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Page added on June 1, 2013
Richest 1% control 39% of world’s wealth and growing
The wealthiest 1 percent now control 39 percent of the world’s wealth, and their share is likely to grow in the coming years, according to a new report.
The world’s total private wealth grew 7.8 percent last year to $135 trillion, according to the Boston Consulting Group’s Global Wealth report. The top 1 percent control $52.8 trillion, and those worth $5 million or more control nearly a quarter of the world’s wealth.
That concentration is likely to increase in the coming years as the wealth of the wealthy grows faster than overall global wealth. The number of millionaires in the world surged by 10 percent year, reaching 13.8 million. The study predicts that global wealth will grow around 4.8 percent a year over the next five years—though millionaires will see their wealth grow nearly twice as fast.
Those worth $5 million or more will see their wealth grow 8 percent, while those worth more than $100 million will see their wealth grow 9.2 percent. The $100-million-plus group will see their share of global wealth grow to 6.8 percent in 2017 from the current 5.5 percent.
What’s driving the wealth of the wealthy? It depends on the country. In the developed world—the U.S. and Europe— it’s mainly stocks. And stocks have been on a tear this year in the U.S., which has mainly benefited the top 5 percent, who own 60 percent of all individually held stocks.
In developing markets, the main wealth creator is economic growth and savings. Yet the amount of wealth held in stocks and in offshore wealth (again mainly held by the wealthy) in developing countries is also growing. The amount of wealth held in equities in Asia (excluding Japan) surged by 21.9 percent in 2012.
12 Comments on "Richest 1% control 39% of world’s wealth and growing"
Norm on Sat, 1st Jun 2013 5:02 pm
They only have 39%. But if you help by voting Republican, soon the 1% will have 75% or maybe even more.
Arthur on Sat, 1st Jun 2013 6:48 pm
There have been revolutions for less.
Kenz300 on Sat, 1st Jun 2013 8:30 pm
It is time to vote all RepubliCONS out of office; local, state and federal.
They do not care about you, your family or community.
They only care about the top 1%.
dave thompson on Sat, 1st Jun 2013 8:47 pm
Understand The federal reserve fractional banking system will enlighten
J-Gav on Sat, 1st Jun 2013 9:30 pm
This will only get worse – until it can’t get any worse … then there will be an explosion. How about Tahrir Square in D.C. and on Wall Street?
We live in times of sheer, blatant, in-yer-face obscenity and yes, Dave, the fractional reserve system does indeed have something to do with it.
But for those of you who believe voting Dem vs Repug is going to change anything substantial, think again.
DC on Sat, 1st Jun 2013 9:41 pm
‘Voting the bums out’ is a popular notion-except for one small thing-its completely ineffective. No amount of ‘voting’ for you amerikans will ever fix anything. In fact, thats all amerikans do is vote yes? Constantly in fact-but it does not seem to have had the slightest effect on who really holds power in the US, the Oil-War-Wall-St.-Prison-Industrial Ag cartel.
Better start thinking about dragging those 1% out of there gated communities, limos and Wall St. offices and get some firewood….
BillT on Sun, 2nd Jun 2013 3:42 am
J-Gav, you are correct. They already know who is going to replace O. That is, if they plan to actually have an election in 2016. At this point, I think it is 50:50.
The 1% are going to keep consolidating wealth upward as long as they can. They don’t give a F— about you or the future. Never did and never will. The French knew how to handle it. A tall machine with a thick, heavy blade and a basket to catch the heads. “Let them eat cake!”
Arthur on Sun, 2nd Jun 2013 8:23 am
Umm Kenz, last time I checked your precious Dems are already in office for five years, to no detrimental effect for the 1%. In fact the Obama government has been the greatest supporter of the Wallstreet crooks in history, considering the gigantic bailouts of 2008.
And do not worry, your Dems will be in power for ever as a consequence of shifting demography… until the two-party system blows up. The Reps will never win again, unless they start to represent the interests or ordinary white folk, rather than of the 1%. But if they do, the US will be blown up, just like Yugoslavia. But there is another US gravedigger waiting in the wings: the populist Jesse Ventura, who knows that 9/11 was an inside job. Imagine him in power! Under normal circumstances the 1%, who control both parties, will be able to block outsiders like Paul or Ventura. But what if the situation in the US deteriorates dramatically in the next years?
All four major political blocks US, EU, Russia and China are on shaky ground, but the US has the largest potential for big changes and instability.
BillT on Sun, 2nd Jun 2013 12:47 pm
Arthur, what happens in the US will also be happening in the rest of the West. The US Fed is keeping the European banks solvent, or at least allowing them to seen solvent. Well over a trillion dollars have crossed the ocean in the last few years to prop up insolvent EU banks.
Ricardo on Sun, 2nd Jun 2013 1:41 pm
so what if they are rich? the worked for it, good for them. French revolution was only caused by filthy masons in europe.
Arthur on Sun, 2nd Jun 2013 2:37 pm
You mean this trillion?
http://www.texemarrs.com/022012/fed_rips_off_america.htm
Yeah, but why were these European banks almost insolvent in the first place? Could it have something to do with all these ‘subprime loans’ (read: American affirmative action junk mortages)?
Read the wikipedia article “Subprime mortgage crisis” to learn that all the problems originated from the US… in the trillions.
And the next round of problems will originate from the US again, as the federal government simply refuses to face the situation and do something about it. Like giving up on it’s empire, 800 foreign military bases and military-industrial complex. Why does the US, halfway a third world country, needs to spend as much on ‘defense’ as the rest of the world combined, if it cannot afford it?
Foreign bases, empires are soo 19-20th century. The USSR went home, the US is about to go home, hopefully without WW3. But the problem is that once the US population has to face the fact that the glory of world empire is over, c.q. will never be materialize, than the Euro’s will wake up in a country they will not particularly like, and certainly not the prospect of ever changing demographics… in their disadvantage. And guess what will happen then. Washington is stuck. Their reluctance to intervene in Syria reveals that they don’t believe that their NWO pet project has any chance of succeeding. US intervention would make it very vulnerable militarily and financially. The Russians and Chinese would not directly intervene, but they would very actively support the insurgents and keep the US busy for years until the famous 40,000 casualties are reached and the public will protest.
DC on Sun, 2nd Jun 2013 6:09 pm
The amerikan empire wages war on friend and foe alike-and its own citizens as well. The US war against the EU continues unabated. Even if the empires attention is focused on China and the ME atm. If the uS ‘sent’ a trillion fiat bucks to the EU, it was with deep strings attached. If not for GM Sachs and other corrupt US banks sent to Europe with the full support of US printing presses in order to destabilize them economically, the ‘crisis’ in the EU would have been not so bad as it is now. A lot of the EUs current problems stem *from* the US. Amerikans and their banks\loans ARE the problem-not the solution. The US is not out to ‘fix’ anyone’s problems-especially the EU.
Besides, that leads one to ask, if the US itself if technically insolvent,(and it is) how can the insolvent US prop up the insolvent EU?