Weekly Wisdom | Our Stingy Elite
The heated nationwide debate over the development of data centers is a symptom of a larger problem: the disconnect between our ruling elite and the average American. While the wealth of the .001% has skyrocketed over the past decade, the average American is barely keeping pace with inflation. In the past, our elite, such as the Gilded Age “robber barons,” made sure to give back to their communities. Their significant contributions to the common good elevated American society, and Americans 100 years later are still enjoying the benefits of their investments in our communities.
Our new elite do not contribute to the common good like the industrialists of old:
The top 100 wealthiest Americans in 2026 control as much wealth as the bottom 50% of Americans, roughly $5 trillion. And about $2.5 trillion of that is controlled by the tech titans (Musk, Zuckerberg, Bezos, etc.), who dominate the domestic American economy much like the great industrialists of old.
John D. Rockefeller of Standard Oil shaped the philanthropic landscape across the United States during his lifetime. The co-founder and benefactor of the University of Chicago, Rockefeller contributed massive sums through the Rockefeller Foundation to alleviate the scourges of yellow fever, hookworm, and malaria. The Rockefeller Institute for Medical Research, now Rockefeller University, has advanced medicine significantly through the decades. By the time of his death, over $500 million had been donated to his various causes, a significant share of his wealth.
Andrew Carnegie, the great steel magnate, was responsible for financing nearly 1,700 libraries around the United States. Like Rockefeller, he too founded a university - Carnegie Mellon University - which is a top-20-ranked university. He also founded Carnegie Hall in New York City and the Carnegie Endowment for International Peace.
Cornelius Vanderbilt founded Vanderbilt University, and JP Morgan helped establish and expand multiple museums in New York City, such as the Metropolitan Museum of Art and the Morgan Library and Museum.
Descendants of the Gilded Age robber barons would go on to build the Biltmore and Breakers mansions—both now preserved as historic house museums—contribute tens of thousands of acres to Grand Teton National Park, restore and preserve Colonial Williamsburg, help establish the Museum of Modern Art, and donate vast estates, forests, and cultural collections for future generations to enjoy.
Gates, Bezos, and Zuckerberg have collectively donated tens of billions to philanthropy, but their charity is aimed more at global public health than at American civic life. And while we can appreciate their work that reduces suffering around the world, our fellow Americans are in serious need of better healthcare, housing, and an overall improvement in quality of life.
This past May, I visited the Milken Center for Advancing the American Dream, a newly opened museum highlighting the best aspects of America. Michael Milken, a Wall Street billionaire, founded and funded the best new museum America has seen in a while. If only the tech billionaires of our time, like Milken and the Gilded Age robber barons, would fund the next generation of museums, libraries, and parks, the country would be far better off, and opposition to new technology initiatives would dissipate.
