SkyBridge Capital founder Anthony Scaramucci on Sunday said that growing wealth concentration in the U.S. is undermining democratic capitalism, warning that greed is increasingly overpowering wisdom in shaping economic outcomes.
Scaramucci Says Wealth Concentration Is Fueling
In a post on X, Scaramucci argued that societies tend to drift toward oligarchy when wealth becomes concentrated among a small elite.
“Greed in a society always overcomes wisdom,” he wrote.
He added that such systems “create wealth for themselves, and leave everybody else behind.”
He said the U.S. founders, particularly James Madison and Thomas Jefferson, designed a decentralized system meant to protect individual liberty and broad participation in capitalism.
“The genius of the Madisonian, Jeffersonian design was decentralization,” he wrote.
Scaramucci also suggested that when institutional balance breaks down, “it needs a reset.”
He said he supports capitalism and “unequal outcomes,” noting entrepreneurs should benefit from their success, but argued society still requires a baseline of opportunity.
“Every person should get a basic package to get them to the starting block,” he said.
Global Wealth Inequality
Earlier, Global and U.S. wealth inequality had continued to widen, with critics and reports warning that wealth was increasingly concentrated at the very top while most households lagged far behind.
Sen. Bernie Sanders (I-Vt.) warned that global wealth had become heavily concentrated among a small elite, citing data that the world’s roughly 3,000 billionaires had gained about $2.5 trillion in a year, with total wealth reaching $18.3 trillion.
He also pointed to extreme disparity, noting that “the 12 richest people own more wealth than the bottom half of humanity.”
Separate data shared by The Kobeissi Letter showed that U.S. wealth gains since 1976 had been sharply uneven, with the top 0.001% seeing a 3,500% increase compared with just 200% for the average household.
Lower-income families had continued to struggle with debt and limited asset growth.
An Oxfam report further highlighted inequality trends, noting that the top 0.1% controlled nearly a quarter of U.S. stock market wealth, while the bottom half held about 1%.
It also found that over 40% of Americans were low-income or poor, with persistent disparities across race, gender and class.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Al Teich On Shutterstock
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