Over the last few years, I’ve observed a troubling trend emerging: a belief that wealth is inherently immoral and that success must come at someone else’s expense. “They made their money off the backs of others” and “Billionaires shouldn’t exist” have become common refrains.
This cynicism overlooks the fundamental truth that capitalism—though imperfect—has been the greatest driver of innovation, prosperity, and problem-solving the world has ever known. That’s because capitalism allows for the personal reward that makes these bold, risky ideas worth pursuing.
This sentiment not only reflects a pinhole view of the world—it is damaging to communities that rely on the innovation of privately-held companies to alleviate problems they’re facing. Here are just a few compelling, real-world examples across industries:
- Healthcare – A Parent of a Child with a Rare Disease
A parent with a child suffering from spinal muscular atrophy once faced a death sentence. But Spinraza—a drug developed by a private biotech firm, Biogen—changed that. Gene therapy solutions like Zolgensma now offer a possible cure. Without the promise of returns, such high-risk R&D wouldn’t have happened. FDA approvals, venture capital backing, and patent protection enabled this breakthrough. - Agriculture – A Smallholder Farmer Facing Drought
Farmers in developing nations now use climate-resilient seeds developed by private agri-tech companies like Bayer and Corteva. These GMO crops can survive in dry or saline soils. Startups like AgUnity also provide blockchain-based digital recordkeeping to help rural farmers get fair market prices. Innovation here isn’t about bells and whistles—it’s about food on the table. - Education – A Single Mom Without College Access
A working mother in rural America who can’t afford traditional college can now earn a Google IT Certificate through Coursera or Udemy. These platforms—private companies—offer accessible, low-cost upskilling that can change a family’s trajectory. Traditional universities never reached her; edtech did. - Energy – A Homeowner Facing Blackouts
California homeowners plagued by wildfire-related blackouts turn to Tesla’s Powerwall or Sunrun’s solar panels. These aren’t taxpayer-funded initiatives—they’re entrepreneurial solutions to systemic public failures. - Finance – An Immigrant Without a Credit Score
A recent immigrant can’t get a loan due to lack of credit history. But fintech companies like TomoCredit and Nova Credit use alternative data—like rent and utility payments—to assess creditworthiness. This helps unlock financial inclusion for millions. - Logistics – A Small Business Navigating Supply Chain Chaos
During the pandemic, small business owners faced supply delays and price hikes. Cloud-based platforms like Flexport and AI-driven tools like ClearMetal helped them optimize logistics and inventory forecasting—solutions driven by market demand, not government mandates. - Mental Health – A Teen Struggling with Depression
A teenager in a rural town, hours from a therapist, can now access licensed professionals via BetterHelp or Talkspace. Private telehealth companies are helping reduce suicide rates, especially where resources are scarce. Without innovation, geography would still determine access. - Construction – A Contractor Trying to Reduce Waste
A general contractor looking to cut material waste now uses AI-powered software like Procore or OpenSpace to track materials and progress. The result: fewer delays, lower costs, and less landfill waste. These tools are built not by regulators, but by engineers chasing better margins—and better outcomes.
These are just a few examples out of potentially millions illustrating that innovation isn’t abstract—it’s deeply personal. In every sector, from health to housing, real people are betting their futures on the ingenuity of entrepreneurs. And that engine runs best when it’s fueled by freedom and reward.
Do the founders of these companies deserve to have millions or, in some cases, billions of dollars? I would argue YES! Studies have found that amongst the wealthy, a majority are self-made; in other words, most of them made their wealth through solving very important problems.
As we all know, capitalism also leads to inequality. We can’t rely on market forces to solve everything; government intervention is needed for many problems. But I have yet to hear a practical alternative from those who say that some people and corporations are too rich.
One friend recently lamented that “the government isn’t being funded and people are suffering.” She’s convinced that corporations are “nickel-and diming” everyone and should be taxed more. I argued that they are being taxed, and the government is being funded. The US government already collects almost $5 trillion annually. Around half of this comes from income taxes, almost all of which are paid by the top 50% of income earners (the top 1% pay about 40%). And guess what? Most of the other half of the US government’s revenue comes from corporations.
Simply increasing funding isn’t the solution. A prime example is the $100 million that Mark Zuckerberg donated to improve the New Jersey school system, which produced little measurable improvement.
The challenge lies in implementing efficient governance and accountability: knowing how to allocate funds to causes that will have the greatest impact. That’s why I welcomed the creation of DOGE, the Department of Government Efficiency. While the full scope of its impact remains to be seen, efforts like cutting thousands of unused phone lines or flagging fraudulent unemployment claims represent the kind of targeted, practical interventions we need—small actions that, in aggregate, free up billions for truly impactful programs.
In short, many of the tools we use and rely on day-to-day wouldn’t exist without private incentives. These creators deserve to be rewarded, not vilified. Billionaires who build solutions should exist, and they deserve their success. And we should encourage young people’s ambition and drive. I don’t want my children to grow up thinking that rich people are evil and that they can only be successful to others’ detriment. I want them to know that they can add real value to the world and be commensurately rewarded for it.