THE TOP .01%
A new report from British humanitarian group Oxfam International has revealed the 85 richest people on Earth have now accumulated the same amount of wealth — $1.7 trillion — as the bottom half of the world population. The report also finds that the richest 1% holds $110 trillion in wealth — or 46% of all global wealth — which is 65 times the total wealth of the bottom half of the population. Wealth and power have been heavily concentrated into the hands of a few, especially in the U.S., with the percentage of income held by the richest 1% of Americans growing by nearly 150% since 1980. According to the report, the richest 1% of Americans have received 95% of the wealth created in the U.S. since 2009, after the financial crisis, while the bottom 90% of Americans have become poorer.
But America is not the only culprit. The report singles out India, where the national wealth is rapidly consolidating into the hands of a few. For example, in 2003, the wealthiest citizens of India controlled approximately 1.6% of the nation’s wealth. By 2008, this number had skyrocketed to 26%. The growing wealth gap across the globe is disastrous and unsustainable. The system is entirely broken. But what could be even more disastrous are the wealth redistribution schemes being cooked up by the world’s elites in Davos this week. When the rich and powerful are entrusted with solving the global wealth gap, expect no solutions, only more problems.
[VIDEO] Wealth Inequality Around The World
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“And to make it your ambition to lead a quiet life and attend to your own business and work with your hands, just as we commanded you…”
1 Thessalonians 4:11