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Thread: Richest 1% now owns half the world's wealth

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    Default Richest 1% now owns half the world's wealth


    The total wealth in the world grew by 6% over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. More than half of the $16.7 trillion in new wealth was in the U.S., which grew $8.5 trillion richer.

    But that wealth around the world is increasingly concentrated among those at the top. The top 1% now own 50.1% of the world's wealth, up from 45.5% in 2001.

    "So far, the Trump presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue," said Michael O'Sullivan, chief investment officer for International Wealth Management at Credit Suisse. "Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years."

    The world's millionaires are expected to do the best in the coming years. There are now 36 million millionaires in the world and their numbers are expected to grow to 44 million by 2022.

    The U.S. still leads the world in millionaires, with 15.3 million people worth $1 million or more.

    Japan ranks second with 2.7 million millionaires, while the U.K. ranks third with 2.2 million. China ranks fifth with 1.9 million millionaires, but its millionaire population is expected to hit 2.8 million by 2022.

    It is really sad that some in our country have more trust & respect for foreign adversarial leaders than our own loyal opposition.

    “But I suppose the most revolutionary act one can engage in is... to tell the truth.”
    ― Howard Zinn

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    Like the CS CIO said thank the central banks for asset inflation

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    Richest 1% now owns half the world's wealth
    Obviously, our oligarch overlords need more tax cuts.
    It is a good thing Trump and the Republicans make these downtrodden plutocrats one of their top priorities. Go Trump!


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    The total wealth in the world grew by 6% over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. More than half of the $16.7 trillion in new wealth was in the U.S., which grew $8.5 trillion richer.
    =$4.26 trillion growth for the top 1% and $4.26 trillion growth for the lower.

    i'd love to change the world
    but I don't know what to do
    so I leave it up to you
    - Ten Years After

    MAGA now and worry about income strata at leisure

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    Ya know. Instead of spending so much time worrying about how much other people have ya could be working on ways to earn more yourself.

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    Quote Originally Posted by Thumper View Post
    Ya know. Instead of spending so much time worrying about how much other people have ya could be working on ways to earn more yourself.
    This place IS a huge waste of time (and keystrokes)-but this is a discussion of economic/tax policy.

    Welcome to JPP.
    the Buddha taught:

    Now this, bhikkhus, is the noble truth of dukkha: birth is dukkha, aging is dukkha, illness is dukkha, death is dukkha; union with what is displeasing is dukkha; separation from what is pleasing is dukkha; not to get what one wants is dukkha;
    in brief, the five aggregates subject to clinging are dukkha.

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    Time to go back to the barter system and make everyone equal again
    Quick, send those on-site researchers some computer models

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    Can I point something out which ought to be glaringly obvious but isn't apparently. Most people take a lifetime to gain wealth, people under the age of 30 haven't had time to do that unless they inherited it..

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    In rejecting their view [Spinoza, Leibnitz and Hegel], as I shall contend that we must, we are committing ourselves to the opinion that “truth” in empirical material has a meaning different from that which it bears in logic and mathematics.”

    Bertrand Russell, “An Inquiry Into Meaning & Truth” (1940)

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    Quote Originally Posted by Corazón View Post
    Can I point something out which ought to be glaringly obvious but isn't apparently. Most people take a lifetime to gain wealth, people under the age of 30 haven't had time to do that unless they inherited it..

    Sent from my Lenovo K8 Note using Tapatalk
    You mean they haven't taken the time to do it.

    I was born into relative poverty. By the time I was 30 I had a net worth exceeding 7 figures. Not too bad for a mixed race kid that barely graduated high school and had his first kid at 18. All it takes is a drive to succeed and a good work ethic.

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    Quote Originally Posted by Thumper View Post
    Ya know. Instead of spending so much time worrying about how much other people have ya could be working on ways to earn more yourself.
    If all the whiners constantly complaining how much someone else had would spend 1/4 the time trying to better themselves as they do whining about someone else, they might be one of those the whiners whine about.

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    Quote Originally Posted by Corazón View Post
    Can I point something out which ought to be glaringly obvious but isn't apparently. Most people take a lifetime to gain wealth, people under the age of 30 haven't had time to do that unless they inherited it..

    Sent from my Lenovo K8 Note using Tapatalk
    If someone wants to leave another person or persons their wealth, who is to say that the person whose money it is can't make that choice?

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    Quote Originally Posted by Thumper View Post
    You mean they haven't taken the time to do it.

    I was born into relative poverty. By the time I was 30 I had a net worth exceeding 7 figures. Not too bad for a mixed race kid that barely graduated high school and had his first kid at 18. All it takes is a drive to succeed and a good work ethic.
    Yes and no doubt you are 6ft 4in, have a 12 pack stomach and a 9in dick.

    Sent from my Lenovo K8 Note using Tapatalk
    In rejecting their view [Spinoza, Leibnitz and Hegel], as I shall contend that we must, we are committing ourselves to the opinion that “truth” in empirical material has a meaning different from that which it bears in logic and mathematics.”

    Bertrand Russell, “An Inquiry Into Meaning & Truth” (1940)

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    No. I'm 6'5" with a ten inch dick actually (the African and Native genes mixed well with the Norse). Though the bourbon has taken a toll on my abs in recent years.

    Seriously. The hardest thing with building wealth, other than others dragging you down, are the limits you put on yourself.

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    Quote Originally Posted by Thumper View Post
    No. I'm 6'5" with a ten inch dick actually (the African and Native genes worked out well). Though the bourbon has taken a toll on my abs in recent years.
    TMI
    That’s why I’m so screwed up, because I had a father who pushed me so hard,” Trump acknowledged in 2007, in a brief and rare moment of self-awareness.

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    The lack of educated deplorables in this country is yet again the problem. When you have an economic system that is based on consumption people need to have disposable income in order to consume. The more disposable income the better the economy.

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