Regulating Riches: A Debate On Earning Limits

In a country, there are the rich and the poor. The rich keep getting richer, and on the other hand, the poor keep getting poorer. For as long as human beings can remember, that is the way it has always been. Despite many critics arguing that the income system which allows the rich to get richer without limit, is unfair. They claim that it breeds inequality. As the world struggles with inequality, one question that arises is whether there should be a limit on how much money a person can have. Should there be a cap on just how much a person can earn? This topic has ignited so many debates and arguments, with critics and scholars, giving their take on the subject.

While this might be a feasible concept, currently, no country has a strict cap on wealth. However, some countries like the UK have other measures to control an individual's income; there is no rigid policy on how much money a person can earn yet. Elon Musk is one of the richest individuals on earth. His net worth can buy countries, even when combined. Yet, this man keeps working and making money every day. I mean, he could easily say “I have made enough money for myself and my generation to come.” Every minute, he gets money from multiple sources. He also makes money from X (formerly known as Twitter). Do you think Elon Musk’s wealth should be caged? Do you think he might be too rich? Should there be a law that stops him from making money when he gets to a certain point? It could be a yearly cap.

Now, imagine a country like Nigeria placed a cap on how much money a person could make in a year? For example, if the cap is 100 million naira, and the person meets the cap in the third month, should the person be stopped from earning more, or should the remaining money he earns throughout the rest of the year be donated to the poor? It doesn't sound right to me. In my country, Aliko Dangote is the richest man. He is a businessman, entrepreneur, and philanthropist. There's a song about him: “Dangote still Dey find money.” which means that despite how rich he is, he is still hustling for money every day.

In my opinion, there shouldn't be a cap on just how much a person can earn. I prefer this current system where a few people can be collectively richer than the rest of the world. This concept is two-sided. While limiting the money an individual can earn might have its benefits, I think the disadvantages is more than the advantages. To start with, one of the pitfalls of a wealth cap is that it prevent people from soaring higher and achieving the best versions of themselves. In other words, it would discourage people, especially the wealthy ones, from working hard.

If there was a cap that prevented people from earning money, so many people would stop working when they reach the cap limit. For instance, If there was a rule in Nigeria that states that the maximum money a person can earn in a year is 100 million, and someone achieves this in the first 2 months. Do you think the person would want to work for the rest of the year? Once they hit their goal, they’ll stop working. What's the point of working if they are not getting profits? I mean, they could just work for 2 months, make their money, and stop working for the rest of the year.

Wealthy people are loaded with business ideas, and what's more, is that they have the resources to carry out their plans. There's no doubt that rich people create opportunities for the poor. Aliko Dangote, for instance, has so many companies spanning the country. He has employed so many people, especially youths, than the government would. If there's a cap on wealth, people will lose the motivation to develop new ideas and businesses. Why innovate so many businesses if the profits are limited?

As I mentioned earlier, there's no strict law yet that prevents people from making too much money. If there would ever be, I don’t think it'd work in every country. Another reason I'm against the cap on wealth is that it would prevent people from building a secure future for their future generations. Most of these investors work to secure a future for their loved ones (this is a very good idea in my opinion.) Elon Musk, Dangote, and other rich people out there are not only working for themselves, they are working for their kids, grandkids, and loved ones. By capping their wealth, this goal would be hindered.

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Thanks for reading.