Skip to comments.The top 1% now owns half the world's wealth
Posted on 10/14/2015 9:09:09 PM PDT by Citizen Zed
The richest 1% of the worlds population now owns 50% of its total wealth, according to a report by Credit Suisse.
Worldwide, there are 34 million people who have a U.S. dollar net worth of at least $1 million, or 0.7% of the global adult population, and they account for 45% of global wealth. If you extend the bracket to include those with less than $1 million, but still within the top 1%, then total wealth crosses the magic 50% line.
Within the top 1% is there is a much more elite club: the 0.36 percenters. These are adults with a net worth of more than $50 million, and theres just 123,800 of them in the world.
At the base of the global wealth pyramid are those with a net worth of less than $10,000, who account for a massive 71% of the worlds adult population.
In total, the report estimates that global households have amassed $250 trillion (an amount equal to 100x JP Morgans assets).
Credit Suisse says wealth inequality was actually falling before the financial crisis but has increased every year since 2008. The U.S. created 903 new millionaires between the 2014 and 2015 report, while median wealth has stagnated. Globally the number of millionaires fell, though the strength of the U.S. dollar is cited as the biggest contributing factor to that statistic.
Again I say to you, it is easier for a camel to pass through the eye of a needle than for one who is rich to enter the kingdom of God."
When the disciples heard this, they were greatly astonished and said, "Who then can be saved?"
Jesus looked at them and said, "For human beings this is impossible, but for God all things are possible."
... People always leave out the part that puts the 99% on equal footing with the 1%.
Thought Bama were gonna turn dat aroun yo.
The more that governments control the wealth, the more wealth concentrates at the top. People still haven’t figured out the connection.
Its just a mystery. Who can explain it.
thx for that....makes me feel a little better knowing that I’m just a spec in this world and that Gates and I are on equal footing in the eyes of the Lord...
And how many of those are here in the US? I suspect the vast majority. It really isn’t that difficult to amass a net worth of 1 million, esp for farmers and business owners.
Government control doesn’t make the wealth. It takes wealth from the individual for the state. People in the US have the most wealth because our system allowed capitalism and the creation of wealth. We are now being socialized and the progressives are taking the private wealth to make things ‘fair’.
This is idiocy.
Since when has Fortune been a propaganda arm of the DNC?
There are probably 34 million people in the US with a net worth of a million.
It’s not much.
And how new is this supposed 1% with 50%?
It’s probably been along these lines through all human recorded history. In fact probably even more so in the past and ancient world.
Those who own homobama and the Uniparty got their money’s worth out of them.
“And how many of those are here in the US? “
I wish I’d kept this source
The average family on welfare in the US is in the top 20% of the richest people on Earth.
The truth is it does not matter how much the rich have provided the poor have enough. I think it was 2005 (Once again I should have kept a link to the source) that more people on Earth were obese than were starving. The truth is, if the left would let you hear it is that great strides are being made in feed people and raising people out of poverty. But if that is admitted them the left loses it power base
In California all you had to do was buy a house 15-20 years ago and you’d be a millionaire today.
Maybe they got one of those Clinton Global Initiative Grants.
That is easy to explain. Only 1% of the people are really smart, really ambitious, really hard working and somewhat lucky.
That is an amazing factoid.....
All one has to do is open eyes, observe and let the God given brain do it’s job.
Observe Singapore. When British left the colony, it’s citizens were largely poor. A mix of Chinese, Indians and some Arabs. Then they eliminated all welfare! Working age adults get no food stamps. If you do not work, you starve.
Result? Every sixth citizen is a millionaire. That is lot more than 1%, closer to 17% of citizens are millionaires.
Is anybody paying attention? Or we are going to continue distributing from those who work hard to those who hardly work?
ANd if you sold your million dollar shack on the coast, you could’nt afford to rent.
govt is owned by the rich so what do we expect..
True, so what a lot of people did was take their million, buy a $150k house in AZ or Texas and retire early.
I don’t care how much someone else has, I only care about how much I have.
There is not a fixed amount of money. If someone gets rich, he doesn’t do so at my expense. If I make money, It comes from commerce, not out of your pocket.
Taxes are a forced taking of wealth, they are an in efficient way of providing things for the common good. Private business providing a service for the good of the community is the most responsive way to get things done.
A privately owned toll road is usually in better condition than a state road.
The Postal Service now uses private shippers for parcel post.
Forest fires occur on gov’t controlled land, and rarely on private forests. Wood product companies take care and protect their raw material.
National forests in Colorado are dying because the gov’t won’t control the bark beetle.
If you want to save a species, find a way to use it commercially.
There would be a glut of ivory if we developed a taste for elephant meat.
Exactly. The Progressive income tax and overregulation have made real class mobility very difficult.
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