In the United States, “trickle down” economic policies that support tax cuts for the rich with the aim of boosting economic growth and jobs have led to a $2 trillion annual redistribution of wealth from the bottom 99 percent of earners to the top 1 percent over the last 30 years, said Nick Hanauer, a former venture capitalist and now head of Civic Ventures, which aims to drive social change.
If the trend continues, by 2030, the top 1 percent of Americans will earn 37 to 40 percent of the country’s income, with the bottom 50 percent getting just 6 percent, he said:
“That’s not a capitalist market economy anymore,” he warned. “That’s a feudalist system and it scares me.”
Globally, half of the world’s wealth is now held by just 1 percent of the world’s population, according to a 2015 report by Credit Suisse, a financial services company.