Friday, October 17, 2014

$3,650

"The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession.
According to the Credit Suisse global wealth report (pdf), a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens. However, more than $77,000 is required to be a member of the top 10% of global wealth holders, and $798,000 to belong to the top 1%.
“Taken together, the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets,” said the annual report, now in its fifth year." the.guardian.com: Richest 1% of people own nearly half of global wealth, says report
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A net worth of $3,650, €2,859 or SEK26,214 doesn't really sound like that much, does it?

The fact that this low amount of wealth places you securely among the 50% richest people in the world is a scary and sobering thought.

4 comments :

  1. SIgh, you are too right, Bock. I read an interesting blog post from Bill Gates the other day on income inequality. He is in favor of a progressive tax on consumption. I am a bit concerned about the unintended consequences of that type of tax on low-income people as it is more expensive to be poor, but I cannot help thinking it would be just to tax lavish consumption - which is Gates' point.

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  2. So, it depends on what you do with the wealth you have. If you use it for the greater good, then wealth can make the world better. If you buy too many things and cling to them, not only are you worse off, but the world suffers as well.

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  3. Some countries are worst than others when it comes to income inequality. The USA is by far the worst among developed nations. According to one report (see link), the top 4 in the world are Russia. Lebanon, The Ukraine and then the USA. The richest 10% in the USA has taken in literally all the income growth over the past 10 years, everyone else is seeing a decline in income. There is no way this situation can continue in the USA --- with working people getting poorer every year -- without some sort of upheaval or revolution in the future.

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  4. Here is the web site listing inequality by nation. http://inequalityforall.com/fact-4/

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