1,000 in the 1950s today costs a fraction of a cent.

microprocessor

Tuesday

John Steele Gordon

The trouble with unrealized capital gains taxes

No one knows what will come out of the sausage making now going on up on Capitol Hill, but let’s take a look at one proposal to raise money to pay for some of the cost of the reconciliation bill. At the moment, capital gains are taxed only when the asset is sold or the owner dies. (The estate tax is just a tax on capital that is triggered by death rather than by sale.) Oregon senator Ron Wyden proposes that they be taxed every year whether sold or not. Unrealized capital gains are certainly a tempting target. After all, for people like Bill Gates and Jeff Bezos, practically their whole, vast fortunes are capital gains, the cost basis of their stock in Microsoft and Amazon is, at most, a few cents a share.

ron wyden unrealized capital gains tax

Saturday

Ben Sixsmith

My day at Sun Valley

‘What would you like for dinner sir?’ ‘What do you recommend?’ ‘The grilled cicadas are very fine, sir. Or the fried cockroaches.’ ‘Sounds delicious.’ Smiling, I look around the table of the Sun Valley restaurant where billionaires from Jeff Bezos to Tim Cook have convened to talk shop in a safe environment. It is a kind of tech-based relative of Bilderberg — the annual conference at which presidents, prime ministers and assorted other elite figures quietly come together. No journalists allowed, I was told. ‘I’m not a journalist!’ ‘What are you then?’ ‘I’m a thought leader.’ ‘A what?’ ‘A public intellectual.’ ‘Eh?’ ‘I have a column in the New York Times.’ It wasn’t true but it got me in.

sun valley

Monday

Matt Purple

Billionaire tech bros…in space!

Jeff Bezos has built himself a space rocket and it looks like a giant...well you can judge for yourself. Which raises the question: how to go about reporting on this? Is it AP style, do you think, to say the vessel will penetrate the upper atmosphere provided there aren’t any onboard system cock-ups? We can only hope for Bezos’s sake that the rocket isn’t like a typical Amazon product in that it’s smaller in real life than it appears in the picture. Bezos himself will be onboard for the scant 11-minute flight (don’t even get me started), which has drawn the expected gallons of contempt and death wishes from Twitter.

billionaire tech bros

Thursday

Cockburn

Won’t someone please think of the billionaires?

As that peerless philosopher of the 20th century Marvin Gaye once pointed out, there are three things in life of which we can all be certain: taxes, death and trouble. Cockburn has long admired the late soul legend’s lyrics, but this week, that weary little aperçu has rung somewhat hollowly in his mind. You will have no doubt read of the damning report published this week by ProPublica, investigating the murky relationship between the taxable assets and actual taxes paid by some of America’s billionaires. If so, you probably agree that it makes for thoroughly depressing reading.

buffett billionaires

Saturday

Patrick J-Buchanan

Where did all those ‘capitalist pigs’ go?

'There are few ways in which a man can be more innocently employed than in getting money,' is an insight the famed biographer James Boswell attributed to Samuel Johnson. Clients of the late Bernie Madoff, however, might take issue. Over four decades, Madoff, acclaimed as the greatest fraudster of them all, ran a Ponzi scheme that swindled 40,000 people, including his closest friends, out of $65 billion. But if 'getting money' is among the most innocent of callings, America has more than its fair share of the goodly people who excel at it. According to Forbes's 35th annual ranking of billionaires, last year witnessed a population explosion. Some 660 new billionaires were added to the number for a total of 2,755. And more than one in every four billionaires is an American.

oligarchy tech capitalist pigs

Wednesday

Will Lloyd

Trump’s hydroxychloroquine kick is a billionaire quirk

Though it is yet to enjoy the endorsement of the UN, or the approval of the Supreme Court, the greatest human right of all is the right to self-abuse. Mankind, divided in so many ways, is nevertheless bound together by its desire to ride lawnmowers at speed, or take selfies on cliff edges, or eat bats, or jump from appalling heights out of planes. The right to self-abuse, as costly as it is, will never be legislated out of existence. It cannot be willed away either. It is exercised by the wise and the ignorant in equal measure; by the poor, the slightly less poor, and the rich too. As long as there are human beings, there will be men who find it amusing to eat a cactus. Does the President have the same right to do the Stupid Thing as the rest of us do?

hydroxychloroquine

Tuesday

Will Lloyd

Tom Steyer and the pedestrian mindset of billionaires

Now here is a dubious image: Wednesday January 20, 2021. A low grey sky and persistent drizzle over Washington, as 'billionaire activist' and President-elect Tom Steyer takes the hallowed oaths of office on the steps of the Capitol building. Who, besides Steyer himself and the squad of creeping, over-remunerated sycophants who advise him, really pictures that happening? Every schmuck in America with enough money to buy the actual moon seems to have considered running for president lately. Consider Mark 'Augustus' Zuckerberg’s weird 50-state listening tour back in 2017.

tom steyer

Sunday

Freddy Gray

The rise and rise of the daddy big bucks candidate

We live in a time of hatred of elites, yet all these billionaires keep running for president. Howard Schultz, the ex-Starbucks CEO, has declared he is considering a run as an independent because he, like many others, is fed up with the current president and politics in general. Funnily enough, that is why the current billionaire president ran three years. That, plus ego. ‘This president is not qualified to be the president,’ says Schultz. That’s also what Michael Bloomberg (net worth: $44 billion) says, and the whispers that he is about to announce his candidacy are stronger than usual in this pre-election cycle. Bloomberg calls Trump a ‘pretend CEO’, and his would-be voters thrill at the thought that he is considerably richer than the Donald.

howard schultz billionaire