Should billionaires exist? - Chipo Mataka

Author: Chipo Mataka, Founder Craftastics Zimbabwe, Mandela Washington Fellow

The question of whether billionaires should exist is not just philosophical—it’s deeply rooted in ethics, economics, and social justice. As wealth inequality continues to widen, it’s worth examining how billionaires come to be, why they pursue such wealth, and what they do with it once they have it. Is becoming a billionaire a matter of strategic intent, or does fate play a role? And, more importantly, is their wealth used for personal indulgence or for the betterment of society?

The Journey to Billions: Intentional or Fateful?

Most billionaires don’t wake up one day with ten zeros in their bank account! Their journey is often marked by entrepreneurial risk-taking, innovation, and relentless ambition. Elon Musk, for example, didn’t stumble into his fortune—he built it through ventures like Tesla, SpaceX, and PayPal. Similarly, Jeff Bezos transformed the way the world shops by founding Amazon, starting from a garage and scaling to global dominance. Yet, while hard work and vision are undeniable factors, fate plays its part too. Access to education, early financial support, and being born in the right place at the right time can significantly influence one’s trajectory. So, becoming a billionaire is both a product of intention and circumstance.

Innovation versus Basic Needs

Billionaires have undeniably shaped the modern world. Their innovations in communication, construction, energy, and transport have revolutionised daily life. Think of how Mark Zuckerberg’s Facebook redefined social interactions, or how Richard Branson’s Virgin Group diversified industries from music to aviation. But here lies the paradox: while these innovations are essential, they often serve as luxuries in a world where basic needs continue to remain unmet. According to Maslow’s Hierarchy of Needs , communities must first have access to essentials—food, water, shelter—before pursuing higher-level aspirations like technology and self-actualisation. In many parts of the world, this hierarchy is inverted. Digital tools are abundant, yet clean drinking water is scarce. About 1 billion people globally live in extreme poverty and 2.2 billion lack access to safe drinking water. Some 200,000 people are displaced, starved, traumatised, or injured due to civil wars worldwide —yet we have billionaires with the capacity to offer them shelter, food, healthcare, and therapy and some may have the power to negotiate with the warring parties to stop the wars! Another contrast: in one community, billionaires own fleets of luxury cars; in another, children walk miles to access unsafe drinking water. This stark inequality raises a moral question—can we justify the existence of billionaires when such fundamental disparities persist?

Billionaires with a Heart for the Community

Not all billionaires are blind to these issues. Some actively work to address them. Tony Elumelu from Nigeria, through his foundation Tony Elumelu Foundation , has provided funding to African startups to help increase employment and green economy. Strive Masiyiwa from Zimbabwe has created jobs from his companies Econet in Zimbabwe and in other African countries. He has also supported education through offering scholarships up to tertiary level. Bill Gates, through the Bill & Melinda Gates Foundation, has invested billions in global health, sanitation, and education. Patrice Motsepe, South Africa’s first Black billionaire, pledged half his wealth to philanthropic causes, focusing on poverty alleviation and education across Africa. However, even well-intentioned billionaires face barriers. In some regions, political environments resist change. Efforts to improve basic services may be seen as threats to ruling powers. For instance, attempts to build infrastructure or provide aid can be blocked or politicised, limiting the impact of philanthropic efforts. In such cases, the problem isn’t the billionaire’s intent—it’s the system they’re trying to navigate.

Redefining the Role of Billionaires

We can’t eliminate inequality entirely, but we can strive for a world where every community has its basic needs met. If some enjoy luxury while others suffer deprivation, then the existence of billionaires must be questioned. Wealth should not be a symbol of excess—it should be a tool for empowerment.

The real answer to whether billionaires should exist lies in their relationship with the community. If their wealth is used to uplift others, to solve real problems, and to create opportunities, then their existence is not only justified—it’s necessary. But if it’s hoarded, flaunted, or used solely for personal gain, then society must reevaluate its values.

Final Thoughts

Whether one becomes a billionaire through intention or fate, the true measure of their worth lies in their impact. Billionaires who have the community at heart—who use their resources to address poverty, food insecurity, and inequality—deserve their place. Their existence is endorsed not by their bank balance, but by the lives they touch. So, should billionaires exist? Yes—but only if they exist for others.

Chipo Mataka is a Mandela Washington Fellow and an entrepreneur specialising in textile waste management. She founded Craftastics Zimbabwe, a business that transforms textile waste into home decor and fashion artefacts such as rugs, bags and jewellery.. Her work preserves the environment, embraces heritage skills, promotes local sustainable manufacturing and provides income opportunities to local artisans.

References
[1] https://www.simplypsychology.org/maslow.html
[2] https://www.tonyelumelufoundation.org/
[3] The Mandela Washington Fellowship for Young African Leaders is the flagship program of the U.S. Government’s Young African Leaders Initiative (YALI). Established in 2014, the Fellowship has brought nearly 7,200 young leaders from every country in Sub-Saharan Africa to the United States for academic and leadership training. The Fellows, between the ages of 25 and 35, are accomplished innovators and leaders in their communities and countries. Accessed online 22 July 2025.