A businessman holds a briefcase behind his back.

Should billionaires exist in modern society?

Should Billionaires Exist in Modern Society?

“If You Can’t Pronounce the Number, Is It Too Much Money?”

1. Warm-up Questions (Discussion)

What is the difference between being rich and being a billionaire?
Can one person deserve to have billions of dollars? Why or why not?
What responsibilities do very wealthy people have toward society?
Would the world be better or worse without billionaires?

2. Vocabulary Exercise – Match the Words

Match the words (1–8) with their correct definitions (A–H).

Words

Billionaire
Wealth inequality
Taxation
Redistribution
Philanthropy
Capitalism
Exploitation
Living wage

Definitions
A. The system in which private individuals own businesses and property
B. A person whose wealth is over one billion dollars
C. The unfair use of people or resources for profit
D. Giving money or help to improve society
E. The unequal distribution of money in a society
F. Money paid to the government to fund public services
G. Moving wealth from the rich to others through policies or taxes
H. An income high enough to cover basic needs

3. Fun Vocabulary Exercise – Agree or Disagree

Read the statements and circle Agree or Disagree. Then choose one statement and explain your opinion.

Billionaires are good for the economy.
Agree / Disagree
High taxes discourage innovation.
Agree / Disagree
No one needs more than one billion dollars.
Agree / Disagree
Philanthropy is better than government redistribution.
Agree / Disagree
Wealth inequality is a serious problem today.
Agree / Disagree

4. Reading Article

Billionaires: Success Stories or Social Problem?

(≈650 words)

In today’s global economy, billionaires are more visible than ever. Their private jets, luxury homes, and space travel projects often make headlines. At the same time, millions of people struggle with rising living costs, low wages, and limited access to healthcare and education. This contrast has led to a growing debate: should billionaires exist in modern society?

Supporters argue that billionaires are a natural result of capitalism. In a free market, people who create successful companies are rewarded for their innovation, risk-taking, and hard work. Many of the world’s biggest businesses began with simple ideas that later transformed industries and created millions of jobs. Without the possibility of enormous financial success, some argue, fewer people would be motivated to innovate.

Another argument in favor of billionaires is philanthropy. Many wealthy individuals donate large sums of money to charities, universities, medical research, and environmental projects. Supporters believe that private donations can be faster and more effective than government programs. A billionaire can fund a hospital, support scientific research, or respond quickly to a crisis without long political debates.

However, critics believe the existence of billionaires is a sign of a broken system. They argue that extreme wealth inequality harms society by concentrating power in the hands of a few individuals. When one person controls billions of dollars, they can influence politics, media, and markets in ways that ordinary citizens cannot. This imbalance raises serious questions about fairness and democracy.

Another major concern is how such wealth is created. Critics claim that billionaires often benefit from exploitation, such as underpaid labor, unsafe working conditions, or environmental damage. While companies generate massive profits, workers may struggle to earn a living wage. From this perspective, billionaires do not succeed alone; their wealth depends on the labor of many others who do not share the rewards.

Taxation is also at the center of the debate. Some believe billionaires should pay much higher taxes to support public services like education, healthcare, and infrastructure. These services benefit everyone, including businesses. Opponents of high taxes argue that excessive taxation discourages investment and pushes wealthy individuals to move their money abroad, reducing economic growth.

The idea of redistribution is particularly controversial. Supporters see it as a way to reduce poverty and create a more balanced society. Critics argue that redistribution punishes success and reduces personal responsibility. They believe governments should focus on creating opportunities rather than limiting wealth.

In reality, the question is not simple. Billionaires can drive innovation and fund important causes, but extreme wealth inequality can damage social trust and stability. Some experts suggest that the goal should not be to eliminate billionaires, but to create stronger regulations, fair taxation, and better protections for workers.

In conclusion, whether billionaires should exist depends on how society defines fairness, success, and responsibility. The debate forces us to ask difficult questions about money, power, and the kind of world we want to live in.