A Canadian Businessman Wants Billionaires to Give up Their Assets–Here’s Why

As the entire world deals with the repercussions of the coronavirus pandemic, it seems that criticism of the extremely wealthy has become more common. Even other members of the world’s richest have begun calling out their fellow billionaires.

One of them is Canadian businessman Frank Giustra, who has expressed his opinions of what it means to be a billionaire during times like these.

The Pointlessness of Massive Wealth

The 62-year-old businessman has a reported net worth of $1 billion

In an opinion piece for Business Insider, Giustra said that he now realizes that it’s pointless to accumulate an extremely large wealth. The current crisis the world is dealing with has also made him fully commit to his mission to give his fortune and life towards charitable causes.

What more, he emphasized how today is the time for generosity. He urged the wealthy to stop worrying about their stocks while people who have way less them are the ones putting themselves in harm’s way as frontliners.

Most Vulnerable

A reported 1.5 million people live in refugee camps in the Middle East alone

Giustra then highlighted how a global pandemic such as the coronavirus can be especially destructive for already vulnerable groups of people. He particularly mentioned those who caught in the midst of armed conflict and are now facing more complications in their situation.

He used war refugees as an example pointing out their life in camps with limited resources. The spread of the coronavirus has notably made it harder for humanitarian workers to continue helping those in need who may also be at risk of falling ill to the contagious disease.

The Canadian billionaire fears how much the attention on the coronavirus would take off the spotlight from ongoing conflict situations in the world at a time when they need the coverage the most.

Personal Contributions

Giustra was among the top gold mining financiers in Canada with the Leagold Mining Corp

With all of these in mind, Giustra announced that he would be working to help in solving and even resolving conflicts. What more, he believes that doing so would be the ‘biggest possible return on investment’.

To fulfill this mission, the businessman has resigned from his chairman position in the gold mining company he co-founded. Now, he’s focusing his time on being an International Crisis Group co-chair in a quest to put a stop to conflicts even before they start.

Giustra has been a member of the organization’s board for 15 years as it sought to aid in significant issues such as the peace accord with Colombian rebels and the prevention of a Saudi-led offensive to the Yemeni city of Hodeida.