Posted on 12/26/2006 7:37:43 AM PST by shrinkermd
The richest 2% of the world's population owns more than half of the world's household wealth....
...The research indicates that assets of just $2,200 per adult place a household in the top half of the world's wealthiest. To be among the richest 10% of adults in the world, just $61,000 in assets is needed. If you have more than $500,000, you're part of the richest 1%, the United Nations study says. Indeed, 37 million people now belong in that category....
...Half the world, nearly 3 billion people, live on less than $2 a day. The three richest people in the world –- Microsoft Chairman Bill Gates, investor Warren Buffett and Mexican telecom mogul Carlos Slim Helú -- have more money than the poorest 48 nations combined.
(Excerpt) Read more at articles.moneycentral.msn.com ...
Well, happy New Years richos! These are great times for Americans.
Well, if I'm really in the top 1%, screw working this afternoon. I think I'll just go home.
And the US Government will tax the hell out of you for being so rich...
I'm worth about negative $20,000. Yay student loans!
have more money than the poorest 48 nations combined.
Easy to fix, Up the Minimum Wage!
Okay, so once my car is paid off, I step over to the better half. LOL!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
We're gonna take some of yours away, though, "for the common good" after 2008! (You "rich bastard")
HA !
And the U.N. wants a piece of your paycheck. I wonder what the median U.N. paycheck is. They probably have enough volunteers to keep those numbers low. Anybody have numbers for the obscene paychecks of the senior staff? (Of course, those numbers won't reflect the bribes, kickbacks, and oil-for-food scam dollars.)
I only wish the government would stay out of people's lives so the would have the INCENTIVE to transform their own lives for the better, WITHOUT gubmint interference, and WITHOU wealth-redistribution handouts.....
Great--I'm in the top 1 percent if you count my house as an asset. But what about debts?
The day after Christmas is not too late to count our blessings.
So the UN is drawing up it's target list.
And just think. If the UN would only oppose Third World dictators instead of being a club made up of them, and if they supported individual property rights over the whims of the dictators, mullahs, and strongmen, and if they worked to actually curb terrorism and Islamic intolerance, the other half of the world could step up to wealth and prosperity.
Until such time, I'll file this with all the other UN announcements.
H-H-H-Hillary? Is that you?
Me too! I'd rather be at home, anyways!
You must pay taxes on the house, or the government will take it away from you. Your debts are yours to do with as you please.
IOW--same as all other obligations.
I know people who are "mega rich" but their debts come darn close if not exceeding their assets. Go figure.
I guess by these measures I am wealthy, too, but I don't really feel that way most of the time. We have found that as long as you aren't concerned with how much OTHER people have, life in the US can be lived pretty comfortably. We live way below our means, have some savings and 401k money, the house, while modest in some people's view, is paid for, as are our cars. We give at least 10% to church and other charities. We recognize Who made it possible for us to live in relative comfort and without real concern for money (at least until our 15 year old twins go to college!).
That said, I resent the implication that these sorts of articles make-- that those who have wealth got it and hold it to the detriment of those who do not have wealth-- and that all wealth needs to be re-distributed so as to create parity and "fairness" to all. So many people think of wealth in static terms; that is, that there is an unchanging amount of wealth in the world, and that if one person has an amount of wealth, that means that someone else has been denied their "slice of the pie." So many seem not to understand that wealth is created every day by the efforts and ingenuity of people who make themselves productive. If, after I work today, I find someone who wants his car washed, and I do it and charge him $20, which he pays, I have created additional wealth in the sum of $20, which I did not have before. The person whose car was washed just received $20 worth of value for the washing of his car. Wealth was just created, and no one suffered or was denied wealth because of it.
The only remaining problems have to do with creating opportunities for others to create wealth of their own. Sadly, many have little enthusiasm for learning about such opportunities, or see their situation as so bleak as to be hopeless (and more sadly, some in fact DO live in hopeless situations). Unfortunately, the demogoguery of the left keeps this from being understood, so many will continue to live in poverty and jealousy.
(forgive the rant)
Your net worth is the value of financial and real assets (property) minus your debts. True financial independence, and a less stressful life, is a function of both assets and the absence of debt.
Some excerpts from the article:
Surprisingly, household debt is relatively unimportant in poor countries because, the study says, "while many poor people in poor countries are in debt, their debts are relatively small in total. This is mainly due to the absence of financial institutions that allow households to incur large mortgage and consumer debts, as is increasingly the situation in rich countries"
Meanwhile, "many people in high-income countries have negative net worth and -- somewhat paradoxically -- are among the poorest people in the world in terms of household wealth."
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.