Billionaires Plan Private Cities Worldwide, Sparking Debate on Governance and Society
Billionaires are increasingly investing in the development of private cities around the world, with notable projects like Forest City in Malaysia and Prospera in Honduras. These cities are designed as for-profit ventures, often emphasizing tech-forward and libertarian principles. Balaji Srinivasan, former Coinbase CTO, highlighted this trend at the Network State Conference in Singapore, describing it as a movement towards an 'ultimate exit' from traditional governance structures. These private cities aim to offer a new form of society, often with a focus on technology and minimal government oversight. However, there are concerns about the sustainability and societal impact of such developments, as they may lead to a detachment from broader societal issues.