Ever wonder why so many super-rich people are liberals?
George Soros, Reid Hoffman, Reed Hastings, Michael Bloomberg, Bill Gates, Tom Steyer...the list of progressive billionaires is a long one.
It doesn't make any sense, right? Rich people are supposed to be Republicans! You know, hanging at their country clubs, making fun of everyone else.
And yet, many of them...
...advocate for higher taxes - on themselves.
...are outspoken climate or AI doomers, advocating for anti-growth policies.
...give financial and moral support to the very progressive forces that are trying to tear down western civilization - the very same civilization that made their riches possible
Why would people who benefit so much from the existing system support policies that might reduce their own fortunes?
It doesn’t make sense.
Or does it?
It’s all about incentives.
Past a certain level of wealth, the marginal utility of, say, an additional billion dollars, decreases. Once you have one mega yacht, do you really need another? How many planes or mansions can you really use?
Eventually, you run out of things to buy, and wealth becomes numbers on a piece of paper. Money stops being the only reward that matters.
Esteem, influence, and a lasting legacy become even higher priorities.
Complicating matters, though, is that vast wealth begets higher public visibility and scrutiny. Your reputation spills into the public domain. The media, in particular, begin to notice you. That can be problematic.
You've arrived at what I'll call the "legacy crossover," the point at which you stand to gain more from public esteem than from protecting the next increment of wealth.
The legacy crossover recognizes a new incentive: burnishing one's reputation.
The media, for their part, are not inclined to help you, particularly if your money is self-made.
You do things. You make things. They do not, and they resent you for it. And since they have the platform they control the narrative.
You need to wrest it from them, or at least steer it in a new direction.
But how?
By letting them see a new you, a enlightened you, a virtuous you. One who has grown, and who now embraces the same, globalist-tinged, values as they.
So, you make a public display of your benevolence. You sign up for the Giving Pledge, like Michael Bloomberg. You tell everyone you should pay more in taxes like Tom Steyer. You speak in solemn tones about the dangers of AI or global warming like Bill Gates.
To be fair, some of these people may sincerely believe every word of it; sincerity and an incentive to be seen believing it can coexist.
The cost, assuming any of your new policy positions are actually enacted, is just some numbers on that piece of paper.
The benefit?
Glowing notices. Public admiration. A reputation that will outlast you.
Obituaries that will someday sing your praises.
For most, it's an easy trade-off.
