Paul Allen, confounder of Microsoft, died the other day.
I heard a couple of Aussie DJ's talking about his death on Australia's ABCs Radio National. For them, the amazing thing was that Allen was worth $28 billion. "What do you do with that kind of money?", they wondered. "You buy a plane! Buy ten planes". "Buy an island!" You've still got money left so what do you do with it all?
This strikes me as the thinking of those who criticise capitalism for its "greed", who want the kind of socialism that makes everyone equal, because... social justice. Because why does one, why does anyone, need so much money?
What they don't appear to realise these DJs and their ilk — and what they are profoundly incurious about — is that billionaires don't sit in their bums on top of a pile of cash surrounded by toys and islands. They use it. To invest in other companies, new or nascent. Or, very often, to fund philanthropy. Bill and Melinda Gates are probably the most famous of the latter examples, which even envious DJs must have heard of. But it doesn't seem to have sunk in. Maybe they're not representative, they think.
But even a teensy bit of googling would have educated those Aussie DJs about what Paul Allen actually did with his billions.
And from today's obit in the New York Times (below) there's plenty: He "transformed Seattle into a cultural destination.... donated billions to advancement of science, technology, education, environment and the arts.... to ending elephant poaching.... to revitalising poor urban areas". How's all that for a start?! Isn't that enough for one man in his too-short life? (He was just 65). And that's after he cofounded Microsoft!
Then there's Allen's ownership and promotion of various sports teams in baseball, soccer and football.
I'd rather have entrepreneurial individuals making their investment decisions and charitable donations on their own clearly sound judgements, than giving the money to governments to spend, corrupt or fritter.
That's so in America and it's so here in Hong Kong.
