What a trillion dollars costs democracy (opens original article in a new tab)

French economist Gabriel Zucman argues that the rise of extreme wealth, particularly among billionaires, poses a significant threat to democracy by enabling disproportionate influence over markets, policy, and public discourse.

• French economist Gabriel Zucman warns that extreme wealth concentration threatens democracy by enabling the ultra-rich to influence markets, policy, and public discourse.
• Zucman highlights that the top 0.00001% in the US can now purchase 14% of annual GDP, compared to 4% in the Gilded Age.
• He argues modern tax systems favor the wealthy, creating a cycle where reduced taxation allows further wealth accumulation, risking democratic ideals.