Make the wealthy share their money

The wealth inequality that has always plagued mankind has become intolerably cruel in recent times. Yet the gap between rich and poor is expected to widen further as we enter the so-called “fourth industrial revolution”, during which automation will continue replacing human labour, robots doing the jobs of people. Without having to pay salaries to the millions in the workforce, it is the business owners alone who will reap the vast profits in lowered expenditures.
It is hard to imagine the situation becoming worse than it already is. Today already, 1 per cent of the global population owns more than half the wealth, while the half of the population at the bottom of earnings shares less than 1 per cent. Atop the ladder, the richest 10 per cent hold nearly 90 per cent of all wealth. Most galling of all, the wealth now tied up in the yachts, stock shares, bank accounts and multiple homes of the superrich could end poverty, hunger and perhaps disease as well.
The very rich and the politicians over whom they wield considerable influence discussed this inequality again at the just-ended World Economic Forum in Davos, Switzerland. Chinese President Xi Jinping lamented the “worrying” predicament. “More than 700 million people in the world are still living in extreme poverty. For many families, warm houses, enough food and secure jobs are still a distant dream.”
Xi and other leaders who echo his concerns are offering nothing more than faux sympathy. The words have been repeated many times, to no avail. Oxfam and other such caring organisations cite the damning statistics annually, hoping to stir political and corporate consciences in some small way, and yet the wealth gap just keeps widening.
To be sure, there are policy-makers in most developed countries attempting to bring about fairer redistribution of income and wealth. Unfortunately their efforts come up against the ones in power who are themselves among the wealthiest and seek only to maintain the status quo.
It makes headlines when the very wealthy donate vast sums to worthy causes. Certainly the amounts alone are dazzling, but perhaps the rarity of such largesse also helps make their generosity newsworthy. We have seen the Bill Gateses and Warren Buffetts of the world in their feats of astonishing philanthropy, some even pledging their entire fortunes to social causes posthumously. Society certainly appreciates these contributions. What is not appreciated is the unwavering focus of the superrich on maximising profit rather than helping the less fortunate by reducing the wage gap in their own businesses.
“Sharing the wealth” is a phrase sure to rile the conservative wealthy. Most audibly since the Reagan-Thatcher era, it translates as socialism, so reviled in America because of its misled association with totalitarian state control and taxpayer handouts to “freeloaders”. Higher taxes on the wealthy are always resisted. More than three decades after Ronald Reagan’s claim that wealth “trickles down” proved fraudulent, America’s new billionaire president is expected to give the rich even more tax breaks. 
It should be obvious that the current situation demands a more open mind about redistributing (not “sharing”) the wealth. We have entered an era when people who are willing to and capable of work cannot do so because of automation and other changes in the industrial landscape. 
Governments should be hastily reshaping the workforce, providing training in skills that will survive and flourish. To prevent the looming social calamity, however, they have to keep the money circulating. Certainly higher taxes on the wealthier populace are needed. Another good approach would be offering the rich incentives to contribute to social causes – and perhaps even punishing those who balk.