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Richest 1% now owns half the world's wealth


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https://www.usatoday.com/story/money/2017/11/14/richest-1-now-owns-half-worlds-wealth/862916001/

Richest 1% now owns half the world's wealth

ROBERT FRANK | CNBC1:34 p.m. EST Nov. 14, 2017

The wealthiest 1% of the world's population now owns more than half of the world's wealth, according to a new report.

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.

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I hope they are sad and alone and get really scared of death,  as popular culture goes :lmao:

Now seriously I never understand why people need so much money.  I mean,  once you have like 20 million and a business running... What's the point of enslaving more workers and create more poverty?  They are really sick.  

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I never understand why society admires people simply for having obscene amounts of money.  Also why do we accept multi million dollar companies sending jobs off shore. Denying people a decent wage while exploiting people in poor countries with a pittance, just to save themselves money when they already have ample amounts.  Pure greed and lack of caring and understanding for others. 

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4 minutes ago, Jazzy Jan said:

I never understand why society admires people simply for having obscene amounts of money.  Also why do we accept multi million dollar companies sending jobs off shore. Denying people a decent wage while exploiting people in poor countries with a pittance, just to save themselves money when they already have ample amounts.  Pure greed and lack of caring and understanding for others. 

Well, we accept it because were half drugged with consumerism and tv and all that stuff. And even if we know everything will go to the pits we do nothing. Since the fall of the Wall and the fall of communism, the situation is worse and worse because those elites aren't afraid of a revolution. These past two years were especially dangerous in the EU because many rights are being lost, middle classes re getting poorer and governments are useless and corrupt. But look what suddenly happened: as Noam Chomsky always explains, we got "enemies" to be busy. IN the UK, the debate got into brexit, in France, it was Marie Lepen, in Spain it was Catalonia... And terrorrism, lots of terrorism. And those social riots that were feared in summits and G-8 thingies are nowadays a thing of the past. 

To summ it up: we are stupid 

 

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1 minute ago, Genevieve Vavance said:

No matter how rich they are they will never escape death old age and suffering how buddhist of me 😂 

So true @Genevieve Vavance.  Also they can't take their money with them when they die.  We know the saying though, money is the root of all evil. 

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1 hour ago, Jazzy Jan said:

I never understand why society admires people simply for having obscene amounts of money.  Also why do we accept multi million dollar companies sending jobs off shore. Denying people a decent wage while exploiting people in poor countries with a pittance, just to save themselves money when they already have ample amounts.  Pure greed and lack of caring and understanding for others. 

At least in America, it's the "just work hard enough and you will be rich too" American Dream illusion that is sold to anyone and everyone since birth. So god forbid anything touch all that money once they get it.

And that's the issue I have. Make all that money. Fine. But pay your fair share into the system.

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I always felt having too much money is indecent. I mean, wtf are you doing with all that cash? Are you happier than me? I don't believe it for a second. When you see extremely rich people beside starving people, this is just insane. 

It's ok to be ambitious, to expect better income, having the chance to travel, buy new clothes, having a dinner in restaurant. I can understand that (I just change my job, last August to have a better salary). But for real, how much do you really need to be happy? 

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Well I’m happy being in the 1% 🤪

🎵Living in a material world

Boys may come and boys may go
And that's all right you see
Experience has made me rich
And now they're after me

'Cause everybody's living in a material world and I am a material girl🎵

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4 hours ago, runa said:

I always felt having too much money is indecent. I mean, wtf are you doing with all that cash? Are you happier than me? I don't believe it for a second. When you see extremely rich people beside starving people, this is just insane. 

It's ok to be ambitious, to expect better income, having the chance to travel, buy new clothes, having a dinner in restaurant. I can understand that (I just change my job, last August to have a better salary). But for real, how much do you really need to be happy? 

That's why if I were Madonna I wouldn't give a damn about profits anymore and I would do whatever i want! 

But then again, I would have retired after LAV to buy my own island so it's ok that I'm not Madonna :lol:

 

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Face it people, it's that 1% that rule this planet, they are the ones changing the cards at every chance including the farce of political elections and referendums for everyone including themselves... only for their own benefit, and always to the detriment of all of us poor suckers.

As long as illusion of equal wealth is sold in the form of the latest tech gadget to own and show off for example, masses will always be distracted enough to hardly care how much this 1% bunch interfere and fucks up our lives, all under our noses. Keep the masses dumb so they will never rebel against the unequal distribution of wealth...

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