The Billionaire Club

    How many billionaires are there in the world? More than 2,000. About 600 of them live in the United States. Most got rich by starting companies. They run banks. They own factories. Their factories make cars, candy, and computers. 

    Some billionaires got rich from technology. Bill Gates started Microsoft. That’s a company that makes software. He’s the second richest person on Earth. He has about $114 billion. Mark Zuckerberg started Facebook. He’s in fifth place. He has about $80 billion. 

    Kylie Jenner is the youngest billionaire. She is 22. She was on a reality show. Now she has a makeup company. It’s called Kylie Cosmetics. She also has 156 million Instagram followers. Many of them now buy her makeup.

    More than 2,000 people in the world are billionaires—and about 600 of them live in the United States. Most of them got rich by starting companies, running banks, or owning factories that manufacture things like cars, candy, and computers. 

    Some of the world’s most recent fortunes were made from technology. Bill Gates, who started the software company Microsoft, is the second richest person on Earth, with about $114 billion. Facebook’s founder, Mark Zuckerberg, is in fifth place, with about $80 billion. 

    Like Zuckerberg, Kylie Jenner owes her fortune to the internet. She became famous on reality TV. She then turned her 156 million Instagram followers into paying customers at her makeup company, Kylie Cosmetics, where most of her money comes from. Today, at 22, Jenner is the youngest billionaire in the world.

    A billion dollars can buy a pretty nice life. Bezos has at least six homes. (His ranch in Texas is twice the size of Manhattan.) A Russian billionaire owns a 500-foot yacht with its own submarine. A British billionaire lived in a house in Los Angeles with parking for 100 cars. She just sold it—for $120 million.

    Some billionaires hire fancy companies to help them spend their money. These companies find tables at the finest restaurants. They plan expensive vacations and organize events. One company even provided 30 live penguins for a party in England. 

    But at the same time, 37 million Americans struggle to put food on the table. Since billionaires have so much money, should they have to do more to help people in need?

    A billion dollars can buy a very nice life. Bezos has at least six homes. A Russian billionaire owns a huge boat. It has its own submarine. A British billionaire lived in a house in Los Angeles. The house has parking for 100 cars. She just sold the house—for    $120 million.

    Some billionaires hire companies to help them spend their money. These companies book tables at the best restaurants. They plan vacations. They organize events. One company got 30 live penguins for a party in England. 

    But many people could never live like that. About 37 million Americans have very little money. They often don’t have the money to buy all the food they need. Should billionaires help them?

    A billion dollars can buy a fabulous life. Bezos owns at least six homes. His ranch in Texas is twice the size of Manhattan! A Russian billionaire sails the seas on a 500-foot yacht with its own submarine. A British billionaire just sold her mansion in Los Angeles for $120 million. The parking spaces for 100 cars help to explain—somewhat—the astronomical price tag.

    To help them spend their money, some billionaires hire companies. These companies make reservations at the finest restaurants, plan expensive vacations, and organize fancy events. One company even supplied 30 live penguins for a party in England. 

    However, 37 million Americans struggle to put food on the table. Should billionaires be required to help people in need?

    Some people say billionaires should help. They want billionaires to pay more in taxes. They say the money could be used to make America a better place for everyone. It could be used to build better roads. It could help students pay for college. 

    Other people say that’s not fair. They say billionaires shouldn’t have to pay more taxes. They say billionaires already help people. Their businesses create jobs. 

    They also say that many rich people already share their wealth. Bill Gates gave    $5 billion to fight poverty in 2018. Robert Smith is another billionaire. He paid off the college debts of all the 2019 graduates of Morehouse College. 

    What would you do if you were a billionaire? Would you buy a private island? Would you send poor kids to college? Or would you give some money to the government?

If you had a billion, you could do all three.

    Some people say yes. They think that billionaires should have to pay more taxes. They claim that the government could use the money to make the country a better place for all Americans. They point out that it could be used to do everything from building better roads to helping students pay for college. 

    But others think that imposing higher taxes on billionaires is unfair—and a bad idea. They say billionaires are already helping people by building businesses that create millions of jobs. 

    Furthermore, they argue, rich people don’t just spend their money on yachts and houses. Many of them share their wealth. They point to Bill Gates, who gave $5 billion to fight poverty in 2018. And they name Robert Smith, the billionaire who paid off the college debts of all the 2019 graduates of Morehouse College. 

    Will one of those graduates someday join the billionaire club? Maybe. If you were to become one of them, what would you do—buy a private island, send poor kids to college, or give some money to the government? 

    With a billion in the bank, you could probably do all three.