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Richest 2% owns half of Worlds wealth.
    #6341755 -

http://www.theaustralian.news.com.au/story/0,20867,20884872-2703,00.html

Richest 2pc own half the wealth
December 07, 2006
LONDON: The richest 2 per cent of adults own more than half the world's wealth, according to the most comprehensive study of personal assets.
Britain came after the US and Japan, possessing the third-highest average wealth of the world's large economies at $US126,832 ($161,139) per adult, a UN development research institute found.

Those with assets of $US500,000 could consider themselves to be among the richest 1 per cent in the world.

Those with net assets of $US2200 per adult were in the top half of the wealth distribution.

Although global income was distributed unequally, the spread of wealth was more skewed, according to the World Institute for Development Economics Research of the UN University.

"Wealth is heavily concentrated in North America, Europe and high-income Asia-Pacific countries," the report said.

"People in these countries collectively hold almost 90 per cent of total world wealth."

Researchers defined wealth as the value of physical and financial assets minus debts. The richest 10per cent of adults accounted for 85 per cent of assets.

The bottom 50 per cent of the world's adults owned barely 1 per cent of global wealth.

Among high-income nations, the amounts varied from $US37,000 per person in New Zealand to $US86,369 in Germany and $US109,418 in The Netherlands.

In terms of wealth inequality, the US was among the most unequal, whereas Japan had one of the lowest levels of inequality.

James Davies, a professor of economics at the University of Western Ontario, and one of the authors of the report, said: "Income inequality has been rising for the past 20 to 25 years and we think that is true for inequality in the distribution of wealth.

"There is a group of problems in developing countries that make it difficult for people to build assets, which are important, since life is so precarious."

Professor Davies said there were some hopeful signs. China and India were developing rapidly and gaining wealth.

But, says Anthony Shorrocks, the institute's director: "Despite its rapid growth, China does not yet feature among the super-rich, because average wealth is modest and evenly spread."

The Times

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6341804 -

wealth isn't dirstributed, it's earned.

if all the "wealth" is falling toward one demographic then it would it would seem that they are doing something to have the money put into their bank accounts.

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6342402 -

Quote:
Researchers defined wealth as the value of physical and financial assets minus


Keyword minus debt, just because you own a hummer h2 and live in a 500,000$ home doesnt make you wealthy.

People in this country have a habit of judgeing their wealth by their debt, i guess its all a matter of keeping up with the joneses.

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6342985 -

Quote:
Richest 2% owns half of Worlds wealth


:whoah:

regardless of what wealth exactly is, that is one major imbalance.

should ring a bell or something..

:earth: :yinyang: :shineon:


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Re: Richest 2% owns half of Worlds wealth. *DELETED* [Re: AlteredAgain]
    #6343049 -

Post deleted by uber_aj

Reason for deletion: .



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A final message to my favorite online community

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Re: Richest 2% owns half of Worlds wealth. [Re: uber_aj]
    #6343247 -

uber_aj said:
this is motivating, im actually gonna work tomorrow now. i can probably be the top 1% in 7 years!


work hard, be smart, work within the system, play by the rules, and with a sprinkle of luck, you will get there.

also when you are there, please keep in mind that you would represent circa six-and-a-half million people who don't have what you have..

just a little something to think about.

:earth: :yinyang: :shineon:


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Re: Richest 2% owns half of Worlds wealth. [Re: uber_aj]
    #6343260 -

uber_aj said:
this is motivating, im actually gonna work tomorrow now. i can probably be the top 1% in 7 years!


more like buy the riches 1% another rolls royce, keeping working and making other people, the true wealth is entrepreneurship.

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6343333 -

> Keyword minus debt, just because you own a hummer h2 and live in a 500,000$ home doesnt make you wealthy.

I was once told, "You are not a millionaire until you are a million dollars in debt."

There is a difference between rich and wealth. Chris Rock said it best: "Shaq is rich. The guy that signs Shaq's paycheck is wealthy."


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Just another spore in the wind.

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6344008 -

I think we can trust that this wealth trickles down... :smirk:


--------------------
:redpanda:
If I should die this very moment
I wouldn't fear
For I've never known completeness
Like being here
Wrapped in the warmth of you
Loving every breath of you
:heartpump: :bunnyhug: :yinyang:

:yinyang: :levitate: :earth: :levitate: :yinyang:

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Re: Richest 2% owns half of Worlds wealth. [Re: snoopaloop53]
    #6344387 -

snoopaloop53 said:
wealth isn't dirstributed, it's earned.

if all the "wealth" is falling toward one demographic then it would it would seem that they are doing something to have the money put into their bank accounts.


The problem is that it takes money to make money, 99% of the time. Once you HAVE money, it's easy to make more. It's going from ZERO to anything that is difficult.

The "doing something" you speak of has less to do with hard work, and much more to do with "who you know" and what kind of crazy inheritence you have in your future.

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6344622 -

Im not worried about distribution of wealth, I worry about standard of living.

Example - Bill Gates finds oil on his property and becomes 5 times richer. That makes us 5 times poorer, but our standard of living hasnt changed a bit. We have no reason to complain if Bill Gates gets richer and our standard of living doesnt drop.

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Re: Richest 2% owns half of Worlds wealth. [Re: RoosterCogburn]
    #6345235 -

RoosterCogburn said:
The "doing something" you speak of has less to do with hard work, and much more to do with "who you know" and what kind of crazy inheritence you have in your future.


I don't believe this argument at all.

In the United States you can currently get a loan to go to college from a government-subsidized institution like Fannie Mae with absolutely no collateral and no credit history. You will recieve VERY favorable interest rates and extremely flexible payment plans.

Looking at average graduate salaries, it's easy to see that a graduate from any US bachelor's program automatically makes it into the upper crust of wage earners, as starting salaries range from $30,000 - $60,000 depending on the field (source: http://money.cnn.com/2005/04/15/pf/college/starting_salaries )

So really, you don't need to "know" anyone besides a stranger working at a school loan-granting institution, nor do you need to have money in the first place, in order to make it into the top earnings brackets in the US.

As for wealth inequality in general:
It's extraodinarily dangerous for a society to have very equal wealth distribution as it discourages anyone from taking on necessary high-risk or high-investment jobs.

Why would anyone spend the time in school to become a doctor if hamburger flippers made just as much as they did?

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6345311 -

Looks more like unequal distribution of capitalism and democracy to me.

North America, Europe, Australia, high-income asian countries (i.e. Japan). Come on, lets be honest here. Those countries have much more in common besides wealth. Maybe the UN needs to stop thinking about distributing wealth and learn how to create it.

This whole idea that 2% of people own all the "wealth" and that it is "distributed" unevenly implies that they somehow stole it from people who don't have it, which is ridiculous and totally distorting reality.

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Re: Richest 2% owns half of Worlds wealth. [Re: The_Red_Crayon]
    #6345317 -

The inherent vice of capitalism is the unequal sharing of blessings;
the inherent virtue of socialism is the equal sharing of misery.
-- Churchill


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Re: Richest 2% owns half of Worlds wealth. [Re: Catalysis]
    #6345336 -

Catalysis said:
Looks more like unequal distribution of capitalism and democracy to me.

North America, Europe, Australia, high-income asian countries (i.e. Japan). Come on, lets be honest here. Those countries have much more in common besides wealth. Maybe the UN needs to stop thinking about distributing wealth and learn how to create it.

This whole idea that 2% of people own all the "wealth" and that it is "distributed" unevenly implies that they somehow stole it from people who don't have it, which is ridiculous and totally distorting reality.


One of the top ten posts I have ever seen here. Clear, concise and succinct. Not to mention impeccably correct.


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Re: Richest 2% owns half of Worlds wealth. [Re: DieCommie]
    #6345847 -

DieCommie said:
The inherent vice of capitalism is the unequal sharing of blessings;
the inherent virtue of socialism is the equal sharing of misery.


Which is why I support neither.


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Re: Richest 2% owns half of Worlds wealth. [Re: Silversoul]
    #6347983 -

Silversoul said:
DieCommie said:
The inherent vice of capitalism is the unequal sharing of blessings;
the inherent virtue of socialism is the equal sharing of misery.


Which is why I support neither.

Thats why I do support capatilism. :shrug: I dont think its a bad thing for some people to have more luxery than others.  Having any amount of luxery is a good thing. 

I guess you want a system where luxery/blessings are spread evenly, but your income is not controled by the state...  Which leads to anther famous Churchill quote, with a twist

"Indeed, it has been said that capitalism is the worst form of economic organization except all those others that have been tried from time to time. "

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Re: Richest 2% owns half of Worlds wealth. [Re: DieCommie]
    #6348892 -

DieCommie said:
I guess you want a system where luxery/blessings are spread evenly, but your income is not controled by the state...


Only those luxuries and blessings which nature provides(which is a much higher portion of them than most people realize), which is why I'm a Georgist, as was Churchill.


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Edited by Silversoul (12/08/06 08:59 PM)

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Re: Richest 2% owns half of Worlds wealth. [Re: Silversoul]
    #6349403 -

The UN's goals for reducing poverty are "difficult or impossible to meet" because a high birth rate in poor nations creates poor health and education and environmental damage.

Over the course of the last century, the global population rose from under two billion to just over six billion.

The bulk of the growth came in developing countries.

http://news.bbc.co.uk/go/pr/fr/-/2/hi/science/nature/6219922.stm

Another problem: the poorest cannot control their own destiny, because they keep breeding and expecting us in the middle to pay for it. Send money, get more starving people. Good job!


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Re: Richest 2% owns half of Worlds wealth. [Re: Silversoul]
    #6350572 -

Silversoul said:
DieCommie said:
I guess you want a system where luxery/blessings are spread evenly, but your income is not controled by the state...


Only those luxuries and blessings which nature provides(which is a much higher portion of them than most people realize),


I guess that leaves refrigerators out, since I've never seen a refigerator tree or a refrigerator mine


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