Do you believe that rich people should exist?

[Bumpitybumper]

Having read lots of threads on here, I am starting to wonder about the proportion of people that believe that rich people shouldn't exist at all and that policies should be enacted to ensure a more or less even distribution of wealth.

So out of interest and just to satisfy my curiosity please vote:
YABU - there shouldn't be rich people in this country and that wealth should be distributed evenly to the extent that people aren't significantly richer than others.
YANBU - rich people are a necessary (and potentially even desirable) part of society

😂 10 million is not a ‘very high cap’ for entrepreneurs! All the houses on my road and most of the town are over 1m simply because it’s commutable to London.

I think it’s hard to argue Amazon got where it is without massively exploiting workers.
Alan Sugar is a billionaire, but he’s not in the same league as Musk. He’s also, as you say, a massive exception.

Stop replying to these goady ‘let’s all slag off the commies and poor people who are just jealous’ posts. They’re always posted by some Tory just looking for people to back up their right wing boot-licking opinions 🙄

People don't choose to be addicts.

They do make the choices that lead them down that road though. Unless someone forces them to take the drugs or gamble or drink in the first place

I think you need to define rich. I think people should be able to work hard to achieve greater wealth, but the huge gap between rich and poor is a problem. There shouldn’t be people who can’t eat and could potentially freeze in the winter, while others have several homes.

@cardibach Yes, I wasn’t commenting on their business practices! These are just two more well-known examples of global success without generational wealth.

I think tax havens should be closed down.

So... communism type world?
For all of capitalisms flaws, it at least motivates people to work, invent things, develop skills etc. Unfortunately (most) people aren't doing all these things for the good of society.

I think it would be great if poverty didn't exist however, as another poster mentioned

Just googling. Zuck's parents were a dentist and a psychiatrist. Like they afforded private school and harvard yes, but like is it really "generational wealth"?

I don't know about 'like' but that is not generational wealth, it's comfortable professional middle class. Donald Trump inherited a fortune so would fit into the generational wealth category.

Trickle down doesn't work.
Newspapers make scapegoats of poor people so the bulk of people midway don't look to the rich/politicians for answers but tout the poor as scroungers or villains.
The rich aren't the problem the media owning ultra rich are but I'd not directly eradicate them just tax them more. As others have said it's homelessness and the poor needs eradicating.
With AI & computerisation imminent I think personally the fairest simplest way would be Universal Basic Income (UBI) - there will never be full employment in the future.
UBI would be fairer, less stress, less strain on NHS. Trialed it in Finland I think and the only effect was people were happier (jobs were still done & works completed).
Sorry sounds like a manifesto 👀
Back in my box

I think people tend to misunderstand that the redistribution of wealth does not mean that everyone should have the same amount of money. It’s that peoples ‘wealth’ (above and beyond what they need to live a comfortable life and fulfilling life) should be taxed in order to fund services for those who are poorer and/or vulnerable. That’s a middle path between the two

We have no generational wealth or advantages. One of us is quite clever, and the partner has great commercial instincts.One of us earned well during their 30s and early 40, the other has earned more since. But we have buttressed each others' skills. But we are middle class well to do; there's no chance we're buying an island in the Caribbean. Not would I want one.

It's not a fairytale. My Dad grew up with very little as all their money was spent by his alcoholic father who kicked him out at 15. My mum grew up in a council house sharing a room with 3 siblings, no heating. My Dad worked extremely hard and is now a millionaire.

What often limits people more than money is attitude/aspiration. I have 2 friends on similar income, both single mums just making ends meet. One - doing an OU course to try to progress, when you ask her teenage children what they want to be, they say a lawyer and a vet. The other who has never pursued any further education and quite content with her non skilled job - her children want to be a beautician and an 'influencer'.
The first will hopefully work their way out of poverty, the 2nd will stay probably stay in the cycle. No differences in income, background, education, family wealth etc. The only difference is aspiration.

Everybody needs to aspire to something better, for their children and for themselves. To save for a respectable income in retirement, and ideally to leave something to their kids. That's not trying to be an aristocrat; it's meant to help your children have a sound start in life.

Let me rephrase that. It's to help your 30 year old children get their lives on track via a financial boost that THEY can use to start a business or buy a property. It should not be used to pay off debts and it has nothing to do with discretionary spending. IMO. But that's me.

How did your dad become a millionaire @Bushmillsbabe? How did he get from being a homeless 15 year old with presumably no qualifications to being worth seven figures?

I'd be interested in his story, too @Bushmillsbabe . Is it something you could share?

I don’t think anyone needs more than say $5mil. But I don’t really have a huge problem with people being rich - being billionaires however is damaging and shouldn’t be allowed. I’d rather capital was more equitably shared but you can’t remove all incentive to work hard by removing luxurious lifestyles as a possibility. So some middle ground would be good.

Stayed with friends family for a bit, worked 3 jobs to try to get money together to rent a room. Paper round, bar job at weekends and labouring on a building site. Had always been interested in construction and wanted to be an architect, but couldn't afford the course, but after 4 years his employers sponsored him to do a HND in civil engineering and he qualified for a student grant. Worked his way up, put in long hours (we didn't see him during the week as he left at 6am and came back late, but the weekends he was a very hands on Dad) and eventually set up his own project management company, initially with just him, but then employed others, managing large scale social housing, MoD contracts, etc. He was known for his skill in negotiating, his integrity, honesty and reliability, and his time is billed at around £300 an hour - which blows my mind as a nhs health professional on £25 an hour. I remember doing work experience with his company when my year 11 placement fell through, and seeing the genuine respect his employees had for him made me so proud that he was my Dad.

What a naive comment.

Well how would our lifestyle be different if their weren't rich or mega rich people, there is a chip on the shoulder mentality with people complaining how hard done by they are but would Amazon, Apple exist for example if not for the rich?

So what would be missing from your life if the rich disappeared?

I would love to see greater and generous profit sharing with all employees and their family members of big successful companies that are making significant millions/billions. This would help redistribute the wealth somewhat.

You know you picked two multinational businesses founded by people who weren't rich or affluent, but became extremely wealthy as a result of starting those businesses?

Would they have not done so if there was a limit on the wealth they were allowed to accrue? Would they have given up if they'd hit a limit on the wealth they were allowed to accrue? Or are they the personality type that would be driven to continue to achieve success for their businesses beyond a theoretical limit on the wealth they could personally accrue? We'll never know.

A much used smoke and mirrors tactic. The more the rich have the less they pay....tax avoidance is legal and a lucrative job. The many allowances the rich use to avoid tax is mind blowing too. If they were on PAYE and tax deducted at source that would be true, but...avoidance rules KO!

Low/lower incomes will always exist. Everyone should have basic needs met - food, shelter, healthcare.
Poverty could be eradicated if we were inclined...