'Aristocrats are anarchists': why the wealthy back Trump and Brexit
Nationalism has been sold as ‘a war for the little guy’ but Brooke Harrington argues that it serves the interests of elites We know that politics makes strange bedfellows, but few alliances are morRead full story
An absolutely fascinating article. “After interviewing 65 wealth managers in 18 countries, I learned that many individuals with enormous wealth and power deeply resent any institutions that limit their freedom or hold them accountable to obey the law. Thus, they form common cause with populist political
An absolutely fascinating article. “After interviewing 65 wealth managers in 18 countries, I learned that many individuals with enormous wealth and power deeply resent any institutions that limit their freedom or hold them accountable to obey the law. Thus, they form common cause with populist political movements, which attack the authority and legitimacy of policy professionals and politicians. In this effort, the ultra-rich weaken the actors empowered to impose restrictions on them, liberating themselves to make even more money by flouting regulations, tax obligations, trade embargoes and other inconveniences. The goal, as a Guardian columnist wrote presciently back in 2012, is to “free the rich from the constraints of democracy” – and that, sooner or later, has the ironic consequence of aligning global elites with authoritarian nationalists.
These wealthy individuals’ political inclinations may seem like relatively harmless self-interest, until you consider the power they have to realize their ambitions. Many of the wealth managers I spoke with warned of client ideologies and offshore mechanisms that were openly hostile to democracy and popular sovereignty. One Zurich-based practitioner specializing in individuals with $50m or more in investable assets said that her clients saw themselves as “above nationality and laws”. Of their belief that any legal limitations placed on them were de facto illegitimate, she added: “It’s potentially very dangerous.”
I happen to be in France at the moment where they love to talk about politics ...and its clear the point being made here is true in Europe and for sure we've seen it in the US. So often people think MAGA supporters are poor... when in fact they're right there in among those in the high end country clubs ...
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