SkyBridge Capital founder Anthony Scaramucci on Sunday said that growing wealth concentration in the U.S. is undermining democratic capitalism, warning that greed is increasingly overpowering wisdom in shaping economic outcomes.
Scaramucci Says Wealth Concentration Is Fueling In a post on X, Scaramucci argued that societies tend to drift toward oligarchy when wealth becomes concentrated among a small elite.
"Greed in a society always overcomes wisdom," he wrote.
He added that such systems "create wealth for themselves, and leave everybody else behind." He said the U.S. founders, particularly James Madison and Thomas Jefferson, designed a decentralized system meant to protect individual liberty and broad participation in capitalism.
"The genius of the Madisonian, Jeffersonian design was decentralization," he wrote.
