Billionaires: Reflections on the Upper Crust

284 Pages·2014·1.595 MB·English

by  Darrell M. West

Meet the Billionaires: the 1,645 men and women who control
a massive share of global assets worth $6.5 trillion. Darrell M. West
reveals what the other 99.99998% of us need to know.
west
advance praise for billionaires: reflections on the upper crust
“F. Scott Fitzgerald taught us that the very rich are different from the rest of us.
Now Darrell West has taken us on a thoughtful romp through the world of our new
An estimated 40 percent of global assets
billionaire class. He couples a moral concern for the cost of rising inequality with a
are controlled by 1 percent of worldwide
scholar’s commitment to telling the story straight. This is both an important book
gi and a good read.”— e.j. dionne, Georgetown University income earners. With the “wealthification” of
ori politics and society, it is important to understand
M
aul “Are the super-wealthy different from you and me?” asks Darrell West. Different what this concentration means for governance,
P
y
o b or not, they are shaping our world, sometimes for the better (when they invent elections, and social and economic opportunity.
ot
Ph new things), but often for the worse, when they undermine democracy, use With rich anecdotes and personal narratives,
government to enrich themselves, and create a culture of social separatism and Darrell M. West goes inside the world of the ultra
Darrell M. West is the vice president of
uber-success. Unless you are indifferent to this new world, you should read wealthy. Meet U.S. billionaires such as Sheldon
Governance Studies and director of the Center West’s book." — branko milanovic, author of The Haves and the Have-Nots: A Brief and Adelson, Michael Bloomberg, Bill Gates, David
for Technology Innovation at the Brookings Idiosyncratic History of Global Inequality
and Charles Koch, Rupert Murdoch, George Soros,
Institution. He is the author of 19 books on reflections
Tom Steyer, Peter Thiel, and Donald Trump—as
American politics and the recipient of several “As a free-market conservative who hopes to see more money invested in politics,
on the well as international billionaires from Austria,
book awards. not less, I disagree with many of Darrell West’s attitudes and arguments. Billionaires,
upper crust Australia, France, Georgia, India, Italy, Russia,
is nonetheless a fresh, thought-provoking, clear-eyed view of a bitterly controversial
Thailand, and Ukraine.
subject, demonstrating that the prominent participation of plutocrats in politics
The concentration of extreme wealth
is a worldwide, and not just American, phenomenon. Even those who reject West’s
raises important questions about influence,
conclusions will enjoy the crisp, readable, and passionately personal style he deploys
to make his points.” — michael medved, nationally syndicated talk radio host transparency, accountability, and government
performance. Some of the questions West
“The saddest sight in American politics is a U.S. Senator begging a billionaire for addresses about the wealthification of politics
his crumbs.” — chris matthews, MSNBC’s Hardball include:
(cid:300)(cid:336)(cid:173)(cid:193)(cid:230)(cid:336)(cid:154)(cid:193)(cid:336)(cid:147)(cid:157)(cid:206)(cid:215)(cid:127)(cid:175)(cid:188)(cid:336)(cid:206)(cid:175)(cid:147)(cid:173)(cid:336)(cid:204)(cid:157)(cid:193)(cid:204)(cid:181)(cid:157)(cid:336)(cid:220)(cid:210)(cid:157)(cid:336)(cid:127)(cid:336)(cid:330)(cid:169)(cid:157)(cid:215)(cid:336)(cid:127)(cid:336)
“With a riveting mix of facts and stories, Darrell West tells us who these new Senator” strategy to block appointments and
plutocrats are, what they think about politics, and how they maneuver to get legislation they don’t like?
what they want. . . . Billionaires is a must-read for all who care about the future of (cid:300)(cid:336)(cid:230)(cid:173)(cid:236)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:215)(cid:173)(cid:157)(cid:336)(cid:210)(cid:220)(cid:204)(cid:157)(cid:206)(cid:336)(cid:230)(cid:157)(cid:127)(cid:181)(cid:215)(cid:173)(cid:236)(cid:336)(cid:187)(cid:193)(cid:229)(cid:157)(cid:154)(cid:336)(cid:175)(cid:188)(cid:215)(cid:193)(cid:336)(cid:204)(cid:193)(cid:181)(cid:175)(cid:147)(cid:236)(cid:336)
democracy.” — theda skocpol, Harvard University advocacy and referenda at the state level?
(cid:300)(cid:336)(cid:230)(cid:173)(cid:127)(cid:215)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:147)(cid:193)(cid:188)(cid:210)(cid:157)(cid:206)(cid:229)(cid:127)(cid:215)(cid:175)(cid:229)(cid:157)(cid:336)(cid:146)(cid:175)(cid:181)(cid:181)(cid:175)(cid:193)(cid:188)(cid:127)(cid:175)(cid:206)(cid:157)(cid:210)(cid:336)(cid:181)(cid:157)(cid:127)(cid:206)(cid:188)(cid:157)(cid:154)(cid:336)
from 2012?
brookings institution press
(cid:300)(cid:336)(cid:230)(cid:173)(cid:236)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:146)(cid:175)(cid:181)(cid:181)(cid:175)(cid:193)(cid:188)(cid:127)(cid:175)(cid:206)(cid:157)(cid:210)(cid:336)(cid:206)(cid:220)(cid:188)(cid:336)(cid:168)(cid:193)(cid:206)(cid:336)(cid:193)(cid:168)(cid:168)(cid:175)(cid:147)(cid:157)(cid:336)(cid:175)(cid:188)(cid:336)(cid:187)(cid:193)(cid:206)(cid:157)(cid:336)
ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaarrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeelllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm......................................... wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwweeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssstttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt
Cover image: © Kristina Stasiuliene | Dreamstime.com Washington, D.C. than a dozen countries around the world?
Jacket by Beth Schlenoff Design www.brookings.edu/press
Meet the Billionaires: the 1,645 men and women who control
a massive share of global assets worth $6.5 trillion. Darrell M. West
reveals what the other 99.99998% of us need to know.
west
advance praise for billionaires: reflections on the upper crust
“F. Scott Fitzgerald taught us that the very rich are different from the rest of us.
Now Darrell West has taken us on a thoughtful romp through the world of our new
An estimated 40 percent of global assets
billionaire class. He couples a moral concern for the cost of rising inequality with a
are controlled by 1 percent of worldwide
scholar’s commitment to telling the story straight. This is both an important book
gi and a good read.”— e.j. dionne, Georgetown University income earners. With the “wealthification” of
ori politics and society, it is important to understand
M
aul “Are the super-wealthy different from you and me?” asks Darrell West. Different what this concentration means for governance,
P
y
o b or not, they are shaping our world, sometimes for the better (when they invent elections, and social and economic opportunity.
ot
Ph new things), but often for the worse, when they undermine democracy, use With rich anecdotes and personal narratives,
government to enrich themselves, and create a culture of social separatism and Darrell M. West goes inside the world of the ultra
Darrell M. West is the vice president of
uber-success. Unless you are indifferent to this new world, you should read wealthy. Meet U.S. billionaires such as Sheldon
Governance Studies and director of the Center West’s book." — branko milanovic, author of The Haves and the Have-Nots: A Brief and Adelson, Michael Bloomberg, Bill Gates, David
for Technology Innovation at the Brookings Idiosyncratic History of Global Inequality
and Charles Koch, Rupert Murdoch, George Soros,
Institution. He is the author of 19 books on reflections
Tom Steyer, Peter Thiel, and Donald Trump—as
American politics and the recipient of several “As a free-market conservative who hopes to see more money invested in politics,
on the well as international billionaires from Austria,
book awards. not less, I disagree with many of Darrell West’s attitudes and arguments. Billionaires,
upper crust Australia, France, Georgia, India, Italy, Russia,
is nonetheless a fresh, thought-provoking, clear-eyed view of a bitterly controversial
Thailand, and Ukraine.
subject, demonstrating that the prominent participation of plutocrats in politics
The concentration of extreme wealth
is a worldwide, and not just American, phenomenon. Even those who reject West’s
raises important questions about influence,
conclusions will enjoy the crisp, readable, and passionately personal style he deploys
to make his points.” — michael medved, nationally syndicated talk radio host transparency, accountability, and government
performance. Some of the questions West
“The saddest sight in American politics is a U.S. Senator begging a billionaire for addresses about the wealthification of politics
his crumbs.” — chris matthews, MSNBC’s Hardball include:
(cid:300)(cid:336)(cid:173)(cid:193)(cid:230)(cid:336)(cid:154)(cid:193)(cid:336)(cid:147)(cid:157)(cid:206)(cid:215)(cid:127)(cid:175)(cid:188)(cid:336)(cid:206)(cid:175)(cid:147)(cid:173)(cid:336)(cid:204)(cid:157)(cid:193)(cid:204)(cid:181)(cid:157)(cid:336)(cid:220)(cid:210)(cid:157)(cid:336)(cid:127)(cid:336)(cid:330)(cid:169)(cid:157)(cid:215)(cid:336)(cid:127)(cid:336)
“With a riveting mix of facts and stories, Darrell West tells us who these new Senator” strategy to block appointments and
plutocrats are, what they think about politics, and how they maneuver to get legislation they don’t like?
what they want. . . . Billionaires is a must-read for all who care about the future of (cid:300)(cid:336)(cid:230)(cid:173)(cid:236)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:215)(cid:173)(cid:157)(cid:336)(cid:210)(cid:220)(cid:204)(cid:157)(cid:206)(cid:336)(cid:230)(cid:157)(cid:127)(cid:181)(cid:215)(cid:173)(cid:236)(cid:336)(cid:187)(cid:193)(cid:229)(cid:157)(cid:154)(cid:336)(cid:175)(cid:188)(cid:215)(cid:193)(cid:336)(cid:204)(cid:193)(cid:181)(cid:175)(cid:147)(cid:236)(cid:336)
democracy.” — theda skocpol, Harvard University advocacy and referenda at the state level?
(cid:300)(cid:336)(cid:230)(cid:173)(cid:127)(cid:215)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:147)(cid:193)(cid:188)(cid:210)(cid:157)(cid:206)(cid:229)(cid:127)(cid:215)(cid:175)(cid:229)(cid:157)(cid:336)(cid:146)(cid:175)(cid:181)(cid:181)(cid:175)(cid:193)(cid:188)(cid:127)(cid:175)(cid:206)(cid:157)(cid:210)(cid:336)(cid:181)(cid:157)(cid:127)(cid:206)(cid:188)(cid:157)(cid:154)(cid:336)
from 2012?
brookings institution press
(cid:300)(cid:336)(cid:230)(cid:173)(cid:236)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:146)(cid:175)(cid:181)(cid:181)(cid:175)(cid:193)(cid:188)(cid:127)(cid:175)(cid:206)(cid:157)(cid:210)(cid:336)(cid:206)(cid:220)(cid:188)(cid:336)(cid:168)(cid:193)(cid:206)(cid:336)(cid:193)(cid:168)(cid:168)(cid:175)(cid:147)(cid:157)(cid:336)(cid:175)(cid:188)(cid:336)(cid:187)(cid:193)(cid:206)(cid:157)(cid:336)
ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaarrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeelllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm......................................... wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwweeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssstttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt
Cover image: © Kristina Stasiuliene | Dreamstime.com Washington, D.C. than a dozen countries around the world?
Jacket by Beth Schlenoff Design www.brookings.edu/press
Meet the Billionaires: the 1,645 men and women who control
a massive share of global assets worth $6.5 trillion. Darrell M. West
reveals what the other 99.99998% of us need to know.
west
advance praise for billionaires: reflections on the upper crust
“F. Scott Fitzgerald taught us that the very rich are different from the rest of us.
Now Darrell West has taken us on a thoughtful romp through the world of our new
An estimated 40 percent of global assets
billionaire class. He couples a moral concern for the cost of rising inequality with a
are controlled by 1 percent of worldwide
scholar’s commitment to telling the story straight. This is both an important book
gi and a good read.”— e.j. dionne, Georgetown University income earners. With the “wealthification” of
ori politics and society, it is important to understand
M
aul “Are the super-wealthy different from you and me?” asks Darrell West. Different what this concentration means for governance,
P
y
o b or not, they are shaping our world, sometimes for the better (when they invent elections, and social and economic opportunity.
ot
Ph new things), but often for the worse, when they undermine democracy, use With rich anecdotes and personal narratives,
government to enrich themselves, and create a culture of social separatism and Darrell M. West goes inside the world of the ultra
Darrell M. West is the vice president of
uber-success. Unless you are indifferent to this new world, you should read wealthy. Meet U.S. billionaires such as Sheldon
Governance Studies and director of the Center West’s book." — branko milanovic, author of The Haves and the Have-Nots: A Brief and Adelson, Michael Bloomberg, Bill Gates, David
for Technology Innovation at the Brookings Idiosyncratic History of Global Inequality
and Charles Koch, Rupert Murdoch, George Soros,
Institution. He is the author of 19 books on reflections
Tom Steyer, Peter Thiel, and Donald Trump—as
American politics and the recipient of several “As a free-market conservative who hopes to see more money invested in politics,
on the well as international billionaires from Austria,
book awards. not less, I disagree with many of Darrell West’s attitudes and arguments. Billionaires,
upper crust Australia, France, Georgia, India, Italy, Russia,
is nonetheless a fresh, thought-provoking, clear-eyed view of a bitterly controversial
Thailand, and Ukraine.
subject, demonstrating that the prominent participation of plutocrats in politics
The concentration of extreme wealth
is a worldwide, and not just American, phenomenon. Even those who reject West’s
raises important questions about influence,
conclusions will enjoy the crisp, readable, and passionately personal style he deploys
to make his points.” — michael medved, nationally syndicated talk radio host transparency, accountability, and government
performance. Some of the questions West
“The saddest sight in American politics is a U.S. Senator begging a billionaire for addresses about the wealthification of politics
his crumbs.” — chris matthews, MSNBC’s Hardball include:
(cid:300)(cid:336)(cid:173)(cid:193)(cid:230)(cid:336)(cid:154)(cid:193)(cid:336)(cid:147)(cid:157)(cid:206)(cid:215)(cid:127)(cid:175)(cid:188)(cid:336)(cid:206)(cid:175)(cid:147)(cid:173)(cid:336)(cid:204)(cid:157)(cid:193)(cid:204)(cid:181)(cid:157)(cid:336)(cid:220)(cid:210)(cid:157)(cid:336)(cid:127)(cid:336)(cid:330)(cid:169)(cid:157)(cid:215)(cid:336)(cid:127)(cid:336)
“With a riveting mix of facts and stories, Darrell West tells us who these new Senator” strategy to block appointments and
plutocrats are, what they think about politics, and how they maneuver to get legislation they don’t like?
what they want. . . . Billionaires is a must-read for all who care about the future of (cid:300)(cid:336)(cid:230)(cid:173)(cid:236)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:215)(cid:173)(cid:157)(cid:336)(cid:210)(cid:220)(cid:204)(cid:157)(cid:206)(cid:336)(cid:230)(cid:157)(cid:127)(cid:181)(cid:215)(cid:173)(cid:236)(cid:336)(cid:187)(cid:193)(cid:229)(cid:157)(cid:154)(cid:336)(cid:175)(cid:188)(cid:215)(cid:193)(cid:336)(cid:204)(cid:193)(cid:181)(cid:175)(cid:147)(cid:236)(cid:336)
democracy.” — theda skocpol, Harvard University advocacy and referenda at the state level?
(cid:300)(cid:336)(cid:230)(cid:173)(cid:127)(cid:215)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:147)(cid:193)(cid:188)(cid:210)(cid:157)(cid:206)(cid:229)(cid:127)(cid:215)(cid:175)(cid:229)(cid:157)(cid:336)(cid:146)(cid:175)(cid:181)(cid:181)(cid:175)(cid:193)(cid:188)(cid:127)(cid:175)(cid:206)(cid:157)(cid:210)(cid:336)(cid:181)(cid:157)(cid:127)(cid:206)(cid:188)(cid:157)(cid:154)(cid:336)
from 2012?
brookings institution press
(cid:300)(cid:336)(cid:230)(cid:173)(cid:236)(cid:336)(cid:173)(cid:127)(cid:229)(cid:157)(cid:336)(cid:146)(cid:175)(cid:181)(cid:181)(cid:175)(cid:193)(cid:188)(cid:127)(cid:175)(cid:206)(cid:157)(cid:210)(cid:336)(cid:206)(cid:220)(cid:188)(cid:336)(cid:168)(cid:193)(cid:206)(cid:336)(cid:193)(cid:168)(cid:168)(cid:175)(cid:147)(cid:157)(cid:336)(cid:175)(cid:188)(cid:336)(cid:187)(cid:193)(cid:206)(cid:157)(cid:336)
ddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaarrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeelllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm......................................... wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwweeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssstttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt
Cover image: © Kristina Stasiuliene | Dreamstime.com Washington, D.C. than a dozen countries around the world?
Jacket by Beth Schlenoff Design www.brookings.edu/press
contents  i
BILLIONAIRES
ii  contents
contents  iii
B I L L I O N A I R E S
reflections  
on the  
upper crust
darrell m. west
brookings institution press
Washington, D.C.
iv  contents
Copyright © 2014
THE BROOKINGS INSTITUTION
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www.brookings.edu
All rights reserved. No part of this publication may be reproduced or transmitted
in any form or by any means without permission in writing from the Brookings
Institution Press.
The Brookings Institution is a private nonprofit organization devoted to research,
education, and publication on important issues of domestic and foreign policy. Its
principal purpose is to bring the highest quality independent research and analysis
to bear on current and emerging policy problems. Interpretations or conclusions in
Brookings publications should be understood to be solely those of the authors.
Library of Congress Cataloging-in-Publication data
West, Darrell M., 1954–
Billionaires: reflections on the upper crust / Darrell M. West.
pages cm
Includes bibliographical references and index.
ISBN 978-0-8157-2582-4 (hardcover : alk. paper) —
ISBN 978-0-8157-2596-1 (pbk. : alk. paper)
1. Wealth. 2. Wealth–Political aspects. 3. Rich people–Political activity.
4. Billionaires. 5. Equality. I. Title.
HC79.W4W465 2014
305.5’234--dc23 2014000450
9 8 7 6 5 4 3 2 1
Printed on acid-free paper
Typeset in Sabon
Composition by Oakland Street Publishing
contents  v
to Karin
who has brought a different kind of wealth into my life
vi  contents
Contents
1 The Controversy over Billionaires 1
Part i  Billionaire Activism
2 Can Rich Dudes Buy an Election? 33
3 Referendum Campaigns and Policy Advocacy 55
4 New Models of Philanthropy 73
5 Elections Abroad 92
Part ii  it takes a village to Make a Fortune
6 The Global 1,645 113
7 Innovative Ideas 129
8 Not a One-Person Act 145
Part iii  What can Be Done?
9 Better Transparency, Governance, and Opportunity 167
10 Hope for the Future 194
vii