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Top 1% Own 39% Of All Global Wealth: Hoarding Soars As We Hurtle Toward Economic Oblivion
TEC ^ | 06/01/2013 | Michael Snyder

Posted on 06/02/2013 6:40:41 AM PDT by SeekAndFind

According to a study that was just released by Boston Consulting Group, the wealthiest one percent now own 39 percent of all the wealth in the world. Meanwhile, the bottom 50 percent only own 1 percent of all the wealth in the world combined. The global financial system has been designed to funnel wealth to the very top, and the gap between the wealthy and the poor continues to expand at a frightening pace. The global elite continue to hoard wealth and heap together enormous mountains of treasure in these troubled days even though the economic suffering around the planet continues to grow.

So exactly how have the global elite accumulated so much wealth? Well, one of the primary ways is through the use of debt. As I have written about previously, there is about 190 trillion dollars of debt in the world but global GDP is only about 70 trillion dollars. Our debt-based global financial system systematically transfers wealth from us and our governments into the hands of the global elite. And of course the gigantic banks and corporations that the elite control are constantly gobbling up everything of value that they can find: natural resources, profitable small businesses, real estate, politicians, etc. Money, power, ownership and control are becoming very, very tightly concentrated at the top of the food chain, and that is a very dangerous thing for humanity. When too much money and power gets into too few hands, it almost always results in tyranny.

What will eventually happen when the global elite have ALL the wealth?

Will the rest of us work as serfs in a system that they have iron-fisted control over?

And what if they decide that they don't really need billions of people working for them? Will they decide to implement population control measures in order to reduce the number of "useless eaters"? It is already happening in China and other highly centralized societies.

When all of the economic rewards of a society go to a very small handful of people, it tends to be very destabilizing. We have seen this again and again throughout history.

When people have everything taken away from them and they have nothing left to lose, they tend to become very desperate. And right now we are rapidly hurtling toward a time of great global instability. Anger and frustration are growing all over the globe, and the rate at which the gap between the wealthy and the poor is widening seems to be accelerating. Just check out these numbers...

-The wealthiest 1 percent of the global population now owns 39 percent of all the wealth on the planet.

-According to a report that was released last summer, the global elite have up to 32 TRILLION dollars stashed in offshore banks around the planet.

-According to a study conducted by Credit Suisse, the bottom two-thirds of the global population owns just 3.3% of all the wealth.

-A study by the World Institute for Development Economics Research discovered that the bottom half of the world population owns approximately 1 percent of all global wealth.

-It is estimated that the entire continent of Africa only owns approximately 1 percent of the total wealth of the world.

-Approximately 1 billion people throughout the world go to bed hungry each night.

-If you can believe it, more than 3 billion people currently live on less than 2 dollar a day.

In the world that we live in, money equals power. And the more money that the top one percent accumulate, the more power they will accumulate as well.

So exactly who are the top one percent? I discussed this at length in my previous article entitled "Who Runs The World? Solid Proof That A Core Group Of Wealthy Elitists Is Pulling The Strings". The global elite are absolutely obsessed with power and control and they have been working to implement their agenda for a very long time. In the end, they hope to unite the entire planet under a monolithic global system that they control. They are actually quite open about this - it is just that most people do not want to believe it.

The gap between the wealthy and the poor is rapidly growing in the United States as well. Sadly, this means that the middle class is steadily disappearing as the ranks of those that are living in poverty continues to increase.

But of course not everyone is doing badly in the U.S. right now. In fact, those that own stocks have had lots of reasons to celebrate in recent months.

So who owns stocks?

Well, the wealthy do of course. In fact, approximately 60 percent of all individually held stocks are owned by the top 5 percent of all Americans.

During the last recession, Americans lost 16 trillion dollars of wealth. Since then, about 45 percent of that wealth has been "recovered", but the vast majority of that "recovery" has been due to rising stock prices. The following comes from a recent Washington Post article...

From the peak of the boom to the bottom of the bust, households watched a total of $16 trillion in wealth disappear amid sinking stock prices and the rubble of the real estate market. Since then, Americans have only been able to recapture 45 percent of that amount on average, after adjusting for inflation and population growth, according to the report from the St. Louis Fed released Thursday.

In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker.

“A conclusion that the financial damage of the crisis and recession largely has been repaired is not justified,” the report stated.

Once upon a time, the United States had the largest and most thriving middle class in the history of the world. That was a great thing. But now the middle class is being destroyed and government dependence has surged to an all-time high.

The following are some of the incredible statistics that show how wide the gap between the wealthy and the poor in America is becoming...

-The wealthiest 1 percent of all Americans now own more than a third of all the wealth in the United States.

-In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.

-According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

-The six heirs of Wal-Mart founder Sam Walton have as much wealth as the bottom one-third of all Americans combined.

-On average, households in the top 7 percent have 24 times as much wealth as households in the bottom 93 percent.

-Between 2009 and 2011, the wealth of the bottom 93 percent of all Americans declined by 4 percent, while the wealth of the top 7 percent of all Americans increased by 28 percent.

-The poorest 50 percent of all Americans collectively own just 2.5% of all the wealth in the United States.

-The top 0.01% of all Americans make an average of $27,342,212. The bottom 90% make an average of $31,244.

For much more on how poverty is rising and the middle class is being destroyed, please see my recent article entitled "22 Facts That Prove That The Bottom 90 Percent Of America Is Systematically Getting Poorer".

Obviously we have a huge problem here.

With each passing day, poverty is rising and more people are becoming dependent on the government.

So what is the solution to this mess?


TOPICS: Business/Economy; Society
KEYWORDS: globalwealth; wealth
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1 posted on 06/02/2013 6:40:41 AM PDT by SeekAndFind
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To: SeekAndFind

CAUTION: Go to the linked site only if you want to see more advertisements at one website than you’ve likely ever seen before. I know, now curiosity will drive you there.


2 posted on 06/02/2013 6:45:05 AM PDT by House Atreides
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To: SeekAndFind
So what is the solution to this mess?

Well, here's the tried and true, used in Russia, China, Cambodia, all over Eastern Europe: "Kill or imprison the producers, confiscate their machinery and lands, subvert their institutions of learning."

It's worked before, hasn't it?

3 posted on 06/02/2013 6:46:44 AM PDT by John Valentine (Deep in the Heart of Texas)
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To: SeekAndFind
Back in the 1980s, the company I worked for hired Boston Consulting. Their analysis was very accurate regarding an acquisition we wanted to make.
We ignored their advice...
4 posted on 06/02/2013 6:47:31 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: SeekAndFind
The word "NOW" in this article is purposefully misleading, as if this is some kind of unprecedented level. It's not:

And that's only since the 1920s. Take note that during the Clinton administration and the internet boom, the percentage was very close to 39%.

Records were less accurate prior to 1920, but it's estimated that prior the gap was much, much wider.

5 posted on 06/02/2013 6:48:13 AM PDT by bolobaby
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To: SeekAndFind

and if you are stupid enough to believe that governments are benevolent charities, to be trusted to “redistribute the “wealth”, you deserve the COMMUNIST DICTATORSHIP you have endorsed.

Just remember, if you are receiving $30,000 in income and benefits here in America, you are making more than TWICE as much as the average Chinese.

The same is true for the average person living in Africa, South and Central America,


6 posted on 06/02/2013 6:48:40 AM PDT by G Larry (Let his days be few; and let another take his office. Psalms 109:8)
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To: SeekAndFind

Where is the socialist propaganda, statistics manipulation alert on this article? This article is pure garbage ,socialist propaganda, statistics manipulation.


7 posted on 06/02/2013 6:51:48 AM PDT by Democrat_media (IRS rigged election for Obama and democrats by shutting down tea party)
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To: bolobaby; SeekAndFind

Hrm - what happened to my graph...


8 posted on 06/02/2013 6:51:53 AM PDT by bolobaby
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To: G Larry; John Valentine

If any redistribution is to be done, it’ll be managed by the 1%. And if any wealth is to be redistributed, it’ll be the wealth of those just beneath the 1%.

A rising tide might lift all boats. But the fellow with a 60-ft yacht wants you scrubbing and polishing it for him, not buying your own.


9 posted on 06/02/2013 6:56:17 AM PDT by LearsFool ("Thou shouldst not have been old, till thou hadst been wise.")
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To: SeekAndFind
As a practical matter nation states, most of which are under the direct control of their wealthy elites, use the income tax to make sure there are no competitors who are going to rise up from the ranks of the poor and middle-classes.

That's why so much of the class warfare discussion takes place within the context of relative rates of taxation ~ and only rarely in terms of relative rates of ownership!

10 posted on 06/02/2013 6:57:05 AM PDT by muawiyah
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To: SeekAndFind
The global financial system has been designed to funnel wealth to the very top, and the gap between the wealthy and the poor continues to expand at a frightening pace.

Can someone show me where this "design" exists? Surely if the global financial system was designed to be this way there'd be a blueprint for it somewhere right?

There'd also be an implementation plan and operational support for such a system, and as such no way the "design" could ever be kept secret. Surely someone in Operational Support would've leaked the design by now!

The global elite continue to hoard wealth and heap together enormous mountains of treasure in these troubled days even though the economic suffering around the planet continues to grow.

Are the wealthy under some sort of mandate or obligation to share the wealth they've accumulated? It appears according to the author they are. Frankly, that kind of thinking scares me.

11 posted on 06/02/2013 6:59:24 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: usconservative

The web is filled with explanations of the Illuminati conspiracy!


12 posted on 06/02/2013 7:01:39 AM PDT by jjotto ("Ya could look it up!")
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To: SeekAndFind
"-The wealthiest 1 percent of the global population now owns 39 percent of all the wealth on the planet."

Then it's in good hands.

13 posted on 06/02/2013 7:01:46 AM PDT by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: G Larry
if you are stupid enough to believe that governments are benevolent charities, to be trusted to “redistribute the “wealth”, you deserve the COMMUNIST DICTATORSHIP you have endorsed.

WINNER WINNER CHICKEN DINNER!! Unfortunately, "they" vote and "they" outnumber us now. When they come to confiscate your wealth and property - be prepared. Just sayin'....

14 posted on 06/02/2013 7:01:53 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: jjotto

Yes it is, color me surprised that posts like this are allowed on FR anymore. How many times does this crap have to be debunked?!


15 posted on 06/02/2013 7:03:08 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: SeekAndFind

Yet, somehow, most of these 39% support democrats.


16 posted on 06/02/2013 7:04:57 AM PDT by boycott (CAL)
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To: SeekAndFind
This is one of the most bogus statistics ever invented---not just this 1% own 39%, but ANY statistic you see with "x" percent of Americans control "y" percent of wealth.

This is never AGE ADJUSTED. And I have yet to see real economists point this out.

Who has more wealth? A 50 year old or a 20 year old? The answer is obvious. People acquire wealth all the way until they retire, when they start using it up. Yet such bogus statistics ALWAYS include all people in the same pool.

The relevant statistic is, "What % of all wealth owned by 50-year-olds in the world is 'controlled' by the top 1%?" I bet the number is closer to 10.

17 posted on 06/02/2013 7:06:57 AM PDT by LS ('Castles made of sand, fall in the sea . . . eventually.' Hendrix)
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To: LearsFool
That certainly wasn't Henry Ford's philosophy. He (and Carnegie) deliberately paid employees high wages---Ford specifically so that they could indeed own their own yachts, or, in Ford's case, their own cars.

It is the basic truth of Say's Law, that supply creates its own demand. Always works.

18 posted on 06/02/2013 7:08:50 AM PDT by LS ('Castles made of sand, fall in the sea . . . eventually.' Hendrix)
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To: usconservative

Yes, please see my comment below yours on why, statistically, this is a horribly flawed premise.


19 posted on 06/02/2013 7:09:33 AM PDT by LS ('Castles made of sand, fall in the sea . . . eventually.' Hendrix)
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To: SeekAndFind

Too bad the wealthy didn’t own more and were valued rather than reviled.

Pray for America to Wake Up


20 posted on 06/02/2013 7:10:45 AM PDT by bray (Stop tolerating beheading!)
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To: usconservative

This kind of stuff does have a low tolerance, because if there isn’t the whole site gets taken over by conspiracy theories and Jew-hate.

More puzzling is the tolerance for supporters of pro-homo pro-abortion Romney, even after he’s proven a failed candidate. Rove’s disciples are allowed free rein to insult and dispirit conservatives in preparation for the next GOPe liberal candidate.


21 posted on 06/02/2013 7:16:16 AM PDT by jjotto ("Ya could look it up!")
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To: muawiyah

An excellent reason to move from an income based tax to a consumption based tax.


22 posted on 06/02/2013 7:20:30 AM PDT by 03A3 (The reset is gonna be epic.)
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To: G Larry; SeekAndFind
if you are stupid enough to believe that governments are benevolent charities, to be trusted to “redistribute the “wealth”

The government is already redistributing the wealth: to the banksters.

23 posted on 06/02/2013 7:26:16 AM PDT by Age of Reason
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To: SeekAndFind
>>>> What will eventually happen when the global elite have ALL the wealth?

Will the rest of us work as serfs in a system that they have iron-fisted control over? <<<<

I seemed to remember one particular bloody period in history when the elite owns pretty much everything and the rest as serfs.

Yeah, I am talking about the French Revolution, that worked out pretty well for the peasants to prosper in equality, no? ////

Other periods in human history also showed similar pattern to equally redistribute ‘wealth’, so why don't we have ‘it’ (anarchy) more often, then?

24 posted on 06/02/2013 7:26:35 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: SeekAndFind

And most of that top 1% is probably liberals like Gates or a bunch of oil rich muzzies.


25 posted on 06/02/2013 7:28:23 AM PDT by RetiredArmy (1 Cor 15: 50-54 & 1 Thess 4: 13-17. That about covers it.)
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To: SeekAndFind
Yeah - but the bottom fifty percent spend every penny they can get their hands on - usually our recycled tax dollars.

The fact that they can't make good decisions shouldn't be my problem.

26 posted on 06/02/2013 7:29:09 AM PDT by ladyjane (For the first time in my life I am not proud of my country.)
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To: SeekAndFind

Sounds like an Obama tax speech.


27 posted on 06/02/2013 7:31:14 AM PDT by Vaduz
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To: SeekAndFind
it's a false dichotomy... it is not a zero sum game, they print more money each and every single day, and it's up to YOU as to how much or how little of it you get and how you spend it

the fact that somebody has 1000 times more money than i do has no bearing on how much i make or my life style.

28 posted on 06/02/2013 7:34:06 AM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
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To: SeekAndFind

A disparity between the wealthy and the poor has two causes.

One is the “Old Europe disease”, in which the wealthy and powerful go to great lengths to not just enrich themselves, but to keep everyone else poor. Carlos Slim in Mexico, for example, has likely never enriched anyone outside of his family and peers.

Bill Gates, however, not afflicted with this disease, has created several multi-billionaires, a bunch of billionaires, hundreds of multimillionaires, and thousands of millionaires. No skin off his nose.

The other cause of wealth disparity is government.

*Not* because government hasn’t redistributed the wealth of the wealthy, but because government hasn’t used taxation properly, to give a profit motivation for the wealthy to invest in research and development and new businesses; while having punitive taxes on investments that are more like gambling; and both these policies stabilizing the economy so much that the wealthy *want* to invest, rather than hoard.

Government should not care if the wealthy get wealthier, as long as the rest of society increases its wealth at the same time. Since government cannot increase the wealth of society directly, they need to encourage the wealthy to do so.


29 posted on 06/02/2013 7:34:34 AM PDT by yefragetuwrabrumuy (Best WoT news at rantburg.com)
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To: House Atreides
CAUTION: Go to the linked site only if you want to see more advertisements at one website than you’ve likely ever seen before. I know, now curiosity will drive you there.

He's no dummy. He wants more wealth ;-)

30 posted on 06/02/2013 7:40:24 AM PDT by VeniVidiVici (Obama's Enemies List - Yes, you are a crook.)
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To: Chode
the fact that somebody has 1000 times more money than i do has no bearing on how much i make or my life style.

The fact that their tax rate is 15% or less and mine is 33% has quite a bit to do with my lifestyle, not to mention the inequity.

31 posted on 06/02/2013 7:40:48 AM PDT by 03A3 (The reset is gonna be epic.)
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To: 03A3

Actually, a simple property tax would serve the purpose of running the government. As we continue to improve our productivity we need to seriously consider an EXPORT TAX so the foreigners get to pay our taxes.


32 posted on 06/02/2013 7:43:39 AM PDT by muawiyah
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To: ladyjane

And the bottom 50%, surprise, surprise, still don’t spend as much as you do.


33 posted on 06/02/2013 7:45:45 AM PDT by muawiyah
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To: SeekAndFind

There seems to be some dreamy goal of equalizing income as a good thing. I note that skiing on flat ground is not much fun. An economy without rich people goes nowhere.


34 posted on 06/02/2013 7:46:01 AM PDT by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: Sir Napsalot
The French Revolution occurred during a period of massive social change and incredible growth in the economy.

Even the king was in favor of democratic reforms.

Not everyone agreed!

35 posted on 06/02/2013 7:46:56 AM PDT by muawiyah
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To: 03A3
that is a whole different argument, taxation was never mentioned in the article... only about who owns what, not how much the tax rate is, which should be a flat tax across the board
36 posted on 06/02/2013 7:47:32 AM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
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To: John Valentine
Well, here's the tried and true, used in Russia, China, Cambodia, all over Eastern Europe: "Kill or imprison the producers, confiscate their machinery and lands, subvert their institutions of learning."

And the results were horrible: between 1917 and 1989, I wouldn't be surprised that the death toll from labor camps, forced exile, deliberately-induced famine and outright mass executions in the countries you mentioned to get rid of the so-called Bourgeoisie class may approach 200 MILLION.

37 posted on 06/02/2013 7:50:21 AM PDT by RayChuang88 (FairTax: America's economic cure)
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To: Chode
that is a whole different argument, taxation was never mentioned in the article... only about who owns what, not how much the tax rate is, which should be a flat tax across the board

It has everything to do with it. The ultra elite pay no income tax because they don't have jobs. Rather they pay capital gains which until recently was 15%. I am not arguing in favor or increasing capital gains but rather going to a consumption type tax. A silly flat tax is based upon......income.

38 posted on 06/02/2013 7:52:35 AM PDT by 03A3 (The reset is gonna be epic.)
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To: SeekAndFind

Articles like this make it sound like wealth is a finite thing or number, and of course, the super-rich have the lion’s share. The fact is most average people are a lot wealthier than they were 40-50 years ago. I grew up with seven siblings in a lower-middle class family. We would have been considered poor today. Now I have two or three siblings with total wealth over one million. And my wife and I are doing quite well, thank you. However, if the trend towards quasi-commies like Obama continues, total wealth will decline. Socialism will eventually kill all healthy economies.


39 posted on 06/02/2013 7:52:56 AM PDT by driftless2
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To: LS

Oh, Mr. Ford doesn’t mind if you row your little dinghy to your daily job scrubbing and polishing his yacht. Especially if he paid for his yacht by selling dinghies!

The more dinghies he sells - which are made not by him but by your neighbors, who row them every day to work in his dinghy factory - the bigger yacht he can buy for you to scrub and polish.

But as soon as everybody owns a yacht, who’s going to want to scrub and polish Mr. Ford’s? Or work in his dinghy factory?

Mass production is not a bad thing. But Ford, Morgan, et al used it to destroy the independent livelihood and get us all working in the dinghy factories so they could live off our labor - much the same way the banksters got us in debt so they can live off the interest we pay, and thereby give capitalism a bad name.

(Ever notice how “economic health” indicators are things like housing starts, durable goods purchases, etc? - things that consumers pay interest on.)


40 posted on 06/02/2013 7:55:10 AM PDT by LearsFool ("Thou shouldst not have been old, till thou hadst been wise.")
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To: 03A3
like i said, the article made no mention of taxation thus my reply...

i have no problem with a consumption tax since that way you would get all the black market criminals paying into the system that as of now pay nothing either, get some of that EBT money back as well

41 posted on 06/02/2013 7:59:13 AM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
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To: LearsFool
"destroy the independent livelihood"

False conclusion. Mass production was inevitable. Ford didn't care about destroying independent livelihoods. He simply needed people to build his cars. And obviously not everyone worked in the "dinghy factories." How else would you suggest we could have gone about making cars or other "dinghies"? I would argue mass production and the resultant huge amounts of wealth created allowed for more people to establish their own independent livelihoods.

42 posted on 06/02/2013 8:03:12 AM PDT by driftless2
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To: driftless2; chrisser
Articles like this make it sound like wealth is a finite thing or number

I highly recommend this vanity post by chrisser. It took several readings before this point sank in: Wealth is not finite, but it DOES have a relative aspect. And it's that aspect that translates into power.

I have no desire for the wealth of the 1%. But I do have an interest in being free from the power they wield as a result of their wealth - as I suspect you do.
43 posted on 06/02/2013 8:04:08 AM PDT by LearsFool ("Thou shouldst not have been old, till thou hadst been wise.")
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To: muawiyah

Muawiyah - surprise, surprise - you have no idea how much I spend or don’t spend.


44 posted on 06/02/2013 8:06:02 AM PDT by ladyjane (For the first time in my life I am not proud of my country.)
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To: SeekAndFind
So what is the solution to this mess?

COMMUNISM

We'll do it right this time. Trust us.

45 posted on 06/02/2013 8:06:59 AM PDT by ProtectOurFreedom
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To: usconservative

It is a good thing that these articles are posted on FR so we know this kind of thinking exists, who publishes it, and who the authors are. Know thine enemy. This sounds like a manifesto written by the “Blockupy” nuts in Frankfurt or their brethren in the US.


46 posted on 06/02/2013 8:11:00 AM PDT by ProtectOurFreedom
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To: Chode

Seems like a 23% consumption tax immediately makes everything that is used but still in good condition worth another 23%? I think a consumption tax likely increases items being sold on the black market (outside of the system). Yet... I still prefer a consumption tax to what we have now. Maybe not 23% though.


47 posted on 06/02/2013 8:12:21 AM PDT by kjam22 (my newest music video:http://www.youtube.com/watch?v=l7gNI9bWO3s)
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To: LearsFool

You’re right. We’d all be much wealthier and living happier lives with more consumer goods if everything we bought were made by individual artisans and we didn’t have interchangeable parts and those horrible assembly lines. How foolish of humans to reorder their economic systems and lives for higher productivity and reduced costs.


48 posted on 06/02/2013 8:15:50 AM PDT by ProtectOurFreedom
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To: Chode

When the article mentions a rapidly disappearing middle class and people having things taken from them I assume taxation.


49 posted on 06/02/2013 8:15:51 AM PDT by 03A3 (The reset is gonna be epic.)
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To: LearsFool

And the power they have over me is what?


50 posted on 06/02/2013 8:19:09 AM PDT by driftless2
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