Stories
Slash Boxes
Comments

SoylentNews is people

posted by janrinok on Sunday October 25 2015, @05:53AM   Printer-friendly
from the return-of-feudalism dept.

Common Dreams reports

The world's richest 1 percent now own more wealth than [the remaining] 99 percent combined. This finding comes from Credit Suisse's Global Wealth Report for 2015, [redirects to a PDF] released last week. Last year, Credit Suisse found the richest 1 percent of adults owned 48 percent of global wealth. According to the new report, the [richest] 1 percent now hold 50.4 percent of all the world's household wealth.

Credit Suisse's findings are in line with Oxfam's prediction that global wealth inequality is only becoming greater. Last January, we predicted that the richest 1 percent would capture more than half of all household wealth by 2016. It looks like our prediction was right, but that we were too conservative, since it has happened a year early. Alas, our forecast was confirmed, but it's nothing to celebrate.

When you look at the very top of the global wealth pyramid, the situation is much more alarming. When we first calculated in January 2014, the 85 richest individuals own more wealth than the poorest half of the planet. This trend has also worsened since that time. Last January, it was down to 80 people.

The implications of rising extreme wealth inequality are greatly worrying. The highly unbalanced concentration of economic resources in the hands of fewer and fewer people impacts social stability within countries and threatens security on a global scale. It makes poverty reduction harder, threatens political inclusion, and compounds other inequalities.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 2) by Whoever on Sunday October 25 2015, @06:42PM

    by Whoever (4524) on Sunday October 25 2015, @06:42PM (#254400) Journal

    I am pretty clearly in the top 1% of global wealth (measured by assets > USD 760,000), but I don't feel wealthy, nor secure in my position. Almost anyone living in the SF Bay area who was lucky enough to buy a house in the right place at the right time (and was able to weather the great depression in late 2000's) will be in the top 1% now.

    The real issue is the share of global wealth by the super-rich.

    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 2) by SanityCheck on Monday October 26 2015, @02:20AM

    by SanityCheck (5190) on Monday October 26 2015, @02:20AM (#254497)

    Indeed, the problem with this type of us versus them shenanigans is how inaccurate slapping a number on something can be. If you have a house in Bay area, congrats you made the list if you paid off your mortgage. Of course you need to live there so unless you sell your house this wealth doesn't do you so much good. Where as the same amoutn fo wealth in another part of the country would mean you literately don't have to work the rest of your life if you stick to sound investments and non extravagant lifestyle.

    • (Score: 0) by Anonymous Coward on Tuesday October 27 2015, @05:25PM

      by Anonymous Coward on Tuesday October 27 2015, @05:25PM (#255193)

      Well, you could sell your house and move, if you wanted. Living in the Bay area is a choice.

      I normally hate those "living in area X is a choice" type arguments, because they usually apply to poor people without the assets to move.