Top 1% ‘own half global wealth’

BBC News:

“The richest 1% of people own nearly half the world’s wealth, according to a report out this week. With total global wealth more than doubling this century, total household wealth in China is now the third highest in the world, only surpassed by the US and Japan, says the report by banking giant Credit Suisse. BBC News investigates its findings – in 60 seconds.”

Top 1% ‘own half global wealth’ – BBC News

5 Responses

  1. Maggie Atlas

    @TomDispatch Democratic Govts were suppose to manage the powerful self interests???Democracy died no one noticed until TOO LATE

  2. dj zhao

    @TomDispatch thing is, 1/2 of this 1% are on anti-depressants, the other half i bet my left nut not any more happy than anyone else

  3. What is amazing is that the concentration of wealth has been close to these figures for a very long time. When I was studying economics here and there many decades ago, the proverbial econ 101 adage was the top 3% own 95% of the kitty.

    The lesson plan then advances to explain the rationale for capitalism–its really a story older than capitalism. The concentration of wealth is supposed to be good for us all. Feudal loafs, err I mean loads., excuse me…:Lords said the same thing to their vassals. So Reagan’s trickle-down economics was only a rephrasing of conventional assumptions of capitalist economics that have persisted for a very long time.

    What is different is not so much the concentration but that. while the wealthy have been having their best days for decades., nothing trickles down any more. The poor and middle classes’ wealth has spiraled downwards as the poor and middling bleed up. The era of the nation is over. The rich are internationally portfolio-ed, not interested in any sort of national well-being. War is just a business plan. And the social good they say–“what the hell is that?”

    Its not capitalism anymore but “Vulture Economics”

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