World’s Richest Now Own 11% Of Global Wealth – The Biggest Leap In Recent History, Says Report

Countercurrents | December 08, 2021

The world’s richest people got a whole lot richer during the COVID-19 crisis.

In 2021, billionaires saw the steepest increase in their share of wealth on record, according to The World Inequality Lab’s annual World Inequality Report.

The top 0.01% richest individuals — the 520,000 people who have at least $19 million — now hold 11% of the world’s wealth, up a full percentage point from 2020, the report found. Meanwhile, the share of global wealth owned by billionaires has grown from 1% in 1995 to 3% in 2021.

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POLITICAL ECONOMY OF INEQUALITY 

On the Origins of Great Wealth

Gary Olson

Virtually everything was created at public expense and then gobbled up by enterprising opportunists like Gates.

F. Scott Fitzgerald wrote in one of his short stories, “The very rich are very different than you and me”. Ernest Hemingway has a character in one his reply by saying “Yes, they have more money.” A more concise retort might be that the secret behind every great fortune is a great theft, to paraphrase Honore de Balzac.

There are 657 billionaires in the United States, whose combined wealth grew by more than $1.7 trillion in the year of the pandemic. Further, we know that the one-tenth of the 1% own more than than the bottom 90%. Where does this wealth originate?

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INEQUALITY

Land Inequality Threatens Livelihood of 2.5 Bln: Report

Susan Chacko

Down To Earth | November 26, 2020

The top 10 per cent of the rural population captures 60 per cent of agricultural land value.

The top 10 per cent of the rural population captures 60 per cent of agricultural land value; the bottom half controls only 3 per cent. This land inequality continues to threaten the livelihoods of an estimated 2.5 billion people involved in smallholder agriculture, according to a new report from the Land Inequality Initiative.

Land inequality has been historically measured in terms of differences in land ownership. But it is much more complex and multi-dimensional, the report, released November 24, 2020, stated. Four approaches were used to look at land inequality:Read More »

Richest 1% own more than twice as much wealth as 6.9 billion people, says report

 January 20, 2020

A super-rich one percent of the world’s population has accumulated twice as much wealth as the remaining 90 percent, said a new report by Oxfam, a global charity. The report has been released on January 20, 2020 on the eve of the World Economic Forum in Davos, Switzerland.

The gap between the filthy rich and the rest of humanity has reached grotesque proportions, according to the report.

The report, Time to Care, focuses on the largely unpaid care work many women and girls take upon themselves.Read More »

The world’s 25 wealthiest families control $1.4 trillion and gets $4 million richer every hour

A Journal of People report

How much wealthy the world’s richest families are? How much wealth they control? How much do they gain every hour? The questions sometimes peek into circles of the poor people, the poor peasants, the working classes, the people that create the wealth gripped by the rich.

Any toiler can question:

How many palaces and planes, how many yachts do the wealthy dynasties could purchase every hour?Read More »

Canada’s Wealthiest 87 Families Have Same Wealth as12 Million People: Report

teleSUR | August 01, 2018

The report also shed light on Canada

The report also shed light on Canada’s toleration of the use of private corporations and tax havens.  | Photo: Reuters
According to the report, the chasm between the net worth of these families when compared to everyone else is growing rapidly.

Canada’s wealthiest 87 families have roughly the same amount of wealth as about 12 million people in the country, which is around a third of the country’s population, the Canadian Centre for Policy Alternatives said in a recent report.

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