Zadik Bino
Source of wealth: Banking, oil
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Modules
Biography
An Iraqi native, Zadik Bino moved to Israel and worked his way up the chain at First International Bank of Israel, known as FIBI.
Bino went on to serve as CEO of FIBI from 1978 to 1986 before buying the company two decades later; he still owns 28.5% of the bank.
He purchased a 60% stake in Israeli company Paz Oil in 1999 for $48 million.
He has since liquidated his position in Paz Oil in transactions worth an estimated $800 million.
Financial Assets
The Great Lie of Mega-Fortunes: The Case of Zadik Bino
Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.
The immense fortune of Zadik Bino, linked to Diversified and 'Banking, oil', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 21 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 1.3 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.