Zohran Mamdani expresses his belief that billionaires shouldn’t exist in society.
Zohran Mamdani, the likely Democratic nominee for mayor of New York City, expressed his belief on Sunday that billionaires should not exist. Identifying as a democratic socialist, Mamdani emphasized on NBC News’ “Meet the Press” that the significant wealth held by billionaires contributes to increasing inequality. He stated, “I don’t think that we should have billionaires because, frankly, it is so much money in a moment of such inequality,” advocating for greater equality across the city, state, and country. He expressed a willingness to work with everyone, including billionaires, to foster a fair city for all.
Mamdani’s comments come amidst some pushback from wealthy residents, particularly after it was confirmed he would likely be the Democratic nominee. Notably, billionaire hedge fund manager Bill Ackman, a former supporter of President Trump, declared his intent to financially back a challenger to Mamdani, criticizing his policies as potentially harmful to New York City’s economy. Ackman argued that a business-friendly environment is essential for the city to serve its residents adequately and signaled that substantial financial resources are available for a competitor to Mamdani. Additionally, Mamdani elaborated on his plans to raise taxes on the wealthiest residents of New York City, stating that the proposal to tax the top 1% is meant to improve the quality of life for everyone.
He indicated that this tax initiative was crucial to his primary election success and reflects broader support among New Yorkers. Mamdani has also faced criticism from some political figures, including President Trump, who labeled him a communist—an allegation he firmly rebuffed. In response to Trump’s comments, Mamdani addressed the distractions posed by the president, maintaining his focus on advocating for working people. His campaign centers on addressing affordability and the economic challenges faced by many New Yorkers, emphasizing that the wealthiest city also has a significant portion of its population living in poverty.