Well, global wealth inequality is up. Again. Oxfam had stated in January of this year that the 1% wealthiest people controlled 48% of the world’s wealth in 2014. They had predicted that this percentage would rise to 50% by NEXT year.
Well, it’s two months before year’s end, and I’ll bet that the 1% would love to receive an early Christmas present. According to RT:
Worldwide wealth inequality keeps growing, with the richest 1 percent of the global population accounting for “half of all assets in the world,” according to a new report. Meanwhile, the poorest half has just 1 percent of its wealth at its disposal.
The pace of wealth growth in the middle classes has slowed down, unlike the growth of the richest people, said the Global Wealth Report issued by the Zurich-based Credit Suisse bank.
While the bottom half of adults collectively own less than 1 percent of total wealth, the richest decile holds 87.7 percent of assets, and the top percentile alone accounts for half of total household wealth.
“This has reversed the pre-crisis trend which saw the share of middle-class wealth remaining fairly stable over time,” Tidjane Thiam, the chief executive of Credit Suisse wrote in the report.
“These results reinforce our findings from last year’s edition of this report, which argued that wealth inequality had widened in most countries in the years after 2008,” he added.
This acceleration in inequality is at least also partly explained by the fact that world wealth has actually declined by a whopping 12.4 trillion USD- a loss that was mostly absorbed by the poorest:
“This year, the United States continued adding to global wealth at an impressive rate, with solid growth also evident in China. Elsewhere, local currency wealth gains were offset by depreciation against the US dollar, so that world wealth declined overall by USD 12.4 trillion,” the report states.
The number of Super Wealthy people (people worth more than 50 million big ones) actually declined by 800 worldwide, while the US added 3800 of these people to its ranks to a whopping 58900 people.
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Yes, and that’s why the world is falling apart.
True. See nature works well when it’s balanced and since we are a part of nature and we’re also pretty much unbalanced we’re fucking things up.
An organism in war with it self is sentenced to death.
“An organism in war with itself is sentenced to death”.
Can’t get more accurate than that.