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Tue Nov 14, 2017, 11:35 AM

The 1 Percent Now Have Half the World's Wealth

Source: Newsweek Magazine




BY JOSH LOWE ON 11/14/17 AT 10:26 AM

The richest 1 percent of the world’s population owns more than half of household wealth, with their share skyrocketing since the global financial crisis, a new report says.

The annual Global Wealth Report, published Tuesday by Credit Suisse, points out that while the top 1 percent and 10 percent of the world’s richest saw their share of wealth decline between 2001 and 2008, the trend swung the other way after the financial crisis.

“From 2013 onwards, the share of the top 5 percent has been above the level observed at the start of the century, and the share of the top 1 percent is now significantly above what we estimate for 2000,” the report said.

“While the bottom half of adults collectively own less than 1 percent of total wealth,” the report adds, “the richest decile (top 10 percent of adults) owns 88 percent of global assets, and the top percentile alone accounts for half of total household wealth.”


Read more: http://www.newsweek.com/1-wealth-money-half-world-global-710714

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 11:47 AM

1. I doubt congress will ever do crap about it in the US. n/t

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 11:52 AM

2. Hey, but we get to say "Merry Christmas" now.

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Response to ck4829 (Reply #2)

Wed Nov 15, 2017, 10:13 AM

13. I'm thinking this year when somebody tells me..........

"Merry Christmas", I'm going to answer, "Workers of the World Unite!"

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 11:56 AM

3. And if we just give them a tax cut, we'll all be rich, too!

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 11:56 AM

4. From 1970 to the late 1990s an incredible growth in democracies

took place. At that point 60% of all nations were democracies. Since then we've had a democratic recession where many have failed, been taken over by authoritarianism, or are in danger of failing.

There are a number of big factors, but during this period the planet's wealth also quadrupled but became concentrated as unimaginable wealth in the hands of a tiny percentage, and that reality is absolutely huge among them. Even our great, long-established democracy, formerly a model for the planet, is under attack and our institutions deeply infiltrated by those determined to destroy government by the people.

Or perhaps I should say especially our nation, even if it is taking longer. America has close to half of all the planet's new billionaires and those whose wealth is in the hundreds of millions.

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 12:15 PM

5. Sounds like our current economic system is a problem.

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Response to jalan48 (Reply #5)

Wed Nov 15, 2017, 10:14 AM

14. Surprise! I agree..........nfm.........

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 12:16 PM

6. We helped them get rich too

We allowed Ronald Reagan to be voted into office. Then we voted in Bush 1 and Bush 2.
Then the piece de resistance, we voted in Cheeto.

Jobs are going away, manufacturers are all going robotic or they're going overseas.
How do we in the middle class pay our taxes if we're unemployed?
If we're already retired, how do we stop Cheeto from stealing our Social Security and Medicare benefits?
You think he won't do it? He's already told us that he will do it, and we elected him anyway.

The extremely wealthy people do not give a shit. It means nothing to them.
They won't even thank us for giving them everything we have. They think they deserve it all.

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Response to FakeNoose (Reply #6)

Wed Nov 15, 2017, 12:03 AM

11. We voted in Trump after the FBI rigged the election, over and over again.

Appointing James Comey was the worst mistake Barack Obama ever made.

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Response to StevieM (Reply #11)

Wed Nov 15, 2017, 03:43 PM

15. Yes Comey was part of the problem

Gerrymandering, voter supression, voting machine hacking (by the Russians), lying Fox News, lying Rush Limbaugh, people staying home instead of going out to vote, and all the thousands of fake news stories (ads) that told lies about Hillary.

So many things to blame, it's not just Comey's fault.

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Response to FakeNoose (Reply #15)

Wed Nov 15, 2017, 03:51 PM

16. I don't disagree with the points you made but I do think that Comey had a dramatic effect

on the election that blows the other issues away.

Without Comey HRC would have won by double digits IMO. He didn't just influence the race--he turned the entire election on its head.

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 12:24 PM

7. According to Oxfam the 8 richest men own as much as half the world population.

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Response to lutherj (Reply #7)

Tue Nov 14, 2017, 12:49 PM

8. OxFam lists them in their release: "The worlds 8 richest people are, in order of net worth":

The world’s 8 richest people are, in order of net worth:

Bill Gates: America founder of Microsoft (net worth $75 billion)
Amancio Ortega: Spanish founder of Inditex which owns the Zara fashion chain (net worth $67 billion)
Warren Buffett: American CEO and largest shareholder in Berkshire Hathaway (net worth $60.8 billion)
Carlos Slim Helu: Mexican owner of Grupo Carso (net worth: $50 billion)
Jeff Bezos: American founder, chairman and chief executive of Amazon (net worth: $45.2 billion)
Mark Zuckerberg: American chairman, chief executive officer, and co-founder of Facebook (net worth $44.6 billion)
Larry Ellison: American co-founder and CEO of Oracle (net worth $43.6 billion)
Michael Bloomberg: American founder, owner and CEO of Bloomberg LP (net worth: $40 billion)

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Response to DonViejo (Original post)

Tue Nov 14, 2017, 01:54 PM

9. Will someone please give those hard working job creators some tax cuts?

Repeal that estate tax since it is really hurting hard working families inheriting over $11 million.

Surely some liberal regulations must be preventing the 1% from trickling it down all over the rest of the population, right?

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Response to IronLionZion (Reply #9)

Tue Nov 14, 2017, 10:55 PM

10. Experimental tax cuts for the rich just to see if it works.

Experimental tax cuts for the rich just to see if it works.
.

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Response to keithbvadu2 (Reply #10)

Wed Nov 15, 2017, 07:48 AM

12. If it doesn't work, keep trying

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Response to IronLionZion (Reply #12)

Wed Nov 15, 2017, 04:19 PM

17. They just aren't trying hard enough

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