Should billionaires exist?

A billionaire is an individual whose net worth equals or exceeds one billion units of a given currency, typically U.S. dollars, euros, or pounds sterling. Net worth represents the total value of a person's assets—such as cash, real estate, and investments—minus their liabilities. The term "billionaire" gained prominence in the 20th century as personal fortunes grew to unprecedented levels. In 1916, American oil magnate John D. Rockefeller became the world's first confirmed billionaire in U.S. dollars. Since then, the number of billionaires has increased significantly, with Forbes reporting 2,781 billionaires worldwide in 2024, collectively holding $14.2 trillion in wealth. Self-Made Billionaires accumulate wealth through their own efforts, often by founding or expanding businesses. Inherited Billionaires acquire their wealth through inheritance. The term Ultra High-Net-Worth Individual refers to someone possessing investable assets of at least $30 million, encompassing all billionaires.