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Occupy Oakland General Strike on October 2, 2011. (photo/cc/Brian Sims)
'We are the 99%': But Richest 1% Will Soon Own Two-Thirds Of World's Wealth
Anger over inequality reaches a ‘tipping point’
Apr 07, 2018
More than two-thirds of the world's entire wealth will be owned by the richest 1% of people by 2030, new research warns.
The shocking findings of the new report produced by the UK's House of Commons Library claims that if trends which began after the 2008 financial crisis continue, the 1% will control 64% of world's money in just 12 years' time.
The widening gap between the 1% and everyone else was first highlighted by the Occupy Wall Street movement, which started in 2011 and famously used the slogan: "We are the 99%."
The study claims that the wealth of the richest one percent grows at six percent annually, outstripping the three percent annual growth of everyone else, causing a continual movement of money to the top.
Polling that accompanies the study indicated that the majority of people are unhappy about wealth inequality. Thirty-four percent said that the super-rich would have the most power in 2030, more even than governments (28 percent).
More than four in ten of those polled also said they worried that rising income inequality would lead to corruption or the "super-rich enjoying unfair influence on government policy".
Since 2008, the assets of the top 1% have been growing at twice the rate of the other 99%.
If that rate carries on, the 1% will own about $305 trillion by 2030, up from $139 trillion today.
The Guardian reports:
The research was commissioned by Liam Byrne, the former Labour cabinet minister, as part of a gathering of MPs, academics, business leaders, trade unions and civil society leaders focused on addressing the problem...
The hope is to create pressure for global action when leaders of the G20 group of nations gather for a summit in Buenos Aires in November. Byrne, who organised the first OECD global parliamentary conference on inclusive growth, said he believed global inequality was "now at a tipping point".
"If we don't take steps to rewrite the rules of how our economies work, then we condemn ourselves to a future that remains unequal for good," he said. "That's morally bad, and economically disastrous, risking a new explosion in instability, corruption and poverty."
We are at a crossroads
This country and this world are at a monumental crossroads. US voters 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. If you share our vision, please contribute whatever you can to sustain our work. |
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More than two-thirds of the world's entire wealth will be owned by the richest 1% of people by 2030, new research warns.
The shocking findings of the new report produced by the UK's House of Commons Library claims that if trends which began after the 2008 financial crisis continue, the 1% will control 64% of world's money in just 12 years' time.
The widening gap between the 1% and everyone else was first highlighted by the Occupy Wall Street movement, which started in 2011 and famously used the slogan: "We are the 99%."
The study claims that the wealth of the richest one percent grows at six percent annually, outstripping the three percent annual growth of everyone else, causing a continual movement of money to the top.
Polling that accompanies the study indicated that the majority of people are unhappy about wealth inequality. Thirty-four percent said that the super-rich would have the most power in 2030, more even than governments (28 percent).
More than four in ten of those polled also said they worried that rising income inequality would lead to corruption or the "super-rich enjoying unfair influence on government policy".
Since 2008, the assets of the top 1% have been growing at twice the rate of the other 99%.
If that rate carries on, the 1% will own about $305 trillion by 2030, up from $139 trillion today.
The Guardian reports:
The research was commissioned by Liam Byrne, the former Labour cabinet minister, as part of a gathering of MPs, academics, business leaders, trade unions and civil society leaders focused on addressing the problem...
The hope is to create pressure for global action when leaders of the G20 group of nations gather for a summit in Buenos Aires in November. Byrne, who organised the first OECD global parliamentary conference on inclusive growth, said he believed global inequality was "now at a tipping point".
"If we don't take steps to rewrite the rules of how our economies work, then we condemn ourselves to a future that remains unequal for good," he said. "That's morally bad, and economically disastrous, risking a new explosion in instability, corruption and poverty."
More than two-thirds of the world's entire wealth will be owned by the richest 1% of people by 2030, new research warns.
The shocking findings of the new report produced by the UK's House of Commons Library claims that if trends which began after the 2008 financial crisis continue, the 1% will control 64% of world's money in just 12 years' time.
The widening gap between the 1% and everyone else was first highlighted by the Occupy Wall Street movement, which started in 2011 and famously used the slogan: "We are the 99%."
The study claims that the wealth of the richest one percent grows at six percent annually, outstripping the three percent annual growth of everyone else, causing a continual movement of money to the top.
Polling that accompanies the study indicated that the majority of people are unhappy about wealth inequality. Thirty-four percent said that the super-rich would have the most power in 2030, more even than governments (28 percent).
More than four in ten of those polled also said they worried that rising income inequality would lead to corruption or the "super-rich enjoying unfair influence on government policy".
Since 2008, the assets of the top 1% have been growing at twice the rate of the other 99%.
If that rate carries on, the 1% will own about $305 trillion by 2030, up from $139 trillion today.
The Guardian reports:
The research was commissioned by Liam Byrne, the former Labour cabinet minister, as part of a gathering of MPs, academics, business leaders, trade unions and civil society leaders focused on addressing the problem...
The hope is to create pressure for global action when leaders of the G20 group of nations gather for a summit in Buenos Aires in November. Byrne, who organised the first OECD global parliamentary conference on inclusive growth, said he believed global inequality was "now at a tipping point".
"If we don't take steps to rewrite the rules of how our economies work, then we condemn ourselves to a future that remains unequal for good," he said. "That's morally bad, and economically disastrous, risking a new explosion in instability, corruption and poverty."
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