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The United States is grappling with unprecedented levels of income and wealth inequality. The average household income in New York City stands at $131,000, yet this figure belies the stark reality that a small elite captures a disproportionate amount of wealth, leaving millions struggling to make ends meet. This extreme inequality has far-reaching economic, political, and social consequences, eroding trust in institutions and leading people to believe that the system is rigged. The issue is not unique to the U.S., as nearly one-fifth of the world's super-rich live in New York, but it is more pronounced in the U.S. than in almost any other advanced economy. A recent global inequality report found that between 2000 and 2024, the richest 1% captured 41% of all new wealth, while the bottom half of humanity received just 1%. The concentration of wealth is staggering, with billionaires now owning 16% of global GDP, up from 3% in 1987. The main driver of this trend is the failure to effectively tax the super-rich. Research has shown that in the 1960s, the 400 richest Americans paid about 50% of their income in taxes, but today they pay around 24%. This pattern is not unique to the U.S., as similar trends have been observed in Europe and other countries. Experts argue that a progressive tax system is necessary to address this issue. A minimum tax of 2% on the wealth of the super-rich has been proposed as a straightforward way to ensure they meet their obligations to society. Several countries, including Spain and Brazil, have committed to implementing this tax, and other nations are considering similar measures. In the U.S., there are signs of a paradigm shift. California voters will consider a tax on billionaire wealth this November, and Washington state has approved a 9.9% income tax on million-dollar incomes. In New York, there are calls to increase taxes on the rich and large corporations to fund essential public services. The authors of the article, Joseph E. Stiglitz, Zohran Mamdani, and Gabriel Zucman, emphasize that the idea of billionaires paying higher tax rates than working people is not radical, but rather a necessary step towards restoring a basic social principle: that those with the most should contribute their fair share so that everyone can live with dignity.

Exeter Chiefs, a renowned English rugby club, has finalized a deal with a wealthy American backer to take control of the club. The sale, subject to approval from the club's membership, is set to unlock significant fresh funding for the 155-year-old Devon-based team. The impending multimillion-pound investment is being described as 'meaningful' at a critical juncture in the development of English professional club rugby. The existing 10-team Premiership is slated to become a franchise 'expansion' league from 2029-30, and the race for new funding is accelerating. Last August, energy drinks company Red Bull completed its takeover of Newcastle, while billionaire Sir James Dyson has recently acquired a 50% stake in Bath. Exeter have previously been backed by companies led by their chair, Tony Rowe, but at 77, he has made clear he can no longer personally invest any more money after three decades of involvement. The Chiefs have been seeking fresh investment for a couple of years and had discussions with over 80 companies and individuals before identifying their preferred new backer. Exeter posted an annual loss of £10.3m last year but is now in a more saleable position, sitting in fourth place in the league and having reached the semi-finals of this season's Challenge Cup. Rob Baxter, the Chiefs' director of rugby, has signed a new extended contract, and it is understood Rowe would stay on under new American ownership, assuming the deal receives approval next month. Premiership Rugby is also launching a tender process to secure external investment in the competition, having previously invited Raine Group and Deloitte to review the sport's finances and potential funding options.

China has emerged as a leader in global AI governance, contrasting with the US, which is pursuing AI development in a 'wild west' manner, according to Prof Dame Wendy Hall, a former UN and UK government adviser. Hall told the House of Commons business and trade committee that China is backing multinational attempts to introduce global governance of AI, while the US has set up a race between profit-hungry companies that rely on hype.Hall, who is director of the Web Science Institute at the University of Southampton, said Chinese AI researchers are efficient, innovative, and willing to release their models on an open-source basis. However, she noted that it has become increasingly difficult for UK experts to collaborate with China on research, limiting her academic freedom.The UK's reliance on US tech companies, including Google, Microsoft, OpenAI, and Amazon, risks a repeat of the Post Office Horizon scandal, warned Neil Lawrence, Cambridge University's DeepMind professor of machine learning. He expressed concerns that the UK is outsourcing AI model development to private billionaires with zero loyalty to the British state and consumer.Hall and Lawrence also highlighted that promises from US-backed tech companies may not be delivered as planned. For example, OpenAI has put a UK datacentre project on hold, and a government plan to open a large UK sovereign AI datacentre is behind schedule.The tech industry has identified a lack of power as a key problem, with Microsoft saying a planned datacentre in the north of England will not come online until at least 2033 due to a shortage of power from the grid.

Evergrande's billionaire boss, Hui Ka Yan, has pleaded guilty to fraud charges after the collapse of the world's most indebted property developer. Hui, a former steelworker who rose to become one of China's richest people, pleaded guilty to charges including fundraising fraud, misuse of funds, and illegally taking public deposits.The property group has defaulted on most of its $300bn liabilities since 2021, emblematic of China's property sector woes that have long dragged on economic growth. Evergrande's failure to repay billions of dollars of wealth management products unleashed frustration among the lower and middle classes, many of whom had investments wiped out, provoking protests and threatening social stability.Hui and the company also face charges of illegally extending loans, fraudulently issuing securities, and bribery by units, with verdicts to be handed down later. The maximum penalties for illegal fundraising include jail for life and confiscation of property, while bribery can also bring life terms.In 2024, China's securities regulator fined Hui $6.6m and barred him from the securities market for life, after finding Evergrande's leading business had inflated earnings and committed securities fraud. Hui's net worth was estimated at $45.3bn in 2017, but dropped to $3bn by 2023.

The US political landscape is increasingly dominated by money, with billionaires and corporations spending vast amounts to influence elections and policy. In California, signature collectors are being paid $15 apiece to gather signatures in support of countermeasures against a proposed billionaire tax.The crisis has escalated since the 2010 Citizens United decision, which shredded limits on independent corporate election spending, fueling the growth of cash-flush Super Pacs and anonymous dark money non-profits. In 2024, $1.5bn in Super Pac donations came from organizations that aren’t required to name their donors.The ruling has, on balance, boosted conservatives, with Republicans receiving a four-point electoral bump in states where Citizens United struck down existing bans on corporate donations. Meanwhile, rampant income inequality has fueled a parallel democratic deficit, with the richest 10% of Americans now owning 93% of the stock market.To rebalance the scales, alternatives such as public election financing are being explored, which helped Zohran Mamdani secure his mayoral victory in New York City last year. Currently implemented in 15 states and Washington DC, these programs issue grants, vouchers and matching funds that augment the power of small donations.Citizens United might also be circumvented by novel legal maneuvering, with states holding considerable authority to define the powers they grant to incorporated entities. In Montana, organizers are collecting signatures for a Transparent Election Initiative that would strip corporations of the power to engage in election spending.

Senator Bernie Sanders used a Manhattan rally on Sunday to issue a stark warning: “the worst is yet to come” for the U.S. economy unless workers confront a ruling class of billionaires. Sharing the stage with New York City mayor Zohran Mamdani, the two leaders announced the launch of Union Now, a nationwide drive to boost union density and provide resources for organizing and strikes. Sanders singled out high‑profile billionaires – Elon Musk (Tesla, SpaceX), Jeff Bezos (Amazon), and President Donald Trump – as the architects of a looming crisis. He warned that Musk’s push for robotics and AI, coupled with Bezos’s recent pledge to raise $100 billion for buying and automating manufacturing firms, threatens to replace human labor on a massive scale. “Unless we fundamentally transform our economic and political systems, the worst is yet to come,” Sanders declared, emphasizing that increasing union membership is the most effective tool to tackle income inequality. Mamdani echoed the sentiment, noting that artificial intelligence is “coming for human jobs” and that worker protections are eroding. He pledged his administration’s support for Union Now, describing the effort as essential for safeguarding workers’ rights. Data presented at the rally underscored the scale of wealth concentration: in 2025, 938 U.S. billionaires saw their net worth rise by $1.5 trillion, while Musk alone possesses more wealth than the bottom 53 % of Americans. Sanders painted the billionaire class as “extremely greedy” and likened their self‑perception to 19th‑century monarchs who believe they have a divine right to rule. He warned that their unchecked influence could leave future generations without a safety net. Highlighting a recent political victory, Sanders cited Mamdani’s mayoral win as proof that ordinary people can defeat billionaire‑backed opposition. He warned that if the current trajectory continues, “fewer people will have more wealth and power, democracy will be undermined, and workers will be left with no recourse.” Closing his speech, Sanders urged unity: “If we stand together and fight for a government that works for all of us, there is nothing we cannot accomplish.”

Zohran Mamdani celebrated his 100‑day anniversary as New York City’s mayor amid a backdrop of frigid crowds at City Hall and a historic milestone: the city filled 100,000 potholes in just over three months. The 32‑year‑old Democratic socialist, the first Muslim mayor of the United States’ wealthiest city, framed his early tenure as a test of whether a platform built on affordability could be translated into concrete governance. His administration’s headline achievement is the launch of a universal childcare initiative. Partnering with Governor Kathy Hochul, the mayor secured $1.2 billion from the state’s 2026 budget—funds drawn from existing revenue streams rather than new taxes—to add 2,000 daycare seats in low‑income neighborhoods. Sign‑ups for two‑year‑old slots will open in June, with allocations announced by August. “One in four New Yorkers lives in poverty, and after housing, childcare costs are pushing families out of the city,” Mamdani told Al Jazeera, underscoring the program’s role in curbing a citywide affordability crisis. Parallel to the childcare rollout, the mayor’s pothole‑filling campaign has become a symbolic win. By early April, crews had patched the 100,000th pothole, a move Mamdani described as proof that the city can handle “the smallest tasks in New Yorkers’ lives” before tackling larger challenges. However, the administration faces criticism on several fronts. Snowstorm responses earlier in the year exposed gaps in emergency planning, prompting Mamdani to acknowledge the need for better tools to manage “bus stops, sidewalks, and crosswalks.” A newly released cost‑of‑living index revealed that 62 % of New Yorkers cannot afford basic expenses, with families on average falling nearly $40,000 short of a sustainable budget. The burden is especially acute for communities of colour—77 % of Hispanic and 65 % of Black residents are financially strained. Fiscal conservatives, such as Manhattan Institute adjunct EJ Mahon, argue that New York already imposes the highest tax rates on millionaires in four decades, warning that further “tax‑the‑rich” rhetoric could drive wealth out of the city. Local commentator Aria Singer echoed this concern, suggesting that aggressive tax hikes might prompt billionaires to relocate, undermining job creation. Housing remains a central battleground. Rents have risen roughly 25 % since 2019, and while Mamdani’s proposal to freeze rents would affect only about half of the rental stock, his administration is pushing an aggressive construction agenda to increase supply and stimulate competition. Political dynamics add another layer of complexity. The mayor’s ability to raise taxes or fund ambitious projects hinges on Governor Hochul’s approval, as the city lacks autonomous authority over most tax levers. Moreover, initiatives like free city buses require cooperation with the state‑run Metropolitan Transit Authority (MTA). Strategist Adin Lenchner of Carroll Street Campaigns cautioned that sustained grassroots pressure will be essential for Mamdani to translate his agenda into lasting policy, noting that even former President Barack Obama struggled to maintain such momentum. Beyond policy, Mamdani has confronted a surge in xenophobic incidents targeting Jewish and Muslim communities, including a vehicle attack on a Brooklyn Jewish centre and an alleged ISIS‑inspired explosive device outside his Gracie Mansion residence. He condemned the violence, emphasizing that “such acts are antithetical to who we are.” As the 100‑day mark passes, the mayor’s focus has shifted from the symbolic cold of his inauguration to the practical heat of governing a city that demands tangible results. While potholes may seem minor, Mamdani argues they are a litmus test for public trust: “If we can’t fix the pothole you hit every day, how can you trust us with bigger challenges?”

The rapid advancement of artificial intelligence (AI) has led to a growing concern about who controls the companies behind these technologies. OpenAI, the creator of ChatGPT, is at the forefront of this discussion, with its products now integrated into various aspects of our lives, from smartphones to defense contracts and law enforcement. Investigative journalist Ronan Farrow's recent piece in The New Yorker has raised important questions about the power dynamics at OpenAI, particularly surrounding its billionaire founder and CEO, Sam Altman. Farrow's article suggests that Altman's leadership and the company's operations have sparked concerns about its growing influence and the potential risks associated with its technology. OpenAI's market valuation has reached an astonishing $852 billion, despite a projected loss of $14 billion in 2026. This commercial momentum has led to a significant expansion of its operations, including a deal with the US military to use its technology in classified operations. This move has raised eyebrows, especially given the company's own staff researchers' concerns that AI could be a "threat to humanity". The article also highlights the connections between OpenAI executives and political figures, including a $25 million donation to a Trump fundraising vehicle by OpenAI's top executive, Greg Brockman. These ties have sparked concerns about the company's commitment to democracy and its potential influence on AI regulations. The debate surrounding OpenAI and AI regulation has led to a "QuitGPT" campaign by activist/historian Rutger Bregman, calling for a worldwide boycott of Altman's company. As AI continues to shape our world, it is essential to consider the implications of who controls these technologies and the need for meaningful social, political, legal, and economic guardrails to minimize harm.

Ben Delo, a British billionaire convicted in the US for failing to implement adequate anti-money-laundering controls in his cryptocurrency business, has donated £4m to Reform UK, the party founded by Nigel Farage. Delo, who is now based in Hong Kong, made the donation since the start of the year, before the government's cap on donations to political parties by British citizens living abroad.Delo, 42, who was pardoned by Donald Trump last year, is moving back to the UK and therefore will not in future be subject to the new rules for donors. He explained his motivations for turning to Reform UK, saying England was his home and that “the biggest obstacle to national recovery is the entrenched self-deception of our elites”.In his article for the Telegraph, Delo wrote that he had donated £4m to help Nigel Farage build Reform UK into a “genuine alternative party of government”. He cited his dissatisfaction with the current political culture, stating that “the official culture of government now forces everyone to be chronically dishonest”, citing expression of views on transgender people.Delo was convicted in the US in 2022 after pleading guilty to violating the Bank Secrecy Act by failing to implement adequate anti-money-laundering controls at BitMEX, the trillion-dollar cryptocurrency exchange he co-founded. He has poured more than £100m into philanthropy and supports more than 50 organisations ranging across the political spectrum and public life.Nigel Farage welcomed Delo's support, saying it would help Reform attract more of the skills and talents needed to get ready for government. “Ben’s support will help Reform attract more of the skills and talents we need to get ready for government,” Farage told the Telegraph.