Black Friday Sale! 50% Off All Access

This Billionaire Says Silicon Valley Is a 'Train Wreck' Salesforce co-founder Marc Benioff shared his concern about inequality in San Francisco

By Nina Zipkin

Entrepreneur+ Black Friday Sale

Our biggest sale — Get unlimited access to Entrepreneur.com at an unbeatable price. Use code SAVE50 at checkout.*

Claim Offer

*Offer only available to new subscribers

Mike Windle | Getty Images

Last week, Oxfam International released its annual report which found that altogether, the wealth of the world's 26 wealthiest people hit $1.4 trillion in 2018, which is as much as the total wealth of the 3.8 billion poorest people. Let that sink in: 26 people have the same amount of money as 3.8 billion.

The study was published ahead of the start of the World Economic Forum in Davos, Switzerland, which is attended by some of the world's most high-profile business leaders and policymakers. In 2018, the average speaker at Davos had a net worth of $414.3 million.

In an interview with CNBC at the Davos, Salesforce co-founder and CEO Marc Benioff -- who has a net worth of $6.4 billion and who was in the news in September for buying Time magazine for $190 million -- shared his concerns about the growing issues of inequality in San Francisco where Salesforce and many tech titans are based, characterizing the city as "kind of a train wreck."

Related: Billionaires Like Warren Buffett, Jeff Bezos and Mark Cuban Live by Ancient Stoic Philosophy

We have a real inequality problem," he continued. "It's because of the tech sector. We have an incredible technology industry, one that every city in the world craves. But housing prices increase, there's been broad gentrification, and yet at the same time we have a horrible homelessness problem. We're not taking care of the people who need us most. And that is an issue that every CEO needs to focus on. In some ways, San Francisco is the canary in the coal mine."

He went on to discuss his efforts to support Proposition C, a piece of legislation in San Francisco that passed in November that will raise taxes on the city's biggest companies and put that money towards funding services for San Francisco's homeless population.

While Benioff was a vocal advocate of the measure, there were others in the tech industry who were publicly opposed, including Twitter's Jack Dorsey.

"It's kind of what we say here at Davos, improving the state of the world. But each CEO is responsible for their little part."

Nina Zipkin

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Science & Technology

I've Spent 20 Years Studying Focus. Here's How I Use AI to Multiply My Time and Save 21 Weeks of Work a Year

AI is supposed to save time, but 77% of employees say it often costs more time due to all the editing it requires. Instead of helping, it can become a distraction. But don't worry — there's a better way.

Business News

The Two Richest People in the World Are Fighting on Social Media Again

Jeff Bezos and Elon Musk had a new, contentious exchange on X.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Barbara Corcoran Says This Is the Interest Rate Magic Number That Will Make the Market 'Go Ballistic'

Corcoran said she praying for lower interest rates and people are "tired of waiting."

Starting a Business

Why Are So Many Course Creators Struggling if It's 'Such an Easy Business'? Here's the Truth Behind the $800 Billion Industry

Creating an online course is so easy — at least, that's what many "gurus" would like you to believe. There's a lot of potential in the $800 billion industry, but here's why so many course creators are struggling.

Money & Finance

Why Donald Trump's Business-First Policies Trump Harris' Consumer-Centric Approach

President Donald Trump's pro-business agenda is packed with policy moves encouraging investment to drive economic growth. The next Congress has a unique opportunity to support entrepreneurship and innovation, improving U.S. competitiveness with the rest of the world.