The Finance Foundation
Reinventing capitalism for all
AUTHOR
Michel
Gabrysiak
President of the Finance Foundation

50% of global wealth is in the hands of 0'7% of worlds population. Ouah!
October 16, 2015 , Michel Gabrysiak - Financial Markets
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"Middle class wealth has grown at a slower pace than wealth of the top end". Tidjane Thiam the new Chief executive of Credit Suisse is right. This is the conclusion from a study  published by his bank
 
It shows a quite dramatic situation.
 
Half of the world’s wealth is now in the hands of 34 million people, 0.7 % of world’s population. They own, as households, 113 trillion dollars or 45.2% of the whole lot. Each one of those owns at least 1 million US dollars.
 
Those are followed by what is the upper middle class 100.000 dollars to 1 million dollars. They are 350 million peopleThen come those who own 10.000 to 100.000 dollars. They are 1 billion people.
 
Those 3 categories altogether, 1.4 billion among 7 billion humans on the planet, are the middle class, the upper middle class and rich.
 
All the others own less than 10.000 dollars and they are 71%. Altogether they own 7.4 trillion.The upper class owns 113 trillion.
 
I do not want to announce the next and inevitable Doomsday, but it seems just obvious that more and more people are aware of this difference. More and more people resents it. Many will stand up saying they want more.
 
And they will not say this with nice words.
 
Every big bank, Credit Suisse is one of them, every big international organisation, the UN, the IMF, the World bank are repeating these numbers and situations again and again.
 
There is no doubt that the world needs to reduce the inequalities between developed and under-developed countries and between categories of population within rich countries and within poor countries.
 
There is no time to waste.

 

Write to The Finance Foundation at info@finance-foundation.com
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