Every year, I bring to the attention of readers of my blog, the results of the latest Credit Suisse Wealth Report. It is produced by economists Anthony Shorrocks (with whom I graduated at university), James Davies and Rodrigo Lluberas. It is the most comprehensive study of global personal wealth and inequality between adults around the world.
Michael Roberts Blog — blogging from a marxist economist
1.2% of adults have 47.8% of the world’s wealth while 53.2% have just 1.1%
Michael Roberts
In any society or civilization, the ultra-rich are parasites on the rest. Eventually the parasites kill their host, or else the host revolts against the parasites. Sometimes the parasites ride the host into a war with another host, leading to the death of one or both hosts.
ReplyDeleteIncidentally the article correctly defines personal wealth as ownership of real estate and financial assets (stocks, bonds and cash) less debt for all the adults in the world. The key is ownership. No matter how large your income, you are a peasant unless you own. Klaus Schwab and his WEF are dedicated to keeping the peasants from owning anything. “You will own nothing and be miserable.”
Ownership was why the thirteen colonies fought a war of independence from Britain. Colonists came to the New World and many of them found that they could gain property and join the ownership class. Britain said no, the Crown owns everything. So the colonists revolted.
Today in the West, everything and everyone ultimately serves the owners, the creditor oligarchs, who have hollowed out the West and sucked it dry, such that Western civilization now verges on collapse.
Incidentally Swiss bank UBS also issued a Global Wealth Report.
ReplyDeleteUBS says that Russians got richer last year even as the Nuland-Blinken-Sullivan war in Ukraine raged on, while the US and Europe lost trillions of dollars.
Russia added $600 billion of total wealth, UBS says.
The number of Russian millionaires rose by about 56,000 to 408,000 in 2022, while the number Russians worth over $50 million jumped by nearly 4,500.
The US lost more wealth than any other country last year, shedding $5.9 trillion, while North America and Europe combined got $10.9 trillion poorer, UBS reported.
There were also 1 million fewer American millionaires by the end of 2022, although the US still accounted for over 50% of the world’s ultra-high-net-worth individuals, the bank said.
Therefore all that Russia and China need to do is bide their time while the West continues to commit suicide.
https://www.businessinsider.com/war-in-ukraine-russia-richer-millionaires-billionaires-uhnw-wealth-ubs-2023-8?op=1
“ The US lost more wealth than any other country last year, shedding $5.9 trillion,”
ReplyDeleteThat was simply the risk free interest rate increases to “fight inflation”….
It’s coming back up this year as earnings are increasing as the Fed has slowed the risk free rate increases
https://www.cnn.com/2023/06/08/economy/household-wealth-net-worth/index.html#:~:text=Americans%27%20wealth%20rises%20by%20%243%20trillion%20but%20remains%20below%20early%202022%20peak&text=Elevated%20by%20a%20strong%20stock,2023%2C%20new%20federal%20data%20shows.
“We’re climbing our way back,” said Kathy Bostjancic, chief economist for Nationwide, an insurance and financial services firm. “If the equity market continues to rally as it is, maybe it won’t be too long before we’re back to the peak.”
This is all a result of Pedocrats US economic policy…