Posted on 10/14/2015 9:09:09 PM PDT by Citizen Zed
The richest 1% of the world’s 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 there’s 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 world’s adult population.
In total, the report estimates that global households have amassed $250 trillion (an amount equal to 100x JP Morgan’s 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.
Debt and socialism started with the income tax and reducing tariffs. Around 1913.
It’s up to 1% now. Getting better.
Fortune magazine is part of Time Warner. That is all you need to know.
The problem isn’t that the 1% control 50% of the wealth, it’s that the .001% control governments.
If you do the math even if we took HALF of everything the top 1% had and gave to the other 99% each person would get 12,867 dollars. My guess is that within a few years they would have spent all of that and the money would go right back to the top 1% again.
The Walton family has come a long way since they lived on Walton’s Mountain in Virginia :)
I’m a male citizen so I don’t claim to understand the feminine mindset via-a-vis shopping/spending.
I needed a toaster. Target advertised a $5 toaster. I am still using it 8 years later.
I told co-worker Amanda that I bought a $5 toaster at Target during lunch. She asked if that was all I bought. I said yes, that’s what I went there to buy. Her comment back was that she spent $200 every time she went. I asked why, she replied “Because I’m there.”
Men buy $5 toasters. Women buy everything.
I agree. I meant to say something like that, but I got distracted by other thoughts.
The rulers of old existed on what they could steal (taxes) from the people. The US is the first trial of and unencumbered people limiting the grasp of government.
There is a group now that wants the power to control people to live off of their enterprise. Union bosses live on union dues. Professional politicians use their office to amass wealth. The Bernie Sanders crowd thinks the gov’t will give them everything they want.
Just heard that Illinois Lottery will not pay jackpots over $600 until they get state finances”in order”. Those who thought the lottery was self-financing just got a lesson in what happens to money that goes into the General Fund. The Fed gov’t does the same with Social Security taxes.
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