The Richest .01% Are Wealth-Obese
In the United States, where wealth inequality is extreme and getting worse (see analysis here):
— The richest 12,600 households (the .01%) have an average of over $800,000,000 in wealth (mostly financial)
— The poorest 63,000,000 households (the bottom 50%) have an average of about $16,000 in wealth (mostly housing)
Global inequality is similar in the degree of disparity:
— The richest 500,000 adults (the .01%) have an estimated average of $30,000,000 in wealth
— The poorest 2.5 billion adults (the bottom 50%) have an average of about $673 in wealth
Neoliberalism disdains government regulation, and one result has been trumpeted to the ends of the earth by the Panama Papers and Paradise Papers: Despite their immeasurable benefits from society — the financial system, tax law, security forces, computer technology — the world’s richest individuals and corporations are stashing away their gains rather than paying for all their benefits.
If researchers Saez and Zucman are correct (and they usually are), an incredible $14 trillion of global wealth is being hidden in offshore tax havens.
Source: How Inequality Is Killing Off Humanity