Top 10% of the population own 89% of the wealth.

Kommunist

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https://thenextrecession.wordpress.com/2016/11/24/top-1-of-adults-own-51-of-the-worlds-wealth-top-10-own-89-and-bottom-50-own-only-1/
The top 1% of the adult wealth holders in the world own 51% of all global wealth, while the bottom half of adults own only 1%. Indeed, the top 10% of adults own 89% of all the world’s wealth! This is the new figure reached for 2016 by the annual Credit Suisse global wealth report. Every year, Credit Suisse presents this report, authored by Professor Tony Shorrocks, James Davies and Rodrigo Lluberas, who used to do it for the UN. I report on the results each year and it is usually the one of the most popular posts I write.

The last time that I discussed the Credit Suisse results, the top 1% had 48% of global wealth. So, in the last year and a half, global inequality on this measure has risen yet again. The shares of the top 1% and top 10% in world wealth fell between 2000 and 2007: for instance, the share of the top percentile declined from 50% to 46%. However, the trend reversed after the financial crisis and the top shares have returned to the levels observed at the start of the century.

The Credit Suisse researchers reckon these changes mainly reflect the relative importance of financial assets in the household portfolio, which have risen in value since 2008, pushing up the wealth of many of the richest countries, and of many of the richest people, around the world. Although the share of financial assets fell this year, the shares of the top wealth groups continued to edge upwards. At the other end of the global pyramid of wealth, the bottom half of adults collectively own less than 1% of total wealth.




In the Irish context, who are the wealthy ones here?

Number of Irish millionaires hits 90,000 as property prices surge

Times of austerity show that those with capital accumulate further capital, largely on the backs of other people.

Further information:

http://www.thejournal.ie/wealth-divide-rte-david-mcwilliams-2339907-Sep2015/



The income of those who make money exclusively from shares and assets, though, has gone up by 500% since 2008.

American corporations based here make $970,000 profit per employee every year, according to the US Bureau of Economic Analysis, but they only pay $25,000 tax per employee on these profits.
If they were to pay only twice as much tax per employee, McWilliams points out, they’d still be making over $900,000 dollars profit a year.


The consensus from a Red C poll of 1,000 people commissioned for the documentary was that Ireland’s richest 20% had 60% of the country’s wealth and that the poorest 20% have 11%.
The reality? The most affluent 20% in Ireland actually own 73% of the country’s wealth and the poorest 20% own just 0.2%. As for the top 5%, their combined wealth is nearly double that of the entire “squeezed middle”.

 
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JJames

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Meritocracy bitch.
 

Kommunist

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Actually most wealth in the world is inherited.
 
O

Oscurito

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Aristocracy bitch.
lmao

I chuckled. Pretty much. The ruling class becomes richer from simply inheriting-owning, while we toil away :)
 

mr_anderson

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That's the great paradox, the least productive are so often the wealthiest.
Not true.

The richest people I know work their asses off.
Inherited wealth kicks in later & later as people live longer.
So in the meantime, they still have to work.
And given the fact they come from privileged backgrounds, they have to work extremely hard to maintain that lifestyle on their own.
Chances are by the time they inherit money, they are themselves close to retirement.

My friend had both parents die last year.
Not much money involved, but his eldest sister is 3 years from retirement.

People no longer have the luxury to wait for their inheritance.
 

Kommunist

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Not true.

The richest people I know work their asses off.
Inherited wealth kicks in later & later as people live longer.
So in the meantime, they still have to work.
And given the fact they come from privileged backgrounds, they have to work extremely hard to maintain that lifestyle on their own.
Chances are by the time they inherit money, they are themselves close to retirement.

My friend had both parents die last year.
Not much money involved, but his eldest sister is 3 years from retirement.

People no longer have the luxury to wait for their inheritance.
Would you consider it easier or more difficult to accumulate wealth/capital if you're from a privileged background or you aren't?

DO you think the student that has to work a part time job for instance has a better chance of performing academically than the student who does not?

There's also the added mix that house prices are at a level unseen before and my generation (people born in the 1990s) are significantly later than the previous one in purchasing their own homes. Obviously this effects those from a privileged background less.
 

sakhee

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DO you think the student that has to work a part time job for instance has a better chance of performing academically than the student who does not?
Probably has a similar chance but may have more incentive to work harder which could increase their chances.
 

Irish-Rationalist

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This has traditionally been the case. Capitalism inherently generates gross inequality, and the top 1-10% have always been in possession of a disportionately large amount of world wealth. That's because wealth distribution within the capitalist system does not in fact "trickle down" as neoliberal's have often trumpeted.

The fact that billionaire Bill Gates has been openly damning of capitalism speaks for itself. It's an inherently unfair socioeconomic system which keeps most wealth in the hands of the owners of the means of production i.e. the capitalist class aka the already wealthy.
 
O

Oscurito

Not true.

The richest people I know work their asses off.
Inherited wealth kicks in later & later as people live longer.
So in the meantime, they still have to work.
And given the fact they come from privileged backgrounds, they have to work extremely hard to maintain that lifestyle on their own.
Chances are by the time they inherit money, they are themselves close to retirement.

My friend had both parents die last year.
Not much money involved, but his eldest sister is 3 years from retirement.

People no longer have the luxury to wait for their inheritance.
It depends on the country. In countries like the UK and France, wealth tends to be old, often very old.

In Ireland, in the decades after the expulsion of the British, the Anglo-Irish aristocracy gradually lost power and a new upper class took pre-eminence. That new upper class is still consolidating its position but the same model will emerge - especially in a small country where so much of the empowered elite comes from the fee-paying schools of Dublin, Cork and Limerick.
 

patslatt

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https://thenextrecession.wordpress.com/2016/11/24/top-1-of-adults-own-51-of-the-worlds-wealth-top-10-own-89-and-bottom-50-own-only-1/






In the Irish context, who are the wealthy ones here?

Number of Irish millionaires hits 90,000 as property prices surge

Times of austerity show that those with capital accumulate further capital, largely on the backs of other people.
ODDS OF BECOMING SERIOUSLY RICH
A minority always have owned most wealth since the beginning of property rights! To succeed in business requires a highish IQ which maybe a quarter of the population have, plus a lot of discipline which maybe half have, plus the determination to have riches which maybe a quarter have. The combination of these probabilities is 1/4 x 1/2 x 1/4 = 1/32. So one person in 32 or 3% of the population will likely become seriously rich.
 
O

Oscurito

ODDS OF BECOMING SERIOUSLY RICH
A minority always have owned most wealth since the beginning of property rights! To succeed in business requires a highish IQ which maybe a quarter of the population have, plus a lot of discipline which maybe half have, plus the determination to have riches which maybe a quarter have. The combination of these probabilities is 1/4 x 1/2 x 1/4 = 1/32. So one person in 32 or 3% of the population will likely become seriously rich.
One could have an IQ of 60 and spend one's day getting as p_ssed as a newt while one rogers the chambermaid.

And still inherit Daddy's wealth.

 

irish_bob

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i cant think of any wealthy person i know who isnt extremely bright , hard working and capable

not everyone can be very bright but the very wealthy are rarely ever stupid
 

Dame_Enda

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Inequality was also a major factor in the Brexit and Trump results, despite Farage and Trump's wealth. People were voting against a rigged system, and poorer White regions voted more strongly for the winning side (minorities in the US tend to vote on Identity Politics rather than economic issues).

When you consider that only 14% of households have a combined income of €150k+ (Prime Time episode years ago regarding the budget) , its clear that work cannot explain most of the wealth divide. Rather most of it is old money and asset speculation by the already wealthy. Ironically this is the group most often referred to as "the squeezed middle" by Independent newspapers and FG backbenchers.

So fixing the rigged system is in the political interests of the main parties too. Having said that I have a feeling money matters more to the people who run them than anything else.

Examples of the rigged system:

- Closed shop in legal/medical profession.
- Employer discrimination based on coming from rough areas.
- Fiddled unemployment figures that delete those on job activation slave labour from live register.
- Billionaires paying no tax by exploiting loopholes.
 
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Truth.ie

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Let's punish the prudent.
Anybody who works and saves hard to leave a legacy for their kids is obviously a Capitalist stooge.
Better to keep your Commie street cred, blow all your money on tat and leave the kids nothing.
 

TheWexfordInn

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Inequality was also a major factor in the Brexit and Trump results, despite Farage and Trump's wealth. People were voting against a rigged system, and poorer White regions voted more strongly for the winning side (minorities in the US tend to vote on Identity Politics rather than economic issues).

When you consider that only 14% of households have a combined income of €150k+ (Prime Time episode years ago regarding the budget) , its clear that work cannot explain most of the wealth divide. Rather most of it is old money and asset speculation by the already wealthy. Ironically this is the group most often referred to as "the squeezed middle" by Independent newspapers and FG backbenchers.
What wealth does Farage have? He has had no great inherited wealth, he lives in a relatively ordinary house, he left school wthout going to university and went to work as a Broker in the city which will have earned him a decent salary, certainly better than the average citizen, but less than say Jeremy Corbyn earns.
There is nothing about his background to suggest he is the member of the small percentage of the population that own all the wealth.
 

Fractional Reserve

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Let's punish the prudent.
Anybody who works and saves hard to leave a legacy for their kids is obviously a Capitalist stooge.
Better to keep your Commie street cred, blow all your money on tat and leave the kids nothing.
ah no lets bring back communism it worked so well before .
 

Clanrickard

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Actually most wealth in the world is inherited.
It isn't. Of the Forbes richest 500 at the last count only two had inherited their wealth. Even if wealth was inherited so what? Only jealous losers like worry about the wealthy.
 


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