World's richest got even richer last year: report

[Rajiv]

World's richest got even richer last year: report

The top 1 percent of all households owned 35 percent of the world's wealth last year. Meanwhile, the top 0.001 percent, ultra-rich households holding at least $5 million in assets, commanded $21 trillion -- a fifth of the world's wealth.

The planet also continues to mint new millionaires rapidly. The biggest jumps in 2007 came from emerging countries in Asia and Latin America. Overall, the number of millionaire households grew 11 percent to 10.7 million last year.

BCG notes that, while the rich are still rich, they have been making some adjustments as a result of the financial crisis.

This year, assets are being shifted to more conservative investments, more money is being kept onshore in home markets and some individuals have curtailed new investment.

[LargoWinch]

Re: World's richest got even richer last year: report

World's richest got even richer last year: report

" An imbalance between rich and poor is the oldest and most fatal ailment of all republics."
-- Plutarch

[sn1p3r]

Re: World's richest got even richer last year: report

I wonder how much inflation plays into this...

[sadsack]

Re: World's richest got even richer last year: report

I wonder how much inflation plays into this...

If, as EJ has claimed, inflation is ultimately political in nature, then the rich, having the greatest influence (short of a proletarian army wielding pitchforks) on the political process, should profit regardless.

Don't forget, inflation is merely another form of involuntary wealth transfer . . .

[Rajiv]

Re: World's richest got even richer last year: report

Also, as a comparision of wealth distribution in the US vs India vs China vs Japan

Wealth shares in countries with wealth distribution data

Bottom ------------Top

Country-Year-unit - 10% 50% 80% 90% - 10% 5% 1%

China-2002-person - 0.7 14.4 40.7 58.6 - 41.4 na na

India-2003-household - 0.2 8.1 30.1 47.1 - 52.9 38.3 15.7

Japan-1999-household - 0.5 13.9 42.3 60.7 - 39.3 na na

USA-2001-family - na 2.8 na 30.2 - 69.8 57.7 32


Quite unintuitive Don't you think?

Data from the Luxembourg Income Study

[rj1]

Re: World's richest got even richer last year: report

Feudalism's the future man.

[LargoWinch]

Re: World's richest got even richer last year: report

Country-Year-unit - 10% 50% 80% 90% - 10% 5% 1%
USA-2001-family - na 2.8 na 30.2 - 69.8 57.7 32

Rajiv, almost 70% of the wealth to the top 10% in the US ... in 2001. Can't possibly be!?!

The gap must be even wider now.

Where are the guillotines?

[c1ue]

Re: World's richest got even richer last year: report

Income equality out of control.

Economy teetering on brink of depression.

Present political system not fixing the problems.

Rest of World starting to experience economic declines.

Using the Weimar precedent:

We're past the 'economic miracle' (Weimar 1924-1929 vs. Internet bubble recovery)

Its 1930, and the rest of the world is having its own problems.

Where's Hitler?

[Brooks Gracie]

Re: World's richest got even richer last year: report

The feudalism comparison is pretty accurate. With money moving instantaneously without capital controls, the wealthy can move to the lowest taxing regimes. Gated communities everywhere.

There is a fascinating book about this called "The Sovereign Individual" by James Dale Davison and Lord Rees-Mogg.

[GRG55]

Re: World's richest got even richer last year: report

World's richest got even richer last year: report

Looks like the same headline will be valid next year... :eek:

From Times Online
September 21, 2008


Fury at $2.5bn Lehman bonus

Nomura and Barclays table bids today for US giant’s London operation as bank’s administrator likens collapse to Enron

STAFF at Lehman’s New York office who helped to cause the world’s biggest corporate bankruptcy are to share in a $2.5 billion bonanza.

The bonus, which has been described by London staff as a “scandal” has been pledged by Barclays Capital, the British-based bank that last week acquired Lehman’s American operation and took on 10,000 staff.

The $2.5 billion (£1.4 billion) pot, which has been ring-fenced as part of the acquisition, has caused huge resentment among the 5,000 staff in the firm’s European and Middle Eastern operations who are not guaranteed to be paid after this month...