Some surprising names on the list.
Income inequality is a complicated issue. The U.S. is the richest and yet most unequal country in the world when you consider wealth, according to Allianz. And yet, there is economic mobility; many Americans shift income brackets, with 70% of the population experiencing at least one year in the top 20th percentile of income and 53% landing in the top 10th percentile in at least one year.
But as the disparities in wealth and income have become more marked, the national conversation over income inequality, as well as how to shore up America’s middle class, has gained urgency. It has even become a cause célèbre with surprising bedfellows. Democrats and Republicans have both focused on the topic, albeit with different solutions in mind. Harvard Business School alumni have cited it as a major concern — just like union activists and minimum wage workers at the fast food protests.
And billionaires are no exception. Entrepreneur and investor Nick Hanauer, who sold his Internet advertising company to Microsoft for $6 billion in 2007, most famously warned
fellow one-percenters, “If we don’t do something to fix the glaring inequities in this economy, the pitchforks are going to come for us. No society can sustain this kind of rising inequality.” But he has plenty of company. Some are concerned on moral grounds; others cite the impact on the economy. Here are seven other billionaires who say they are worried about how income inequality will affect America.