Expert Schick from the lobby group Finanzwende contradicts this: The extreme concentration of wealth has far-reaching social consequences and can also endanger economic stability. The financial crisis from 2008 onwards made this clear: many debtors were no longer able to service their loans, while at the same time large financial assets lost massive amounts of value. Schick, who previously sat in the Bundestag for Alliance90/The Greens, emphasized: “The whole thing collapsed like a house of cards.”
The accumulation of enormous wealth by one person also poses risks for democracy. This is shown by the example of Elon Musk, says Schick. The multi-billionaire was able to buy Twitter, use it to advance his political opinions and thus have a massive influence on politics. “A concentration of power is a danger to democratic processes,” warns Schick.
Building wealth for everyone – ideas for more Equal opportunities
But there are also people with a lot of money who think in completely different directions. Sebastian Klein, the co-founder of Blinkist, became a millionaire through the sale of the company and invested 90 percent of his wealth in charitable projects: “I had the impression that this ever-increasing inequality was becoming an ever-bigger problem in our society.” That's why He puts most of his money into organizations that are intended to serve the common good.
I had the impression that this ever-increasing inequality is becoming a bigger and bigger problem in our society.
But unlike Klein, the majority of Germans have little or no wealth. The President of the Association of Family Businesses is therefore calling for more financial education – from an early age: “Recently, economists have also suggested that each type be given 10 euros in tax money per month and that it be invested in a stock fund so that people learn how to deal with stocks deal with it.”
The economist at the University of Leipzig, Dr. Charlotte Bartels, also suggests state-sponsored equity funds to enable wealth creation for everyone. “With ETFs, you now have the opportunity to actually do something like this yourself.” But many people were afraid of the risk. To allay these fears, the government should propose a portfolio. “The example that is often given is the Swedish pension, where the state specifies a certain portfolio.”
