The Richest 1% Now Own More Than 50%...

link RemainsUnknown Joined: Apr 15, 2005
Posts: 4274
11/14/17 4:56:46 PM 
The Richest 1% Now Own More Than 50% of the World’s Wealth

The richest 1% now owns more than half of all the world’s 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 O’Sullivan, 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 bank’s 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 what’s 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 people—corresponding to 70% of all adults in the world—own 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 Suisse’s 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

link RemainsUnknown Joined: Apr 15, 2005
Posts: 4274
11/15/17 10:04:54 AM 
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)

link steveo Joined: May 1, 2007
Posts: 3887
11/15/17 10:16:38 AM 
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.

link Kay Joined: Feb 1, 2015
Posts: 4413
11/15/17 10:17:22 AM 
In reply to RemainsUnknown
wealth inequality remains a prominent issue,” said Michael O’Sullivan

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......

link SnoopDog Joined: Jan 24, 2004
Posts: 7196
11/15/17 10:28:27 AM 
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.

link RemainsUnknown Joined: Apr 15, 2005
Posts: 4274
11/15/17 10:39:50 AM 
In reply to Kay
wealth inequality remains a prominent issue,” said Michael O’Sullivan


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.

link SnoopDog Joined: Jan 24, 2004
Posts: 7196
11/15/17 10:42:34 AM 
In reply to RemainsUnknown

So the 99% are all poor?

link Tryangle Joined: Jul 11, 2004
Posts: 2508
11/15/17 10:45:22 AM 
I suspect that the problem is that it makes for a bleak endgame, should the wealth gap continue to grow.

Choose your dystopian novel.

link RemainsUnknown Joined: Apr 15, 2005
Posts: 4274
11/15/17 10:45:47 AM 
In reply to SnoopDog

So the 99% are all poor?
How did you deduce that gem, bro? lol

link sgtdjones Joined: Feb 16, 2017
Posts: 3675
11/15/17 10:47:56 AM 
In reply to RemainsUnknown

Snoopy has all dat Law education to rely on
for such calculations.

razz razz razz razz

link RemainsUnknown Joined: Apr 15, 2005
Posts: 4274
11/15/17 10:49:26 AM 
In reply to sgtdjones

lol lol lol lol

link RemainsUnknown Joined: Apr 15, 2005
Posts: 4274
11/15/17 10:50:08 AM 
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....

link SnoopDog Joined: Jan 24, 2004
Posts: 7196
11/15/17 10:57:21 AM 
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. lol

link RemainsUnknown Joined: Apr 15, 2005
Posts: 4274
11/15/17 2:07:48 PM 
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.... lol

link nitro Joined: Apr 10, 2003
Posts: 5928
11/15/17 3:28:28 PM 
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.

Very Happy Smile Sad Surprised Shocked Confused Cool Laughing Razz Embarassed Crying or Very sad Evil or Very Mad Twisted Evil Rolling Eyes Wink