Are Most Libertarians Wealthy?

There is a common misconception that most libertarians possess vast wealth.

Myth: Most Libertarians are Wealthy

Yes, quite a few libertarians are wealthy, but not in the same way that Bill Gates or Warren Buffett might be. The term 'wealthy' in this context often means 'economically and monetarily secure.' Libertarians who have sufficient financial comfort often feel exempt from contributing to societal needs such as school levies, taxation, or social welfare programs, viewing these obligations as an unwelcome and unnecessary constraint on their 'freedom.'

Reality: More Libertarians are Not Wealthy

In reality, most libertarians are not wealthy in the absolute sense. Millions of Americans identify as libertarians, and many of these individuals live paycheck to paycheck. Lack of financial security often prevents them from fully embracing libertarian ideals. Even for those who are financially comfortable, the concept of self-reliance in libertarian philosophies can be challenging without the means to fully take control of one's fate.

The Myth of Implementing Libertarianism

The assertion that most libertarians are wealthy is not based on their ability to implement libertarian principles. The defining factor is often the lack of genuine commitment to those principles. As Morton Blackwell wrote, 'If your philosophy is good and true, then you owe it to your philosophy to learn how to win.' Many libertarians subscribe to the philosophy in theory but lack the practical application to bring those ideals to life.

The Truth About Wealth Among Libertarians

Based on my considerable experience, on average, not many libertarians are wealthy. Some are, as I have seen a few bitcoin millionaires and other well-off libertarians, often in the technology sector where non-conformity is not as detrimental. However, a substantial number of libertarians fall into the middle-income bracket, just like their non-libertarian counterparts. Career choices and abilities to conform to societal norms play a significant role in financial outcomes. Those who do not align with conventional paths find it more difficult to achieve the same level of wealth.

The Education Factor

It's also important to note that libertarian supporters often hold professional degrees and are among the most educated of any party supporters. This perpetuates the idea of wealth and privilege associated with libertarianism. One of the core principles of libertarianism is self-reliance, which is perceived as a path to success. However, this ideal can be difficult to achieve for those who lack the financial resources and support networks to truly live that lifestyle.

Comparing Wealth Across Borders

The wealth gap among libertarians is not as stark when compared to the global context. The vast majority of people live outside the USA and are, on average, poorer than the poorest Americans. This is not due to a lack of resources but rather to the distribution of wealth and the quality of life within different countries. In the USA, where the majority of libertarians live, they are mostly young professionals. Using basic calculations, libertarians are likely both richer and poorer than initially thought. This complexity highlights the nuanced reality of wealth among libertarians.