"Billionaires Should Not Exist"—The Critical Point of Democracy Exposed by the Zohran Mamdani Phenomenon [Series | Money and Ethics #1]
November 4, 2025, New York City Mayoral Election.
This election is not just about local politics.
It is bringing the "limit line" of the United States into sharp focus.
1. The Moral Provocation of "Anti-Billionaire"
Zohran Mamdani (34) is a New York State Assembly member and a democratic socialist.
He states clearly—"Billionaires should not exist."
That is not just a slogan.
All of Mamdani's policies are rooted in that philosophy.
Freezing rents for rent-regulated housing
Making city buses free
Universal free childcare
Raising the top income tax rate by 2 percentage points
Raising the corporate tax rate from 7.25% to 11.5%
The funding source, of course, is tax increases on the wealthy and corporations.
In other words, he is explicitly defining "redistribution" as "justice."
His arguments are overwhelmingly supported byyoung people, immigrants, and the working classin the post-pandemic era.
That is because it represents a shift toward a politics that seeks "dignity" rather than just "opportunity."
2. A 3.4 Billion Yen "Defensive Battle"—The Fear of the Wealthy
It was the wealthy across the U.S. who feared Mamdani's momentum.
According to Forbes' analysis, 26 billionaires (and their families)have invested a total ofapproximately 3.4 billion yen ($22 million) to support candidates other than Mamdani.
The list of donors includes a lineup of illustrious names.
Michael Bloomberg (former NYC Mayor) ... approx. 1.3 billion yen
Bill Ackman (Hedge Fund) ... approx. 270 million yen
Ronald Lauder (Estée Lauder heir) ... approx. 110 million yen
Reed Hastings (Netflix founder) ... $250,000
Barry Diller (Media mogul) ... $250,000
About 60% of that wasalready deployed in June, before the Democratic primary.In other words, they "foresaw and were wary of" Mamdani's victory.
The birth of a socialist mayor in the heart of finance that is NY.
3. "Money vs. Public Will"—The Distortion of Democracy
The anti-Mamdani advertising campaign is flooding every medium, from television and the internet to direct mail flyers.
The message is simple and fear-mongering.
"Mamdani will destroy the economy."
"Tax hikes will cause NY to decline."
Even so, Mamdani's support does not wane.
In fact, young people are enthusiastic about him as a "symbol of someone who won't bow to money."
It is not just a political movement, but a fervor as a cultural counter.
Meanwhile, the wealthy are holding up "urban stability" and "pragmatic governance" as their cause.
But at the same time, it also looks like an "attempt to enclose democracy with money."
The flow of money is blurring the contours of "public will."
What is happening in NY right now is a battle to redefine democracy itself.
4. Mamdani's Transformation—From Struggle to Dialogue
What is interesting is that Mamdani himself is calmly aware of this composition.
At a rally on the 13th, he said this:
"They are right. We are a threat."
Furthermore, he has recently been increasing his meetings with business leaders.
According to reports, he even had a "friendly exchange of opinions" with Bloomberg.
An attitude of turning toward dialogue rather than labeling enemies as "evil."
That shows his "maturity as a politician" who is not just a radical.
While upholding socialist ideals, Mamdani is trying to become a leftist who talks to capital.
This stance might be the most radical point for America right now.
5. Can money protect democracy?
While saying "politics cannot be bought with money," in reality, it has continued to be bought.
However, the Mamdani phenomenon is questioning that very structure.
When those with money call themselves "guardians of democracy," it is no longer democracy.
"The greatest enemy of democracy is not the dictator, but the democrat with money."
This one sentence encapsulates the current landscape of NY.
3.4 billion yen in funds are moving, and "#MamdaniForMayor" is trending on social media.
What is moving people's hearts is not flashy advertisements or fear-mongering narratives.
It is the thirst for fairness itself.
An "election of ethics" starting from New York
Mamdani vs. the Coalition of the Wealthy.
This is not a battle between "left and right."
It is the final test of democracy: "Can we place human dignity at the center?"
No matter how the election results turn out, this composition will not disappear.
Rather, what is being questioned lies within each and every one of us.
How do we reconcile "wealth" and "justice"?
NY is starting that experiment ahead of the rest of the world.
Source: Forbes JAPAN (2025.10.28)
https://forbesjapan.com/articles/detail/84034