Wealth inequality at all time high

Political and religious discussions go here. Tread lightly.
Post Reply
User avatar
pioneer98
Hall Of Famer
Posts: 20598
Joined: July 15 08, 8:24 pm
Location: Low A Minors

Wealth inequality at all time high

Post by pioneer98 »

Eight people have as much wealth as the bottom 50% of the planet's population (3.6 billion people). Eight! The eight guys are:
Bill Gates
Amancio Ortega
Warren Buffett
Carlos Slim Helu
Jeff Bezos
Mark Zuckerberg
Larry Ellison
Michael Bloomberg

Oxfam says 8 men as rich as half the world
The gap between the super-rich and the poorest half of the global population is starker than previously thought, with just eight men, from Bill Gates to Michael Bloomberg, owning as much wealth as 3.6 billion people, according to an analysis by Oxfam released Monday.

Presenting its findings on the dawn of the annual gathering of the global political and business elites in the Swiss ski resort of Davos, anti-poverty organization Oxfam says the gap between the very rich and poor is far greater than just a year ago. It's urging leaders to do more than pay lip-service to the problem.

If not, it warns, public anger against this kind of inequality will continue to grow and lead to more seismic political changes akin to last year's election of Donald Trump as U.S. president and Britain's vote to leave the European Union.

"It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day," said Winnie Byanyima, executive director of Oxfam International, who will be attending the meeting in Davos. "Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy."

The same report a year earlier said that the richest 62 people on the planet owned as much wealth as the bottom half of the population. However, Oxfam has revised that figure down to eight following new information gathered by Swiss bank Credit Suisse.
I mean, it's eight guys! Where is it written in stone that we have to let 8 guys own half the planet? When the list gets this small, you can really start to examine who they are. I would argue that half the guys on this list are liberals (Gates, Buffett, Bezos and Bloomberg). We are talking about the most staunch neoliberals on the planet. Why wouldn't conservatives be on board with taking these guys down a notch? I guess it's because the next tier of billionaires below these guys contains the Koch Brothers, Ricketts, Adelson and all the other right wing ghouls.
AWvsCBsteeeerike3
"I could totally eat a person if it were a life/death situation"
Posts: 24482
Joined: August 5 08, 11:24 am
Location: Thinking of the Children

Re: Wealth inequality at all time high

Post by AWvsCBsteeeerike3 »

Holy [expletive]. That's amazing. Does it include that much of the lower like 90% has a negative net worth?
User avatar
pioneer98
Hall Of Famer
Posts: 20598
Joined: July 15 08, 8:24 pm
Location: Low A Minors

Re: Wealth inequality at all time high

Post by pioneer98 »

AWvsCBsteeeerike3 wrote:Holy [expletive]. That's amazing. Does it include that much of the lower like 90% has a negative net worth?
I don't know. It does say that 10% of the world's population survives on less than $2 per day.
User avatar
IMADreamer
Has an anecdote about a townie he overheard.
Posts: 11658
Joined: December 6 10, 1:09 am
Location: Illinois

Re: Wealth inequality at all time high

Post by IMADreamer »

I always hear the old saying I think by Hemmingway that says something the effect of Americans all think they are temporarily embarrassed millionaires. Meaning they all think someday they will be rich and that is why they don't enact policies against the rich.

I always kind of roll my eyes at it but at the same time I think there is truth to it. I know people that think they are just one lucky break away from wealthy. Of course they aren't and they never will be. They don't have a new fresh idea, product or business. Most are terrible with money and are barely afloat and have no idea how to really build wealth.

I don't know how you get through the head of people that wealth is being extracted from the bottom and given to the top. I don't know how you make them understand that wealth concentrated with so few individuals is really dangerous.
User avatar
thrill
bronoun enthusiast
Posts: 28679
Joined: April 14 06, 10:45 pm
Location: extremely online

Re: Wealth inequality at all time high

Post by thrill »

IMADreamer wrote:I always hear the old saying I think by Hemmingway that says something the effect of Americans all think they are temporarily embarrassed millionaires. Meaning they all think someday they will be rich and that is why they don't enact policies against the rich.
I almost wish that Steinbeck quite were true. I don't think it's anything that complicated. It's a fundamental misunderstanding of the relationship between taxes and services. Throw in a strong libertarian, pioneering culture and you get a lot of people voting against their interests.
User avatar
IMADreamer
Has an anecdote about a townie he overheard.
Posts: 11658
Joined: December 6 10, 1:09 am
Location: Illinois

Re: Wealth inequality at all time high

Post by IMADreamer »

thrill wrote:
IMADreamer wrote:I always hear the old saying I think by Hemmingway that says something the effect of Americans all think they are temporarily embarrassed millionaires. Meaning they all think someday they will be rich and that is why they don't enact policies against the rich.
I almost wish that Steinbeck quite were true. I don't think it's anything that complicated. It's a fundamental misunderstanding of the relationship between taxes and services. Throw in a strong libertarian, pioneering culture and you get a lot of people voting against their interests.

Ah Steinbeck. Thanks. I couldn't quite remember who it was. You may very well be right about the misunderstanding of taxes and services.
User avatar
pioneer98
Hall Of Famer
Posts: 20598
Joined: July 15 08, 8:24 pm
Location: Low A Minors

Re: Wealth inequality at all time high

Post by pioneer98 »

thrill wrote:
IMADreamer wrote:I always hear the old saying I think by Hemmingway that says something the effect of Americans all think they are temporarily embarrassed millionaires. Meaning they all think someday they will be rich and that is why they don't enact policies against the rich.
I almost wish that Steinbeck quite were true. I don't think it's anything that complicated. It's a fundamental misunderstanding of the relationship between taxes and services. Throw in a strong libertarian, pioneering culture and you get a lot of people voting against their interests.
I also think that most people have a very difficult time understanding just how much $75 billion is. It's such a massive number it may as well be play money. It's like saying CEOs only used to make a kajillion dollars and now they are making a bazillion. It has about that much meaning to people.
TimeForGuinness
Hall Of Famer
Posts: 20035
Joined: April 18 06, 7:38 pm

Re: Wealth inequality at all time high

Post by TimeForGuinness »

pioneer98 wrote:
thrill wrote:
IMADreamer wrote:I always hear the old saying I think by Hemmingway that says something the effect of Americans all think they are temporarily embarrassed millionaires. Meaning they all think someday they will be rich and that is why they don't enact policies against the rich.
I almost wish that Steinbeck quite were true. I don't think it's anything that complicated. It's a fundamental misunderstanding of the relationship between taxes and services. Throw in a strong libertarian, pioneering culture and you get a lot of people voting against their interests.
I also think that most people have a very difficult time understanding just how much $75 billion is. It's such a massive number it may as well be play money. It's like saying CEOs only used to make a kajillion dollars and now they are making a bazillion. It has about that much meaning to people.
Think of it in terms of time (time is money)...

1 million seconds = 11.5 days
1 billion seconds = 31.75 years

Quick google search shows that Bill Gates makes about $114 per second (given $72 billion net worth and a 6% return rate)...so for someone to make $114 at minimum wage ($7.25/hr), they would have to work ~16 hours.

At $72 billion dollars and a US population of ~318 million, Bill Gates could write everyone a check for ~$220 and still have $2 billion dollars left over.
Diddy
Perennial All-Star
Posts: 3636
Joined: April 18 06, 7:45 pm

Re: Wealth inequality at all time high

Post by Diddy »

And yet no one bats an eye to the rediculous profit margins bill gates makes on an iPhone.
User avatar
heyzeus
Everday Unicorn
Posts: 35333
Joined: April 21 06, 10:14 am
Location: Austin, TX
Contact:

Re: Wealth inequality at all time high

Post by heyzeus »

Diddy wrote:And yet no one bats an eye to the rediculous profit margins bill gates makes on an iPhone.
Image
Post Reply