Message Board Archives
The Richest 1% Now Own More Than 50%...
RemainsUnknown
2017-11-14 16:56:46
The Richest 1% Now Own More Than 50% of the Worlds Wealth
The richest 1% now owns more than half of all the worlds household wealth, according to analysts at Credit Suisse. And they say inequality is only going to get worse over the coming years, with millennials having a particularly tough time.
The Swiss bank released its latest Global Wealth Report on Tuesday, together with a statement that contained the immortal phrase, The outlook for the millionaire segment is more optimistic than for the bottom of the wealth pyramid.
The research showed that there are increasing numbers of dollar millionaires. This is partly because the strength of the euro has created 620,000 more of them in Germany, France, Italy and Spain (conversely, depreciating currencies in the U.K. and Japan have seen 34,000 and over 300,000 people in those countries respectively lose the status).
But almost half of the new dollar millionaires are in the U.S. itself. 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 OSullivan, CIO for International Wealth Management at Credit Suisse.
Credit Suisse expects to see a 22% rise in dollar millionaires by 2022, from 36 million to 44 million. The problem is, the numbers of adults who have less than $10,000 are expected to shrink by only 4%.
The banks researchers see wealth inequality as largely being a result of the financial crisis it rose across the world between 2007 and 2016, because financial assets were growing faster than non-financial assets. The top 1% started the millennium owning 45.5% of all wealth, and now they have 50.1%.
As for whats been happening since mid-2016, Credit Suisse described a mixed picture. Non-financial wealth has been increasing substantially, but inequality is still rising.
Despite higher mean wealth per adult, median wealth fell again this year in Africa, Asia-Pacific and Latin America. Our projections for 2022 suggest more pessimistic scenarios for the immediate years ahead, the researchers said.
Looking at the bottom of the wealth distribution, 3.5 billion peoplecorresponding to 70% of all adults in the worldown less than $10,000. Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets, but we find that millennials face particularly challenging circumstances compared to other generations, they wrote.
Essentially, millennials are more likely to be unemployed or earning less, priced out of the housing market, and unable to get a pension. Baby boomers have most of the wealth and the housing, so millennials are doing less well than their parents at the same age.
Millennials may be better educated than earlier generations, but Credit Suisses researchers said they expected only a minority of high achievers and those in high-demand sectors such as technology or finance to effectively overcome the millennial disadvantage.'
Link Text
RemainsUnknown
2017-11-15 10:04:54
RANKED: The 30 richest countries in the world
Some of the smallest countries in the world continue to dominate the list of the world's richest countries, an analysis by Global Finance Magazine shows.
The ranking was published in February 2017 and based on data from the International Monetary Fund.
The magazine ranked the world's countries according to their gross domestic product (GDP) based on purchasing power parity (PPP) per capita.
The PPP takes into account the relative cost of living and the inflation rates of the countries to compare living standards among the different nations.
The small countries that dominate the top ten all have small populations compared to countries that lead the world purely in terms of GDP such as the United States, China, or Germany.
30. Japan GDP per capita: $38,893 (£31,732)
.
.
.
27. United Kingdom GDP per capita: $42,513 (£34,686)
.
.
.
24. Canada GDP per capita: $46,239 (£37,726)
.
.
.
19. Germany GDP per capita: $48,189 (£39,317)
18. Australia GDP per capita: $48,806 (£39,820)
.
.
.
13. United States GDP per capita: $57,293 (£46,745)
.
.
.
4. Singapore GDP per capita: $87,082 (£71,015)
.
.
1. Qatar GDP per capita: $129,726 (£105,791)
steveo
2017-11-15 10:16:38
Fcuk that report, the richest 1% control 100% of the world. That 50% ownership thing is left for the sheep just so they dont rebel.
Kay
2017-11-15 10:17:22
In reply to RemainsUnknown
wealth inequality remains a prominent issue, said Michael OSullivan
How is it an issue? Instead of harping over how few are very rich and how many are dirt poor why not buckle down and try to emulate those who did the hard work to get there? If you end up doing 1% of what they did you are set. Just figure out what 1% of $1B is......
SnoopDog
2017-11-15 10:28:27
In reply to Kay
Or how about dismantling the systems which allows for and perpetuates the gross and disproportionate inequality?
Muricans are a dumb as rocks if they really believe that shyte about the Murican dream that one day they too can escape the shackles of middle class life to become the jet setting billionaire.
RemainsUnknown
2017-11-15 10:39:50
In reply to Kay
wealth inequality remains a prominent issue, said Michael OSullivan
How is it an issue? Instead of harping over how few are very rich and how many are dirt poor why not buckle down and try to emulate those who did the hard work to get there? If you end up doing 1% of what they did you are set. Just figure out what 1% of $1B is......
I guess it's an "issue" for the poor or the less-fortunate, but I get what you're saying.....
To your point, a great man once said, "if you were born poor, it's not your fault, but if you die poor, then that's your fault." _bill gates.
SnoopDog
2017-11-15 10:42:34
In reply to RemainsUnknown
So the 99% are all poor?
Tryangle
2017-11-15 10:45:22
I suspect that the problem is that it makes for a bleak endgame, should the wealth gap continue to grow.
Choose your dystopian novel.
RemainsUnknown
2017-11-15 10:45:47
In reply to SnoopDog
So the 99% are all poor?
How did you deduce that gem, bro?
sgtdjones
2017-11-15 10:47:56
RemainsUnknown
2017-11-15 10:49:26
RemainsUnknown
2017-11-15 10:50:08
In reply to Tryangle
I suspect that the problem is that it makes for a bleak endgame, should the wealth gap continue to grow.
Choose your dystopian novel.
good point taken....
SnoopDog
2017-11-15 10:57:21
In reply to RemainsUnknown
You keep mentioning that the gross disparity in wealth is a problem only for the "poor" when in fact it's a problem for everyone.
Duh.
RemainsUnknown
2017-11-15 14:07:48
In reply to SnoopDog
You keep mentioning that the gross disparity in wealth is a problem only for the "poor" when in fact it's a problem for everyone.
Duh. lol
Speak for yourself.... It's not a 'problem' for me....
nitro
2017-11-15 15:28:28
The average American do not care how much wealth the 1% has.
They just want to live comfortable, knowing their hard work will lead to this.