In the United States, billionaires are once again at the center of political and economic debate — with some viewing them as the driving force behind national growth, while others blame them for deepening inequality.
The recent election of Zaharan Mamdani as New York City’s first Muslim mayor marks a turning point in this debate. The 34-year-old Democratic Socialist, born in Africa to Indian parents, won after a record voter turnout, campaigning on promises to tackle high rents, inflation, and wealth inequality. His victory represents a win for progressive ideals that favor taxing the rich and investing more in public welfare.
Mamdani has proposed raising corporate taxes and introducing a 2% levy on incomes exceeding $1 million. Calling himself a “Democratic Socialist,” his stance has energized those who believe that taxing the wealthy can create resources for the public good. Critics, however, warn that such policies could drive capital out of the city.
In his victory speech, Mamdani addressed the working class, saying, “The hands that lifted boxes in warehouses, the palms marked by bicycle handles, the fingers scarred from kitchen knives — those hands have never held power. But today, they do.”
His election wasn’t just political — it was deeply ideological. He has openly stated, “I don’t think we need billionaires.” Meanwhile, former President Donald Trump, himself a billionaire, reacted strongly on Truth Social, saying that if “the communist candidate Zaharan Mamdani” becomes mayor, he would cut federal funding for New York City to the minimum.
The conflict highlights a growing divide in America — between those who see billionaires as essential for innovation and those who view them as symbols of inequality.
The United States remains home to the largest number of billionaires in the world — 1,135 out of 3,503 globally — controlling nearly 43% of global wealth. While they make up only 0.07% of the population, they hold 13% of the world’s wealth.
Yet, beneath this prosperity, economic disparity is widening. The Federal Reserve reports that the wealthiest 10% of Americans control 67% of the country’s assets, while the bottom 50% own just 2.5%. Housing prices in New York have soared, with the average apartment now worth around $1 million, and rent consuming more than half the income of a typical family.
From the 1950s to the 1970s, income distribution in America was relatively balanced, but since the 1980s, wealth has increasingly concentrated among the top 1%. Middle-class wages have stagnated, failing to keep pace with inflation and living costs.
Mamdani has vowed to make poverty reduction, homelessness, and affordability his top priorities. He criticized Trump for “spending $300 million on a new White House ballroom” instead of funding food assistance for a hundred thousand New Yorkers.
This clash between Trump and Mamdani encapsulates an age-old struggle — over wealth, power, and justice. America today stands divided between two visions: one that celebrates billionaire success as national strength, and another that seeks to redistribute that power for the public good.
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