Back in November, Credit Suisse highlighted an alarming – yet altogether unsurprising – milestone in the increasing concentration of global wealth that has been perhaps the most influential force behind the populist revolts that rocked the US in 2016 and have continued to unfurl across Europe. According to the Swiss bank’s annual “global wealth pyramid,” for the first time, the wealthiest 1% of the world’s population had accumulated more than half of its aggregate household wealth.
Credit Suisse’s researchers describe in stark terms how global wealth inequality had actually improved somewhat in the years between the start of the new millennium and the financial crisis – but in the years after, the gap between the world’s richest and poorest individuals widened dramatically, one of the most pernicious aspects of the Fed and the global cabal of central banks pumping easy money into the global financial system.
The researchers said that “our calculations show that the top 1% of global wealth holders started the millennium with 45.5% of all household wealth. This share was about the same until 2006, then fell to 42.5% two years later. The downward trend reversed after 2008 and the share of the top one percent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter. According to our latest estimates, the top one percent own 50.1 percent of all household wealth in the world.”
But while CS’s report was unequivocally dire, a recent report published by the UK Parliament is even more harrowing.
According to the Guardian, projections produced by the House of Commons library suggest that the top 1% of the world’s wealthiest individuals will own roughly 64% of the planet’s wealth by 2030.
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