The world’s non-billionaire class did not need Covid-19 to inspire envy of the ultra-rich. But the virus helped – Swiss bank UBS estimates that the world’s richest increased their collective wealth to over $10 trillion during the pandemic, its highest ever level. Nonetheless, there have been downsides for billionaires over the past year.
This will need some explaining, especially after the staggering figures involved. Leading 2020's rich list is Jeff Bezos, the founder and chief executive of Amazon, whose wealth has increased by 80 per cent, to a little over $200 billion. Elon Musk has grown his wealth considerably, too, by more than $68bn. Mark Zuckerberg of Facebook has become $54.7bn richer.
Understandably then, many predict a bright financial future for the world’s billionaires. Dominant sectors on the list like technology, which has played such an important role in the pandemic, will continue to expand at pace with numerous lockdowns set to stretch into 2021.
These facts jar against the wider world’s economic state. Data from the UN’s International Labour Organisation suggest that global total working hours fell by 14 per cent in the second quarter of 2020, the equivalent of the loss of 400 million full-time jobs.
The gaffes of some billionaires during this time of growing inequality have also exacerbated divisions. American magnate David Geffen, for instance, was widely criticised for a series of badly judged social media posts last March. As much of the world was heading into lockdown, Mr Geffen posted a picture of his $590m superyacht against an evening backdrop of the Grenadines, with the caption “Sunset last night ... Isolated in the Grenadines avoiding the virus. I’m hoping everybody is staying safe”. Ridicule was swift, with users sarcastically thanking him for his thoughts. He deleted his Instagram account soon after.
Such mishaps risk tarnishing the huge philanthropic efforts undertaken by some of the world’s wealthiest individuals. Bill Gates, co-founder of Microsoft and co-chair of the Bill & Melinda Gates Foundation, is estimated, as of June 2020, to have given over $50bn to charity. At one point in 2010, he pledged to give away 95 per cent of his fortune. Last year, the Chronicle of Philanthropy ranked Mr Bezos’s gift of $10bn to support non-profits combatting climate change, as the largest donation of 2020.
Reminding the world of such actions is one way the wealthiest aim to build, or rebuild, their reputations. But it will not be enough, because an extreme distrust of celebrity billionaires by a small but growing minority falsely alleges far more sinister motivations.
Take the case of Mr Gates’s global vaccine alliance, Gavi, which has vaccinated more than 822 million children in the world’s poorest countries. It has become the unjustified target of a vocal fringe of conspiracy theorists online.
Those who are not so conspiratorially minded are focusing their anger from the havoc of Covid-19 on billionaires, too. Humans are pattern-seeking animals, and in the chaos of the pandemic the patterns some spot are extreme. Instinctively, it is both conspicuous and galling the way that some stay wealthy while the finances of ordinary people spiral out of control.
We should label conspiracy theories for what they are: dangerous and vindictive falsehoods. But nations, particularly capitalist ones, must start to have frank discussions on the growing anger in some countries about the very existence of billionaires, as well as what responsibility they have to the rest of the population.
A lot is revealed about a society in how it approaches its wealthy citizens. As the American left grows more active, increasing numbers in the Democratic Party advocate socialist policies – something previously considered unthinkable in a country that bills itself the centre of western free-market capitalism. In the UK, Peter Mandelson, a former adviser in the 1997 “New Labour” government, famously said that the government's movement was “intensely relaxed about people becoming filthy rich”. This became the summary quote of the Labour Party’s move to centrist politics, and bitterly resented by the organisation’s socialist left.
As institutional trust wanes in the West, it is inevitable that some will label capitalism’s most successful men and women part of the problem. Perhaps, in some cases, this can be true, for those billionaires who take on the trappings of James Bond-style super villains, cocooned in floating palaces, seemingly preserving only their own safety.
Billionaires' gaffes have exacerbated divisions
But there is a place for the entrepreneur to transform the world for the better and to be a responsible actor while acquiring – and being incentivised by – immense personal wealth in the process. Governments must continue to debate various strategies to address unfairness, in a manner that does not limit prosperity. There are obvious places to start, such as more effectively combatting tax avoidance, a practice open only to those who have the resources to exploit complex legal loopholes.
Before the pandemic, debating the ethics of extreme wealth accumulation was primarily about economic fairness. The pandemic, and the anxiety and distrust it has caused, has given the debate consequences for public health, too. If billionaires want to continue doing good, they need to beware.
Thomas Helm is a staff opinion writer at The National
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Results:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
Winner: Rodaini, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap | $135,000 (Turf) | 1,200m
Winner: Ekhtiyaar, Jim Crowley, Doug Watson
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
Winner: Spotify, James Doyle, Charlie Appleby
8.15pm: UAE Oakes | Group 3 | $250,000 (D) | 1,900m
Winner: Divine Image, William Buick, Charlie Appleby
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
Winner: Mythical Image, William Buick, Charlie Appleby
9.20pm: Handicap | $135,000 (T) | 1,600m
Winner: Major Partnership, Kevin Stott, Saeed bin Suroor
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
EGYPT SQUAD
Goalkeepers: Ahmed El Shennawy, Mohamed El Shennawy, Mohamed Abou-Gabal, Mahmoud Abdel Rehem "Genesh"
Defenders: Ahmed Elmohamady, Ahmed Hegazi, Omar Gaber, Ali Gazal, Ayman Ahsraf, Mahmoud Hamdy, Baher Elmohamady, Ahmed Ayman Mansour, Mahmoud Alaa, Ahmed Abou-Elfotouh
Midfielders: Walid Soliman, Abdallah El Said, Mohamed Elneny, Tarek Hamed, Mahmoud “Trezeguet” Hassan, Amr Warda, Nabil Emad
Forwards: Ahmed Ali, Mohamed Salah, Marwan Mohsen, Ahmed "Kouka" Hassan.
Company%20profile
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