95bFM Billionaires and the Threat They Pose to Global Equality
17 February, 2026
Interview by Sara McKoy, adapted by Samantha Watson-Tayler
In 2026, income inequality is some of the highest it has ever been, billionaires control global policy, and billionaire profits continue to rapidly increase. This poses a significant threat to global equality as the wealthy influence policies everywhere from taxes to climate legislation, often to their own benefit. The University of Technology in Sydney’s Professor Carl Rhodes spoke to 95bFM’s The Wire regarding the problems this represents and potential solutions to them.
On January 10th Oxfam declared it Pollutocrat Day, stating that the richest 1% of people had already exhausted their carbon budget for the entire year. Additionally, in 2025, the billionaire class increased their wealth at triple the annual rate from the previous five years. This represents a massive issue for equality all over the world, including in supposedly egalitarian social democracies such as New Zealand.
Professor of Business & Society at the University of Technology in Sydney Carl Rhodes spoke to 95bFM’s The Wire regarding what this represents for society at large.
Rhodes says billionaires are painted as “protagonists of a kind of globalised American dream”, whose hard work leads to their position in the global hierarchy. Pushing back against this narrative, Rhodes claims that billionaires “represent the failure of a society that has produced massive inequality”.
He says that in the past, the American dream represented the idea that anyone, regardless of background, could succeed and build a financially independent future. However, Rhodes says the American Dream is now a thing of the past.
“The idea [was] that America was a huge promise of opportunity for everybody. But it's become mutated now because [there’s] no longer opportunities for everybody. I mean, it might mean that anybody could succeed in life, if you like, but most people won't.”
This is not, however, a uniquely American problem. As Rhodes says, these problems of massive financial inequality have spread to supposedly egalitarian social democracies, like New Zealand. In Aotearoa, the last decade has seen worsening housing and cost of living crises that successive governments have failed to address. Overlapping problems have exacerbated wealth inequality, contributing to a society where only some will become wealthy, while others fall by the wayside.
When it comes to solving these problems, Rhodes believes that we need international cooperation towards taxing the wealth of billionaires. He says our tax system should target the investments where billionaires keep their money, rather than income, which is taxed at a higher rate. He affirmed the necessity of international cooperation, to prevent the wealthy from relocating their money to avoid restrictions.
According to Rhodes, this will require increased political attention to income inequality, which has been relatively ignored when compared to issues like climate change. This is especially relevant as income inequality has spread beyond poverty to affect the lower and middle-class. Rhodes says crafting solutions requires pressuring politicians and governments to pay attention to the problem.
“Providing universal basic income, broadening education opportunities, [and] broadening child care, [are] various ways of creating more equal opportunities… For most places at the moment, the political will to do that doesn't exist. And I think that bringing that is the first step.”
