Opinion: Bloomberg’s Billionaire Index May Spur Social Good

The instant popularity of the Global Daily Ranking of Billionaires by Bloomberg News could have a significant philanthropic upside, the head of a major global investment firm writes in the Huffington Post.

Mohamed El-Erian, the chief executive of PIMCO and former manager of Harvard University’s endowment, said the news service’s frequently updated list, unveiled Monday, is another indicator of public fascination with the ultra-rich. But he said the daily spotlight on the world’s biggest fortunes could also reinforce the trend among billionaires to direct more of their wealth toward socially constructive ends.

“In this way, the appeal of the index would prove to be less about what has happened and more about the responsibility that the rich share to help the least and less fortunate members of our global society,” Mr. El-Erian wrote.