Less than a year ago, Oxfam reported that the richest 85 individuals owned as much wealth as half the world. But recently updated calculations reveal that the richest 70 individuals now own $1.842 trillion, more than the poorest half of the world.
We're drawing nearer to the fulfillment of Charles Koch's dream: "I want my fair share and that's all of it."
2. Just 40 Americans Own As Much Wealth As Half the United States
About a month ago it was 43, and a month before that it was 47. Now the richest 40 Americans (The Forbes 40) own a little over $1.092 trillion, about the same, according to calculations based on Credit Suisse data, as the poorest half of the country.
The national wealth that was created by all of us over many decades is quickly being redistributed to fewer and fewer incomprehensibly rich people.
One of the causes for this pathological transfer of wealth is revealed in the final image.
3. Stock/Equity Wealth of the Richest 12,000 Households Has Surpassed the Housing Wealth of 108,000,000 Households
Just 35 years ago, the percentage of national wealth in middle-class housing (net of mortgages) was about seven times more than the percentage of national wealth in equities owned by the .01% (12,000 families). Now middle-class housing is only about half the value of those equities.
Saez and Zucman report that the total of corporate equities, bonds, and savings deposits owned by the .01% amounted to 2.2 percent of total U.S. household wealth in the mid-1980s, rising to 9.9 percent in 2012. Meanwhile, housing for the bottom 90% dropped from 15 percent of total household wealth to 5-6 percent. Since the bottom 50%, according to the authors, own almost zero wealth, the housing figures pertain to the 50-90% families, which can be described as "middle class."
from here
Why is that such a big deal? If you work hard enough, you can be part of the minority that owns as much wealth as half the world. In a capitalist society, not everybody is meant to succeed, because people are different. Some are smart, creative and flexible and some are not. Money isn't infinitely available for everyone, people need to work hard in order to get it. Stop promoting unnecessary artificial antipathy against prosperous people. Manipulating the population to dislike those people will not get you anywhere, it will probably only aggravate your distance to financial success.
ReplyDeleteYou're free to not answer this question: do you even make money writing this immense number of articles attacking capitalism and successful people?
The purpose of the blog is not a commercial one but has a political objective.
ReplyDeleteLet us be clear...it was not the blog that says it but one of the most successful businessman in the world who directly contradicts your supposition that is ourselves who are the instigators of social division
“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” - William Buffett.
The goal of socialists is to end classes and the inevitable struggle that arises between them. We seek social harmony.
When someone tells you they got rich through hard work, ask them 'whose?'
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