Grim Numbers from the 2014 Global Wealth Report
Global inequality, like global warming, is a disease that may be too far along to ever be cured.
We seem helpless, both in the U.S. and around the world, to stop the incessant flow of wealth to an elitist group of people who are simply building on their existing riches. The increasing rate of their takeaway is the message derived from theCredit Suisse Global Wealth Databook (GWD).
Global inequality, like global warming, is a disease that may be too far along to ever be cured.
We seem helpless, both in the U.S. and around the world, to stop the incessant flow of wealth to an elitist group of people who are simply building on their existing riches. The increasing rate of their takeaway is the message derived from theCredit Suisse Global Wealth Databook (GWD).
It's already been made clear that the richest Americans have taken almost all the gains in U.S. wealth since the recession. But the unrelenting money grab is a global phenomenon. The GWD confirms just how bad it's getting for the great majority of us.
1. U.S.: Even the Upper Middle Class Is Losing
In just three years, from 2011 to 2014, the bottom half of Americans lost almost half of their share of the nation's wealth, dropping from a 2.5% share to a 1.3% share (detail is here).
Most of the top half lost ground, too. The 36 million upper middle class households just above the median (6th, 7th, and 8th deciles) dropped from a 13.4% share to an 11.9% share. Much of their portion went to the richest one percent.
This is big money. With total U.S. wealth of $84 trillion, the three-year change represents a transfer of wealth of over a trillion dollars from the bottom half of America to the richest 1%, and another trillion dollars from the upper middle class to the 1%.
2. U.S.: In 3 Years, an Average of $5 Million Went To Every Household in the 1%
A closer look at the numbers shows the frightening extremes. The bottom half of America, according to GWD, owned $1.5 trillion in 2011. Now their wealth is down to $1.1 trillion. Much of their wealth is in housing equity, which was depleted by the recession.
The richest Americans, on the other hand, took incomprehensible amounts of wealth from the rest of us, largely by being already rich, and by being heavily invested in the stock market. The following summary is based on GWD figures and reliable estimates of the makeup of the richest one percent, and on the fact that almost all the nation's wealth is in the form of private households and business assets:
- In 3 years the average household in the top 1% (just over a million households) increased its net worth by about $4.5 million.
- In 3 years the average household in the top .1% (just over 100,000 households) increased its net worth by about $18 million.
- In 3 years the average household in the top .01% (12,000 households) increased its net worth by about $180 million.
- In 3 years the average member of the Forbes 400 increased his/her net worth by about $2 billion.
3. World: 1% Wealth Grew from $100 Trillion to $127 Trillion in 3 Years
A stunning 95 percent of the world's population lost a share of its wealth over the past three years. Almost all of the gain went to the world's richest 1%.
Again, the gains seem almost incomprehensible. The world's wealth grew from $224 trillion to $263 trillion in three years. The world's richest 1%, who owned a little under $100 trillion in 2011, now own almost $127 trillion. For every dollar they possessed just three years ago, they now have a dollar and a quarter.
From New York and LA and San Francisco to London and Kenya and Indonesia, the rich are pushing suffering populations out of the way to acquire land and build luxury homes. The "winner-take-all" attitude is breaking down society in the U.S. and around the world.
More Madness
There's a lot more in the GWD, and it doesn't get any prettier. It tells us what unregulated capitalism does to a society.
In an upcoming post, we'll consider what has to be done to end the madness.
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Global inequality, like global warming, is a disease that may be too far along to ever be cured.
We seem helpless, both in the U.S. and around the world, to stop the incessant flow of wealth to an elitist group of people who are simply building on their existing riches. The increasing rate of their takeaway is the message derived from theCredit Suisse Global Wealth Databook (GWD).
It's already been made clear that the richest Americans have taken almost all the gains in U.S. wealth since the recession. But the unrelenting money grab is a global phenomenon. The GWD confirms just how bad it's getting for the great majority of us.
1. U.S.: Even the Upper Middle Class Is Losing
In just three years, from 2011 to 2014, the bottom half of Americans lost almost half of their share of the nation's wealth, dropping from a 2.5% share to a 1.3% share (detail is here).
Most of the top half lost ground, too. The 36 million upper middle class households just above the median (6th, 7th, and 8th deciles) dropped from a 13.4% share to an 11.9% share. Much of their portion went to the richest one percent.
This is big money. With total U.S. wealth of $84 trillion, the three-year change represents a transfer of wealth of over a trillion dollars from the bottom half of America to the richest 1%, and another trillion dollars from the upper middle class to the 1%.
2. U.S.: In 3 Years, an Average of $5 Million Went To Every Household in the 1%
A closer look at the numbers shows the frightening extremes. The bottom half of America, according to GWD, owned $1.5 trillion in 2011. Now their wealth is down to $1.1 trillion. Much of their wealth is in housing equity, which was depleted by the recession.
The richest Americans, on the other hand, took incomprehensible amounts of wealth from the rest of us, largely by being already rich, and by being heavily invested in the stock market. The following summary is based on GWD figures and reliable estimates of the makeup of the richest one percent, and on the fact that almost all the nation's wealth is in the form of private households and business assets:
- In 3 years the average household in the top 1% (just over a million households) increased its net worth by about $4.5 million.
- In 3 years the average household in the top .1% (just over 100,000 households) increased its net worth by about $18 million.
- In 3 years the average household in the top .01% (12,000 households) increased its net worth by about $180 million.
- In 3 years the average member of the Forbes 400 increased his/her net worth by about $2 billion.
3. World: 1% Wealth Grew from $100 Trillion to $127 Trillion in 3 Years
A stunning 95 percent of the world's population lost a share of its wealth over the past three years. Almost all of the gain went to the world's richest 1%.
Again, the gains seem almost incomprehensible. The world's wealth grew from $224 trillion to $263 trillion in three years. The world's richest 1%, who owned a little under $100 trillion in 2011, now own almost $127 trillion. For every dollar they possessed just three years ago, they now have a dollar and a quarter.
From New York and LA and San Francisco to London and Kenya and Indonesia, the rich are pushing suffering populations out of the way to acquire land and build luxury homes. The "winner-take-all" attitude is breaking down society in the U.S. and around the world.
More Madness
There's a lot more in the GWD, and it doesn't get any prettier. It tells us what unregulated capitalism does to a society.
In an upcoming post, we'll consider what has to be done to end the madness.
Global inequality, like global warming, is a disease that may be too far along to ever be cured.
We seem helpless, both in the U.S. and around the world, to stop the incessant flow of wealth to an elitist group of people who are simply building on their existing riches. The increasing rate of their takeaway is the message derived from theCredit Suisse Global Wealth Databook (GWD).
It's already been made clear that the richest Americans have taken almost all the gains in U.S. wealth since the recession. But the unrelenting money grab is a global phenomenon. The GWD confirms just how bad it's getting for the great majority of us.
1. U.S.: Even the Upper Middle Class Is Losing
In just three years, from 2011 to 2014, the bottom half of Americans lost almost half of their share of the nation's wealth, dropping from a 2.5% share to a 1.3% share (detail is here).
Most of the top half lost ground, too. The 36 million upper middle class households just above the median (6th, 7th, and 8th deciles) dropped from a 13.4% share to an 11.9% share. Much of their portion went to the richest one percent.
This is big money. With total U.S. wealth of $84 trillion, the three-year change represents a transfer of wealth of over a trillion dollars from the bottom half of America to the richest 1%, and another trillion dollars from the upper middle class to the 1%.
2. U.S.: In 3 Years, an Average of $5 Million Went To Every Household in the 1%
A closer look at the numbers shows the frightening extremes. The bottom half of America, according to GWD, owned $1.5 trillion in 2011. Now their wealth is down to $1.1 trillion. Much of their wealth is in housing equity, which was depleted by the recession.
The richest Americans, on the other hand, took incomprehensible amounts of wealth from the rest of us, largely by being already rich, and by being heavily invested in the stock market. The following summary is based on GWD figures and reliable estimates of the makeup of the richest one percent, and on the fact that almost all the nation's wealth is in the form of private households and business assets:
- In 3 years the average household in the top 1% (just over a million households) increased its net worth by about $4.5 million.
- In 3 years the average household in the top .1% (just over 100,000 households) increased its net worth by about $18 million.
- In 3 years the average household in the top .01% (12,000 households) increased its net worth by about $180 million.
- In 3 years the average member of the Forbes 400 increased his/her net worth by about $2 billion.
3. World: 1% Wealth Grew from $100 Trillion to $127 Trillion in 3 Years
A stunning 95 percent of the world's population lost a share of its wealth over the past three years. Almost all of the gain went to the world's richest 1%.
Again, the gains seem almost incomprehensible. The world's wealth grew from $224 trillion to $263 trillion in three years. The world's richest 1%, who owned a little under $100 trillion in 2011, now own almost $127 trillion. For every dollar they possessed just three years ago, they now have a dollar and a quarter.
From New York and LA and San Francisco to London and Kenya and Indonesia, the rich are pushing suffering populations out of the way to acquire land and build luxury homes. The "winner-take-all" attitude is breaking down society in the U.S. and around the world.
More Madness
There's a lot more in the GWD, and it doesn't get any prettier. It tells us what unregulated capitalism does to a society.
In an upcoming post, we'll consider what has to be done to end the madness.