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By turning his focus to individuals – the profile of billionaires as the people they are – Peter Hägel offers in his book  Billionaires in World Politics  an interesting move towards agency, showing that their power, even if situated in a complex economic structure, also consists in bending, changing, or setting the rules of how the game is played. After having followed the move of the pendulum from structure to agency with Hägel, in this paper I suggest that moving back to structural analyses could again provide new insights. I argue that in order to have a more complete picture of the billionaires-and-politics puzzle, it is required to not only look at agency as a kind of reflexive phenomenon, but also to provide a more historically informed genealogy of the conditions under which billionaires’ passions have been shaped.

What do billionaires want? From structure to agency and back again