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In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 3:23 pm
by re:dream
This is not OXFAM who say this, it is Credit Suisse bank. The top 1% wealthy people 41% of the wealth on planet earth; bottom half own 1%.
After the 2008 breakdown, and in midst of austerity, the top 1% are wealthier than ever
Just 8.4% of all the 5bn adults in the world own 83.4% of all household wealth (that’s property and financial assets, like stocks, shares and cash in the bank). About 393 million people have net worth (that’s wealth after all debt is accounted for) of over $100,000, that’s 10% own 86% of all household wealth! But $100,000 may not seem that much, if you own a house in any G7 country without any mortgage. So many millions in the UK or the US are in the top 10% of global wealth holders. This shows just how little two-thirds of adults in the world have – under $10,000 of net wealth each and billions have nothing at all.
This is not annual income but just wealth – in other words, 3.2bn adults own virtually nothing at all. At the other end of the spectrum, just 32m people own $98trn in wealth or 41% of all household wealth or more than $1m each. And just 98,700 people with ‘ultra-high net worth’ have more than $50 million each and of these 33,900 are worth over $100 million each. Half of these super-rich live in the US.
All this is in a new global wealth report published Credit Suisse Bank and authored by Professors Anthony Shorrocks and Jim Davies – see the report here (global wealth report and the database wealth database). The professors find that global wealth has reached a new all-time high of $241 trillion, up 4.9% since last year, with the US accounting for most of the rise. Average wealth hit a new peak of $51,600 per adult but the distribution of that wealth is wildly unequal.
...
[W]hat is also interesting is that Professor Shorrocks finds that there is little or no social mobility between rich and poor over generations – 87% of people stay rich or poor, hardly moving up or down the wealth pyramid.
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Rest of the story
here
Re: In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 5:10 pm
by Steve Ballmer
Have you tried not living in a 3rd world country?
Re: In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 5:44 pm
by Bagatell
Re: In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 6:21 pm
by re:dream
Re: In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 6:39 pm
by TAINTLICK
BOO FUCKING HOO
Re: In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 7:28 pm
by H20nly
the thing to do here... is blame Obama. anything less would be unAmerricun.
don't shoot the messenger... i don't make the rules... i just shake my head and throw up a little in my mouth as i watch them unfold.
Re: In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 7:41 pm
by re:dream
TAINTLICK wrote:BOO FUCKING HOO
yes, well, Q.E. D
Re: In time of austerity, rich are wealthier than ever.
Posted: Thu Oct 10, 2013 7:59 pm
by re:dream
Anyway, back to making music
Re: In time of austerity, rich are wealthier than ever.
Posted: Sat Oct 12, 2013 6:54 pm
by Steve Ballmer
Thank you for the heartfelt interlude.
Re: In time of austerity, rich are wealthier than ever.
Posted: Sun Oct 13, 2013 1:30 pm
by re:dream
I know. I was hoping for some rational conversation for a moment there.
Re: In time of austerity, rich are wealthier than ever.
Posted: Sun Oct 13, 2013 2:47 pm
by Steve Ballmer
Actually, the crash was caused by a series of poor investment choices, encouraged by network of lies and distortions, spun by "too-big-to-fail" corporations and the state.
A 4 year old Marxist could understand this.
Incidentally, the only reason we have technology like the iPhone today is because people like Steve Jobs were able to secure financial backing to help realise their visions.
DAMN YOU CAPITALISM.
Re: In time of austerity, rich are wealthier than ever.
Posted: Mon Oct 14, 2013 8:24 am
by Steve Ballmer
Funk N. Furter wrote:The root cause of all recessions is the so-called 'business cycle'.
So you're saying that the business cycle is caused by manipulations of interest rates by a
centralised bank (which is what I was saying also, had you read my post). Find you not it curious that tea-partiers call for the abolition of the Fed, while Marx welcomed such an institution?:
"5. Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly."
"Ce qu'il y a de certain c'est que moi, je ne suis pas Marxiste." (Marxy Marx and the Funky Bunch )
If he could kick the habit, so can you.
Re: In time of austerity, rich are wealthier than ever.
Posted: Mon Oct 14, 2013 8:36 am
by nathannn
This is a Couple of years old but I just found this, Its a documentory made by Jamie Johnson an heir to Johnson and Johnson. Its worth watching because you get to see a glimpse of what actually go's on in the lives of the one percent
http://www.youtube.com/watch?v=HmlX3fLQrEc
Re: In time of austerity, rich are wealthier than ever.
Posted: Mon Oct 14, 2013 10:52 am
by Goddard
The Finn wrote:(...) The top 1% wealthy people 41% of the wealth on planet earth; bottom half own 1%.
After the 2008 breakdown, and in midst of austerity, the top 1% are wealthier than ever (...)
"I see all this potential, and I see squandering. God damn it, an entire generation pumping gas, waiting tables; slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need. We're the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War's a spiritual war... our Great Depression is our lives. We've all been raised on television to believe that one day we'd all be millionaires, and movie gods, and rock stars. But we won't. And we're slowly learning that fact. And we're very, very pissed off."
Re: In time of austerity, rich are wealthier than ever.
Posted: Mon Oct 14, 2013 10:54 am
by Goddard
The Finn wrote:(...) The top 1% wealthy people 41% of the wealth on planet earth; bottom half own 1%.
After the 2008 breakdown, and in midst of austerity, the top 1% are wealthier than ever (...)
"You're not your job. You're not how much money you have in the bank. You're not the car you drive. You're not the contents of your wallet. You're not your fucking khakis. You're the all-singing, all-dancing crap of the world."