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World's richest 1% own 40% of all wealth

 
UN report
User ID: 162112
United States
12/06/2006 05:31 PM
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World's richest 1% own 40% of all wealth
· First ever study of global household assets
· 50% of world's adults own just 1% of the wealth

James Randerson, science correspondent
Wednesday December 6, 2006
The Guardian


Children playing in Kibera, Africa's biggest slum. Global levels of inequality are 'grotesque', Oxfam says. Photograph: David Levene

The richest 1% of adults in the world own 40% of the planet's wealth, according to the largest study yet of wealth distribution. The report also finds that those in financial services and the internet sectors predominate among the super rich.
Europe, the US and some Asia Pacific nations account for most of the extremely wealthy. More than a third live in the US. Japan accounts for 27% of the total, the UK for 6% and France for 5%.


Article continues

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The UK is also third in terms of per capita wealth. UK residents are found to have on average $127,000 (£64,000) each in assets, with Japanese and American citizens having, respectively, $181,000 and $144,000. All data relate to the year 2000.
The global study - from the World Institute for Development Economics Research of the United Nations - is the first to chart wealth distribution in every country as opposed to just income, for which more comprehensive date is available. It included all the most significant components of household wealth, including financial assets and debts, land, buildings and other tangible property. Together these total $125 trillion globally.

Anthony Shorrocks, director of the research institute at the United Nations University, in New York, led the study. He affirmed that the existence of a nest egg provided an insurance policy that helped people cope with unforeseen events such as ill health or a lost job. Capital allowed people to drag themselves out of poverty, he added. "In some ways, wealth is more important to people in poorer countries than in richer countries." It was more difficult in developing countries to set up a business because it was harder to borrow start-up funds, he said.

His team used detailed data from 38 countries, but had to rely on incomplete information from the rest.

The report found the richest 10% of adults accounted for 85% of the world total of global assets. Half the world's adult population, however, owned barely 1% of global wealth. Near the bottom of the list were India, with per capita wealth of $1,100, and Indonesia with assets per head of $1,400.

Many African nations as well as North Korea and the poorer Asia Pacific nations were places where the worst off lived.

"These levels of inequality are grotesque," said Duncan Green, head of research at Oxfam. "It is impossible to justify such vast wealth when 800 million people go to bed hungry every night. The good news is that redistribution would only have to be relatively small. Such are the vast assets of the rich that giving up a small part of their wealth could transform the lives of millions."

Madsen Pirie, director of the Adam Smith Institute, a free-market thinktank, disagreed that distribution of global wealth was unfair. He said: "The implicit assumption behind this is that there is a supply of wealth in the world and some people have too much of that supply. In fact wealth is a dynamic, it is constantly created. We should not be asking who in the past has created wealth and how can we get it off them." He said that instead the question should be how more and more people could create wealth.

Ruth Lea, director of the Centre for Policy Studies, a thinkthank set up by Margaret Thatcher, said that although she supported the goal of making poverty history she did not think increasing aid to poorer countries was the answer. "It's no use throwing lots of aid at countries that are basically dysfunctional," she said.

The UN report was issued as the Swiss magazine Bilan released a list of the richest Swiss residents. Ingvar Kamprad, the founder of Ikea, topped the list with an estimated fortune of $21bn.
Anonymous Coward
User ID: 160888
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12/06/2006 05:34 PM
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Re: World's richest 1% own 40% of all wealth
Ridiculous isn't it? Just because your relatives were a bunch of murderous thieves that stole what never was rightfully theirs....

These same bastards own the media and tell you what to think and do, what to feel self worth about, and all that. What crap. I hate this planet.
Anonymous Coward
User ID: 2718
United States
12/06/2006 05:42 PM
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Re: World's richest 1% own 40% of all wealth
This is the WORST galactic assignment I've ever had!!

Talk about a meaningless, futile mission!!
anonanon
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12/06/2006 06:00 PM
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Re: World's richest 1% own 40% of all wealth
That is probably an improvement. A hundred years ago the one percent probably owned 80 or 90 percent of the world's wealth.

In some countries that is still true.

So even tho it may not look like progress, in historical terms, it is.
Anonymous Coward
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12/06/2006 07:22 PM
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Re: World's richest 1% own 40% of all wealth
99% of the world's adults are slackers

5a
Anonymous Coward (OP)
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12/06/2006 07:31 PM
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Re: World's richest 1% own 40% of all wealth
so logic demands...why don't we do something about it?
COSSACK47
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12/06/2006 07:38 PM
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Re: World's richest 1% own 40% of all wealth
The jew giveth and the jew taketh away....
Anonymous Coward (OP)
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12/06/2006 07:39 PM
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Re: World's richest 1% own 40% of all wealth
Can you see, why the "hierarchy" wants us to hate and fear the "NEW" world order... it would require that we share the wealth equally amongst nations and citizens...

a global economy would not allow for this kind of inequality...

Can you understand how we were manipulated into believeing "money is the root of all evil"... and to shun it so that "they" could have it all!

These are the facts...there are babies starving to death while others eat desserts sprinkled with gold leaf.

I think this could be rectified by putting a ceiling on wealth, making the minimum wage global and by getting away from the oil based economy ASAP
Anonymous Coward
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12/06/2006 07:55 PM
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Re: World's richest 1% own 40% of all wealth
so logic demands...why don't we do something about it?
 Quoting: Anonymous Coward 162112


A few days ago I was thinking about the following. We have birthdays, mother's day, father's day and even pet's day in which we can give presents to our love ones and animals. However, we don't have a day in which we can give attention to the poor, those who REALLY need our attention- at least not where I live.

I believe that in the past Christmas had also the purpose to give aid and attention to those that really need them. However, nowadays Christmas is just a commercialized festivity whereby we -again- can give ourselves luxuries. After that thought, I promised myself that from now on I will use Christmas NOT to buy luxuries for myself and my love ones (they have their birthdays, mother's days, father's days and even pet’s days already). But from now on I will use Christmas to give my gifts to those who really need it.

I know my principle is just a small drop; but a drop can create small waves in the lake, and you have to start somewhere.
Shadow

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12/06/2006 08:25 PM
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Re: World's richest 1% own 40% of all wealth
It's all relative. So an American earning $5.15/hr is making roughly 50 x what a Nigerian makes, yet the Nigerian feeds his children as well on $1/day as the American does on $50/day.

Is the comparison realistic? No.
Over the side and damn the barracuda
Big Daddy D
User ID: 94844
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12/06/2006 09:38 PM
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Re: World's richest 1% own 40% of all wealth
Wah!!!!!!!

Quit whining. Most folks got their wealth through their creativity and risk taking. Bill Gates, Henry Ford, Sam Walton, etc. Do you really think that when Sam Walton founded his first dime store he was thinking "I'm going to exploit labor in China, South America and Africa and become the richest man in the world."

Do you think Bill Gates "knew" his product was going to be the dominant software and make him billions upon billions?

You're killing me if you did...stop, please.

Ya know, the Africans are in the mess because they are because they are ignorant. Its no one's fault they can't co-exist together, but instead slaughter each other at the drop of a hat...ditto for the nut jobs in Iraq. They are going to kill each other because they are a differect sect of religion or a different tribe? They deserve the mess they are in then.
Anonymous Coward
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12/06/2006 10:36 PM
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Re: World's richest 1% own 40% of all wealth
The article I read in my local paper said that having more than U.S. $515,000 puts you in the top 1%. Guess that puts me in the top 1% of the global elite and then some. I got about twice that and I never, ever, have considered myself to be rich or elite. I'm just middle class Joe Schmoe, bought a house in CA 24 years ago, sold it 6 months ago, retired and bought a home out of state for way less, never had any kids, put money in 401/457K, got a state pension and now I'm the global elite? Fuck that shit. Somebody miscalculated.
Anonymous Coward
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12/06/2006 11:25 PM
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Re: World's richest 1% own 40% of all wealth
I'm sure there's lot's of people who just fall into it, money, but then there's other's for their own reason's, that had and have to labor for a living. There's all level's, of worker's, does it make you better, as a human. Or maybe somebody that's born handicapped, does that make them suffer all the more, that they would get $550 a month to live on, there's all kinds of example's SO! It's how you got it, most of the time it's a scam, usually a legal scam, just the same. Or is it fair, that most of the poor are the ones that go to war dying for the rich save this country save wallstreet, that's the ultimate, die for your country, because your poor, and have nothing. Nothing's changed, it'll allways be the same history proves it 4000YRS. ago the same. What are you people gona do, when the SON OF MAN comes, he will be you servant?
irishrugby
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05/06/2007 11:30 AM
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Re: World's richest 1% own 40% of all wealth
interesting posts anonymous coward... lets do some math

If you're in the top percentile globally, and if the world has 6.6 billion people (per last estimate). That means you're in the top 6,600,000,000 times .01 or top 66,000,000 people if you have over 515K US. That doesn't seem unreasonable to me. That's approximately the population of both Iran or Thailand. I'm not there yet, personally but will be in a few years.

My point is that cracking the top 1% doesn't make you all that unique when you have 66 million peers.

Now break that 66 million down to the top 1 million, or top 100,000 or even top 10,000 and understand what inordinate percentage of the world's wealth that those individuals hold.

Wealth begets wealth. And those born with access to either wealth, or to the social mechanisms that facilitate wealth creation (education, banking and credit, investment markets, organized religion, organized crime, et.al.;)have an advantage over those who aren't born with this access.

These 100,000 to a million would represent the global elite, who are likely to manipulate governments, media, and perhaps even each other in order to preserve and increase their wealth. The problem I always run into with these Global Elite cabal theories is simply that people die. For such a cabal to exist, there must be a mechanism or organization that is supreme and immune to individuals quirks of personality that have doomed autocrats and autocratic societies throughout history. My guess is you have to worth about 1000 times the 515K 1% threshold to even get a sniff at the (bicycle) seats of power.
WW RAUPP
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05/06/2007 11:34 AM
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Re: World's richest 1% own 40% of all wealth
What crap. I hate this planet.
 Quoting: Anonymous Coward 160888


Why not commit suicide for the sake of this planet?
Anonymous Coward
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Netherlands
05/06/2007 11:43 AM
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Re: World's richest 1% own 40% of all wealth
Geez, I wonder where all those illegal aliens are coming from, and why they are coming from there...
Jomama

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05/06/2007 11:51 AM
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Re: World's richest 1% own 40% of all wealth
Can you understand how we were manipulated into believeing "money is the root of all evil"... and to shun it so that "they" could have it all!
 Quoting: Anonymous Coward 162112

Bingo and there's 60% left for the rest of us.

Looks like good odds to me.

I'm gonna grab some.

Get your own.
to herd or not to herd
[link to djomama.blogspot.com]
Anonymous Coward
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05/06/2007 12:17 PM
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Re: World's richest 1% own 40% of all wealth
Can you understand how we were manipulated into believeing "money is the root of all evil"... and to shun it so that "they" could have it all!

Bingo and there's 60% left for the rest of us.

Looks like good odds to me.

I'm gonna grab some.

Get your own.
 Quoting: Jomama


You have the instincts of an animal.

Haven't gotten very far, have ya?

Sons of Belial, up front and center for all to see.
Anonymous Coward
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05/06/2007 12:52 PM
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Re: World's richest 1% own 40% of all wealth
Well guess I am worse than the people in a third world country.

Counting my clothing, very used, faded and holes in many, my very old puter, my very old broken down car, my used books I guess my assets are worth less than $500. US. No income for a very long time.

Think those folk in India could send me in the USA a care package.
lol
Anonymous Coward
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05/06/2007 12:59 PM
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Re: World's richest 1% own 40% of all wealth
good thing, too, OP. If all the poor people owned all that wealth, they'd be rich - now that'd put a crimp in their bitching, eh?
Anonymous Coward
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05/06/2007 01:05 PM
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Re: World's richest 1% own 40% of all wealth
it will always be this way.. I suggest dealing with it. Besides, exchange rates make this comparison meaningless. If you can keep you family fed you are doing well in most parts of the world. Here in the US people are spoiled and think they deserve all these toys and vacations just for being alive... thus they are in debt.
Anonymous Coward
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05/06/2007 02:47 PM
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Re: World's richest 1% own 40% of all wealth
Can you see, why the "hierarchy" wants us to hate and fear the "NEW" world order... it would require that we share the wealth equally amongst nations and citizens...
 Quoting: Anonymous Coward 162112


That is BS. Do you think if they had that as their plan (to share out of the goodness of their hearts) they would not have done so already in their private experiences?

What you see is a bunch of very rich pigs wanted to be SERVED like kings while they exploit everybody.

That won't change when they implement it.

And implementing they are... Amero, super-highways, EU, etc...

There is nothing "new" in their disorder.

Just a lot of historical perversion.
Evil Rich Bastard
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05/06/2007 02:54 PM
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Re: World's richest 1% own 40% of all wealth
I am very rich, and do whatever the hell I please.

When you have a certain amount of wealth, things just fall into place, know what I mean?

For example, I will be taking my high-priced, young Chinese whore-mistress on a seal-culling holiday.

First class all the way, natch!

Yes, we will club these little beasties to death, then eat them.

Then, I will give Mai Ling a damned fine seeing-to.

Life is good!

scream lmao
Anonymous Coward
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05/06/2007 02:54 PM
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Re: World's richest 1% own 40% of all wealth
bump
Jomama

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05/06/2007 03:33 PM
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Re: World's richest 1% own 40% of all wealth
Can you understand how we were manipulated into believeing "money is the root of all evil"... and to shun it so that "they" could have it all!

Bingo and there's 60% left for the rest of us.

Looks like good odds to me.

I'm gonna grab some.

Get your own.


You have the instincts of an animal.

Haven't gotten very far, have ya?

Sons of Belial, up front and center for all to see.
 Quoting: Anonymous Coward 232988

Yakking proof of The Big Con and that there's a
fool born every minute.

You're probably waiting for these folks to make it
'aw better':

[link to djomama.blogspot.com]


1rof1
to herd or not to herd
[link to djomama.blogspot.com]
Anonymous Coward
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05/06/2007 05:27 PM
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Re: World's richest 1% own 40% of all wealth
1% of 6.5 Billion+.... Hmmmm.... That is what, 65 Million+ people holding 40% of the wealth.
Anonymous Coward
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05/06/2007 05:32 PM
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Re: World's richest 1% own 40% of all wealth
The poor and the rich will always be with us, it just doesn't have to always stay the same people, nor the same families... over thousands of years, it doesn't.
Anonymous Coward
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05/06/2007 10:41 PM
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Re: World's richest 1% own 40% of all wealth
I am very rich, and do whatever the hell I please.

When you have a certain amount of wealth, things just fall into place, know what I mean?

For example, I will be taking my high-priced, young Chinese whore-mistress on a seal-culling holiday.

First class all the way, natch!

Yes, we will club these little beasties to death, then eat them.

Then, I will give Mai Ling a damned fine seeing-to.

Life is good!

scream lmao
 Quoting: Evil Rich Bastard 132975

with any luck you will get food posioning and catch the clap from your chink whore!
ashesand sackcloth

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05/06/2007 10:43 PM
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Re: World's richest 1% own 40% of all wealth
These figures are seriously understated.
Anonymous Coward
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05/06/2007 10:44 PM
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Re: World's richest 1% own 40% of all wealth
Prince Charles' own business forum web site is at www.oneworld.net His World Business Forum comprises 200 of the world's top corporate leaders and consolidates 26% of the world's wealth. Charles is literally able to steer the environmental ethics & business agendas of the world's most powerful multinational companies. The holdings of the House of Windsor constitute enormous wealth including the Archer-Daniel's-Midland company (they are stockholders with controlling interest) which controls 75% of the world's grain. In times of famine, the royal family will literally be able to control who eats and who starves.
Anonymous Coward
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05/06/2007 10:51 PM
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Re: World's richest 1% own 40% of all wealth
" The report found the richest 10% of adults accounted for 85% of the world total of global assets."


That statistic is even more creepy that the top 1%.

Means that 90% of the earth's people are scrambling to get just 15% of the crumbs.

Let's hear it for Globalism and New World Odor...


pppffffhhhttt...bronx cheer.





GLP