Michael Roberts: The top 1% own 45% of all global personal wealth; the bottom 50% own less than 1% // Global Economic Volatility and Socio Political Reactions
The top 1% own 45% of global personal wealth; 10% own 82%; the bottom 50% less than 1%
Global Economic Volatility and Socio Political Reactions
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The annual Credit
Suisse (CS) report on global wealth has just been released. This report
remains the most comprehensive and explanatory analysis of global wealth (not
income) and inequality of wealth. Every year the CS global wealth report analyses the household wealth of
5.1 billion people across the globe. Household wealth is made up of the
financial assets (stocks, bonds, cash, pension
funds) and property (houses etc) owned. And
the report measures this net of debt. The report’s authors are James Davies,
Rodrigo Lluberas and Anthony Shorrocks...
Global wealth grew during the past year by 2.6% to USD 360 trillion and
wealth per adult reached a new record high of USD 70,850, 1.2% above the level
of mid-2018 with Swit-zerland topping the biggest gains in wealth per adult this
year. The US, China, and Europe contributed the most towards global wealth
growth with USD 3.8 trillion, USD 1.9 trillion and USD 1.1 trillion
respectively. As in every year it has been published, the report reveals the extreme
inequality of personal wealth globally. The bottom half of adults in
the world accounted for less than 1% of total global wealth in mid-2019, while
the richest decile (the top 10% of adults) possessed 82% of global wealth and
the top percentile (1%) owned nearly half (45%) of all household assets.
Wealth inequality is lower within individual countries: typical values would be 35% for the share of the top 1% and 65% for the share of the top 10%. But these levels are still much higher than the corresponding figures for income inequality, or any other broad-based welfare indicator....read more:
http://www.cadtm.org/The-top-1-own-45-of-all-global-personal-wealth-10-own-82-the-bottom-50-own-lessWealth inequality is lower within individual countries: typical values would be 35% for the share of the top 1% and 65% for the share of the top 10%. But these levels are still much higher than the corresponding figures for income inequality, or any other broad-based welfare indicator....read more:
Global Economic Volatility and Socio Political Reactions
Trade and currency wars, financial volatility and economic turbulence are
now the most important features of the world economy. The elements of a new international financial crisis are in place.
Although we do not know when it will break out, it is unavoidable, and its
impact on world economy will be as significant as the 1880s-90s, 1930s-40s and
more recent 2008-09 meltdowns. Worse, far fewer of the global capacities of the
latter period – rapid lowering of interest
rates, printing of money to buy up state debt
(‘Quantitative Easing’), and sufficient fiscal space for bailouts – are
available to global crisis managers. And most troubling, many more of the
proto-fascistic political characteristics reminiscent of the 1930s are looming,
especially in the new contextualisations of the Global South.
Part 2 Global
Economic Volatility and Socio Political Reactions
Part 3 The China Factor
Part 4 Africa’s Renewed Crises of Unbalanced Trade, Disinvestment, Debt
Part 5 Local South African Economic Conditions
Part 6 New Threats, New Resistances and New Alternatives
Part 3 The China Factor
Part 4 Africa’s Renewed Crises of Unbalanced Trade, Disinvestment, Debt
Part 5 Local South African Economic Conditions
Part 6 New Threats, New Resistances and New Alternatives
The contributing economic factors include... read more:
http://www.cadtm.org/Global-Economic-Volatility-and-Socio-Political-Reactions
