IMO Europe is facing most of the consequences and getting almost none of the benefits.
American billionaires are self-made (70% became billionaires during their life) where in Europe 70% inherited it. The powerhouse companies of the European economy are stagnant and the families which held them 100 years ago have a great chance of still holding them.
Are tech billionaires obnoxious? Yes, undoubtedly. I'd take them in a heartbeat over having a more permanent aristocracy.
American billionaires are self-made (70% became billionaires during their life) where in Europe 70% inherited it. The powerhouse companies of the European economy are stagnant and the families which held them 100 years ago have a great chance of still holding them.
Are tech billionaires obnoxious? Yes, undoubtedly. I'd take them in a heartbeat over having a more permanent aristocracy.