Society has shifted from admiring a range of figures—novelists, academics, humanists—to a singular worship of wealth. The tech boom obliterated this diverse pantheon of role models, creating a culture where billionaires are treated as infallible prophets on every subject, from philosophy to daily habits.
Related Insights
Policies that pump financial markets disproportionately benefit asset holders, widening the wealth gap and fueling social angst. As a result, the mega-cap tech companies symbolizing this inequality are becoming prime targets for populist politicians seeking to channel public anger for electoral gain.
Just as the prevalence of billionaires provided a 'heat shield' for millionaires by making them seem less extreme, the emergence of trillionaires will make the billionaire class a less potent target for political and social outrage. Public perception of wealth is relative, not absolute.
For generations, increasing wealth allowed Western society to discard essential cultural norms like social trust and shared values. Now that economic growth is faltering, the catastrophic consequences of this "death of culture" are becoming fully visible.
The super-rich lose empathy not necessarily because they are bad people, but because their lifestyle systematically isolates them from common experiences. With private airports, healthcare, and schools, they no longer participate in or understand the struggles of mainstream society. This segregation creates a fundamental disconnect that impacts their worldview and political influence.
As the first trillionaires emerge, they will absorb the public and political scrutiny currently aimed at billionaires. This dynamic will effectively normalize billionaire status, much like the rise of billionaires made millionaires seem more commonplace and less of a target for criticism over wealth inequality.
The narrative that vast tech fortunes are built on individual grit alone ignores the critical role of luck, timing, and systemic tailwinds. Recognizing fortune is key to humility and social responsibility, contrasting with the "obnoxious" belief of being purely self-made and entitled to the winnings.
The focus of billionaire philanthropy has shifted from building physical public works (like libraries) to funding NGOs and initiatives that aim to fundamentally restructure society, politics, and culture according to their ideological visions.
A recurring historical pattern shows that civilizational decline begins when education pivots from pursuing broad knowledge to a vocational focus on affluent careers. This devalues service professions and leads to the worship of celebrity and wealth, weakening the societal fabric.
The worship of founders like Mark Zuckerberg leads to a lack of internal pushback on massive, ill-conceived bets. Swisher points to the billions spent on the metaverse as a mistake made on an "awesome scale" because no one around the founder was empowered to challenge the idea.
The cultural shift in Silicon Valley away from national interest work was shaped by cultural touchstones. The film "The Social Network" symbolized a generation of founders inspired by dorm-room consumer apps, a stark contrast to the previous "Bob Noyce" generation focused on building the physical world and supporting national missions.
