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With Action Slow to Come, Global Wealth Inequality Remains 'Shockingly High'


#1

With Action Slow to Come, Global Wealth Inequality Remains 'Shockingly High'

Deirdre Fulton, staff writer

Global wealth inequality continues to rise, according to a new study from Credit Suisse, with the richest 10 percent now owning a full 89 percent of all global assets.

The annual assessment (pdf) from the Zurich-based financial services company finds that while the world was trending toward greater equality until 2008, the financial crisis halted that trajectory. The report reads:


#2

Ironically, Credit Suisse in Zurich did the study on wealth inequality and Swiss Direct Democracy gives the Swiss more wealth equality.

Easily corruptible representative governments are democracy's poison pill.


#3

This growing income disparity is nothing but an evil foisted on us by a psychopathic elite whose religion demands that they extract endless wealth from the rest of us. The abstract devouring machine of neoliberalism rolls on and the world looks more and more like an image of hell--cruelty, war, pollution, climate deterioration--you name it. This is the world of tooth and claw that Ayn Rand envisioned--where the weak are sacrificed to the insatiable appetites of a demented global elite.


#4

Yes indeed, Deirdre, "Global Wealth Inequality Remains 'Shockingly High' --- and 'Shockingly Stolen' by the Private UHNWIs and Global Banks/Corporations", from the public citizens and their countries"

"Last year, the U.S. had the worst income (sic) inequality in the world with a Gini coefficient -- the most common measure of inequality -- of 80.65, where 0 represents perfect equality and 100 means perfect inequality, according to Allianz’s Global Wealth Report."

Source, Anadolu Agency of Turkey in this article:

Unfortunately, this Turkish Agency conflated the GINI Coefficient of Wealth Inequality with the GINI Coefficient of Income Inequality (which is always lower, since inequality of income inequality is understandably always lower than accumulated/hoarded wealth, which can be extracted and monopolized over years of looting).

However, the figure stated in the article above is correct at above .80 for 'wealth' (not income), which makes the U.S. the highest GINI Coefficient of Wealth Inequality in the world.

The Allianz’s Global Wealth Report, which is perhaps the most accurate in the world (because, Allianze, like CAP Gemini, and Merrill Lynch Wealth Management, are the largest competitors in the global wealth management business, catering as they do to the world's leading UHNWIs (Ultra High Net Worth Individuals) in America and the EU have closely studied their customers, and recently noted (quietly) that the figures for post 2008 net deficits from the countries they track are approximately $(13 trillion) while the net increase in the private wealth of the highest UHNWIs in the same countries increased, not surprisingly, by almost the exact same $13T.

Wow, what a surprise, that the most massive looting that ever occurred from the public trough, happened to enlarge the private trough of wealth by almost exactly the same amount!

As Gomer Pyle might have said if he were a global macro-economist:


#5

Actually, this focus on wealth, instead of just income inequality, is very helpful for average people's understanding of how extensive and expansive the methods employed to re-balance the world's incredibly inequitable and destructive (anti-productive) problem we all are facing.

For example, employing merely small 'reforms' to the income side (ie. 'tax reform') of this massively skewed pyramid of accumulated, hoarded, looted, and illegally extracted wealth frm our world to serve the self-serving needs of only a tiny sociopathic ruling-elite (< 0.01% of the world's UHNWIs) out of the entire 6.5 Billion people, represents an imbalance of an 'asset class' of capital wealth that can only be compared to the degree of inequality in another 'asset class' of land, that had previously lead to a tiny, selfish minority 'capturing', looting, exploiting, extracting wealth from, accumulating, hoarding, monopolizing, and most notable 'taking out of productive use' a massive store of our world's commonwealth.

When this horrendous level of 'land wealth' exploitation and hoarding occurred centuries ago --- as researched and accurately described in Karl Polanyi's epic work, "The Great Transformation" --- when the British Empire employed the oppressive and tyrannical 'extra-legal' "Closure Laws" to force/starve peasants off the 'Commons' land, the people of England were caught off-guard (although they resisted going to "Those Dark Satanic Mills" [William Blake].

But the dispossessed people in many Latin and South American countries used he fast and dramatic vehicle of "Land Reform" to successfully re-distribute the otherwise; exploited, looted, hoarded, monopolized, and taken out of productive use asset of 'land' from the ruling-elite Spanish overlords who had illegally and through force accumulated the vast majority (95+%) of Land Wealth via 'Land Reform'

The same may well be required in the U.S., to a lesser extent in the EU. and anywhere else where exploitation, looting, and monopoly hoarding has taken the 'asset class' of capital/wealth out of the hands of most people --- with a newer form of 'Wealth Reform', much like 'Land Reform' but with the asset-class of capital/wealth instead of land.


#6

Since many people relate to pictures better than text, please see the Global Wealth Pyramid diagram from Credit Suisse.


#7

Just how often do we need to be told before as Oxfam says concern becomes action?

Each year we are told the same albeit the figures may vary a point or two but nothing happens. Are too many waiting for the proverbial rising tide to lift them...or to drown them?


#9

I think it very important that people recognize the vast difference between wealth inequality and income in equality.

Many are under the perception that a country like Sweden has equality. If one measures income equality it very good.

If one looks at wealth however it not that much different than the USA.