Wednesday , 16 August 2017


Never Have SO Few Owned SO Much – Where Do You Place in the Wealth Hierarchy?

 

[The fact that] the top 1% has prospered incredibly while the bottom 99% have been screwed royally is supported by countless data.  New data show this is a global phenomenon and that even in the worst of economic times the wealthiest make out like the bandits they are, and there are a lot more of them than 1%. [Let’s take a look at what the data actually says.] Words: 781

So reports Joel S. Hirschhorn (www.delusionaldemocracy.com) in an article* for globalresearch.ca which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has further edited ([ ]), abridged (…) and reformatted below for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.

The article goes on to say, in part:

According to the latest Global Wealth Report from Credit Suisse:

  • Millionaires and billionaires now control 38.5% of the world’s wealth.  Never have so few owned so much.
  • There are 29.7 million people in the world with household net worth of $1 million or more.
  • They represent less than 1 percent of the world’s population – actually just 0.4% of 7 billion people.
  • Their wealth grew 29% in 2010 in spite of the global economic recession — about twice as fast as the wealth in the world as a whole.
  • The US has been the largest wealth generator over the past 18 months, adding $4.6 trillion to global wealth at a time when about 100 million Americans have suffered with unemployment, underemployment, home foreclosures, hunger, high living costs, no health insurance, loss of savings, and historic financial insecurity. Which Americans shared in that $4.6 trillion increase in wealth?  Only those at the very top.
  • China ranked second, adding $4 trillion, followed by Japan ($3.8 trillion), Brazil ($1.87 trillion) and Australia ($1.85 trillion).
  • 84,700 people in the world worth $50 million or more and 42% of them, 35,400, live in the US.
  • 29,000 people world-wide are worth $100 million or more.
  • 2,700 people are worth $500 million or more.

According to the latest Forbes list:

  • There are 1,210 billionaires in the world.
  • It took a net worth of $1.05 billion to make the list of the richest Americans in 2010.

Here are some more data on current high net worth Americans:

  • Those with more than $100 million in net worth number 29,000 (about 0.1% of the U.S. population);
  • Those with $10 to $100 million, 987,300;
  • Those with $5 to $10 million, 1.96 million;
  • Those with $1 to $5 million, 26.7 million. 
  • The top 1% of Americans (about 3 million) have net worth above about $5 million and they get about 20% of annual national income and have about 33% of national wealth.
  • The top 10% (about 30 million) have net worth above about $1 million and account for about 50% of all national consumer spending (which is amazing, think about it).  They have enormous consumer power, adding to their political power.  Those 30 million are a big chunk of the 99%, so don’t expect them to be thrilled with the Occupy movement.  Rhetorically, pitting 99% against 1% works, but understanding that the blood suckers are really 10% is important but still not the whole story.
  • Approximately 20% (about 60 million) of households have a net worth of several hundred thousands dollars and, as such, should be considered wealthy [as they] account for an amazing $9 trillion sitting in cash in the nation’s banks. These people probably include most Tea Party activists and the Republican base and unlikely to see the legitimacy of the Occupy movement. Message: The political battle is much harder than it first appears.

My Observations

Some people with moderate incomes, and not just retirees, are also very high net worth individuals, as most of their income is passive (i.e. interest and dividends) rather than wages of any kind.  Being wealthy, in other words, is best seen in terms of net worth rather than income data.

50 percent of Americans make less than $26,000 a year.

Some rich Americans…strongly support the Occupy movement, including a number from the entertainment world who clearly are part of the wealthy upper class.  Like others, they understand that:

  • opposition to a grossly unfair capitalistic system designed primarily to benefit a few is not the same as rejection of capitalism that serves the interests of the many and the nation, allowing wealth to be shared (like it was from 1950 to 1980). 

Note that corporate profit as a share of the economy is at a 50-year high.

Conclusion

Rebellion is needed.  Fighting economic injustice and greed is long overdue. 

Now you know: Delusional democracy breeds delusional prosperity.  This is what the Occupy movement is all about.  Help make it a success by supporting the petition at getmoneyout.com.

*http://www.globalresearch.ca/PrintArticle.php?articleId=27286

Related Articles:

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Of all the many banners being waved around the world by disgruntled protesters from Chile to Australia the one that reads, “We Are the 99%” is the catchiest. It is purposefully vague, but it is also underpinned by some solid economics. A report from the Congressional Budget Office (CBO)… confirms the contentions of the 99% that a system that works well for the very richest has delivered returns on labour that are disappointing for everyone else and that the people at the top have made out like bandits over the past few decades, and that now everyone else must pick up the bill. [Take a look at the graph which shows just how unequal income distribution is in the USA.] Words: 776

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retire

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5. Are America’s Wealthy Unpatriotic? 

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Over the last half century, the richest Americans have shifted the burden of the federal individual income tax off themselves and onto everybody else – dramatically!  At a time of national economic crisis, especially, they can and should contribute far more in taxes. [Let me show you the extent of this massive redistribution of wealth so you decide for yourself if this is, indeed, the case.] Words: 1140