Edward Fulbrook — Piketty phenomena – “Riding a Wave of Growth: Global Wealth 2014” (chart)

The Boston Consulting Group (BCG) is a leading player in what is called “the global wealth-management industry” and which in effect is plutonomy’s tactical cavalry in financial markets. BCG have just “released” a report disclosing that in the year 2013 the wealth of the world’s people worth $100 million or more increased 19.7 percent. That compares, they say, to 3.7 percent for the wealth of sub-millionaires. Naturally they are overjoyed at this latest redistribution.

“Wealth” meaning what? Like most people and as also with the symbol “capital”, they use “wealth” to stand for two different things, and also like most people, economists especially, they often lose track of which referent they are trying to talk about. But we can overlook that here because the 19.7 percent and 3.7 percent refer to financial wealth and, with exceptions, that is all plutonomists and their agents really care about.

The report documents how the upward redistribution of wealth to the 0.1 percent and especially to the 0.01 percent is accelerating, in other words, how the plutonomist programme (pre-Piketty it was never reported by mass media) is now restructuring the world at an even faster rate. Here is a taster of how they see the next five years.

Real-World Economics Review Blog
Piketty phenomena – “Riding a Wave of Growth: Global Wealth 2014” (chart)
Edward Fulbrook