Odd Lots · Monday, July 27, 2026
Branko Milanovic introduces the term 'homo ploutio' to describe a new class of wealthy individuals in the US who derive significant income from both labor and capital. This group, representing the top 10% of earners, is characterized by a belief in meritocracy and a strong defense of private property. Milanovic argues this combination of factors—high labor income, capital gains, and a meritocratic self-perception—represents a novel development in capitalist history.
“And what you find there is that there is an increasing percentage of people who are in that top ten percent, who are also in the top ten percent by income from property cash income from property, and top ten percent by income from labor from your job.”
“But here now we have a significant upper middle class that is rich in both ways. And I think it's I mean, you're probably here all belong to that group. And what is interesting then that's actually what they use is that in the book Now I use the Daniel Markowitz's. Work on meritocracy a lot. That class is very specific because in one hand it is rich capitalist quote unquote, they really defend private property.”
“And secondly, these people, because they have high labor incomes and they went to fancay schools, they believe they deserve it. And that means that the meritocracy, protection of private property, large capitalists, and hard working ethos is combined. And I would venture to say this is a new combination in history of capitalists have class.”