Charlie Munger, Chairman of the Daily Journal and Vice Chairman of Berkshire Hathaway discusses global wealth inequality.

Video Transcript

- The wealth of the world's 10 richest people, Charlie, doubled from $700 billion to $1.5 trillion during the pandemic. Is that something to be concerned about? Should the ultra rich pay more taxes? And even if you were OK with it, aren't you concerned about the widening gap between the rich and poor?

CHARLIE MUNGER: Well, of course, it creates tension. And the reason it creates tension is that people are-- they're not really motivated by greed. They're motivated by envy. It's the nature of our species that we look around us at other people and are envious of them if they have more than we do. And that envy has always been a big problem. That's the reason the laws of Moses said you couldn't envy the neighbor's wife. You couldn't envy her neighbor's land. You couldn't even envy your neighbor's donkey, which wasn't much of a common farm animal, by the way. And the old Joes were having trouble with envy, and we're still having it. And so of course, it'll never go away as long as you have human beings.

- Another--

CHARLIE MUNGER: It's not good. In my personal life, I have banished envy, and I recommend that banishment to everybody else.