Friday, September 12, 2008

WORLD'S RICHEST GOT EVEN RICHER LAST YEAR

Reuters - Even as world financial markets broke down last year, personal wealth around the world grew 5 percent to $109.5 trillion, according to a global wealth report released by Boston Consulting Group.

It was the sixth consecutive year of expanding wealth. The fastest growth was among households in developing regions, such as China and the Gulf States and among families who were already rich.

That wealth also is increasingly concentrated among the richest.

The top 1 percent of all households owned 35 percent of the world's wealth last year. Meanwhile, the top 0.001 percent, ultra-rich households holding at least $5 million in assets, commanded $21 trillion -- a fifth of the world's wealth.

The planet also continues to mint new millionaires rapidly. The biggest jumps in 2007 came from emerging countries in Asia and Latin America. Overall, the number of millionaire households grew 11 percent to 10.7 million last year. . .

North American personal wealth growth slowed to 3.8 percent last year, compared with 9 percent in 2006, reflecting the mortgage crisis and the onset of the credit crunch last summer.

1 Comments:

At September 14, 2008 7:59 AM, Anonymous Anonymous said...

Global Ruling Class

Here are a few snips from this must-read James Petras article:

Put another way, one hundred millionth of the world's population (1/100,000,000) owns more than over three billion people.

Countries of 'surging billionaires' produce burgeoning poverty, submerging living standards. The making of billionaires means the unmaking of civil society -- the weakening of social solidarity, protective social legislation, pensions, vacations, public health programs and education.

Virtually all the billionaires' initial sources of wealth had nothing to do with building, innovating or developing new efficient enterprises.

Of the total $157.2 billion USD owned by the 38 Latin American billionaires, 30 are Brazilians or Mexicans with $120.3 billion USD. The wealth of 38 families and individuals exceeds that of 250 million Latin Americans; 0.000001% of the population exceeds that of the lowest 50%. In Mexico, the income of 0.000001% of the population exceeds the combined income of 40 million Mexicans.

Given the enormous class and income disparities in Russia, Latin America and China (20 Chinese billionaires have a net worth of $29.4 billion USD in less than ten years), it is more accurate to describe these countries as 'surging billionaires' rather than 'emerging markets' because it is not the 'free market' but the political power of the billionaires that dictates policy.

Recent growth (2003-2007), where it occurs, has more to do with the extraordinary rise in international prices (of energy resources, metals and agro-exports) than any positive developments from the billionaire-dominated economies. The growth of billionaires is hardly a sign of 'general prosperity' resulting from the 'free market' as the editors of Forbes Magazine claim. In fact it is the product of the illicit seizure of lucrative public resources, built up by the work and struggle of millions of workers, in Russia and China under Communism and in Latin America during populist-nationalist and democratic-socialist governments. Many billionaires have inherited wealth and used their political ties to expand and extend their empires -- it has little to do with entrepreneurial skills.

.......

PLEASE see also the comments I left here:

Extinction For Us

Our species WILL rid ourselves once and for all of the unjust and suicidal idea to allow unlimited personal fortunes, or we WILL succumb to the results of having a continuous stream of wealthpower giants.

We can have pay justice, or we can have geno-sadistic autogenocide.

THERE ARE NO OTHER CHOICES, AND YOU CHOOSING TO IGNORE THIS ESSENTIAL WISDOM IS YOU CHOOSING NO FUTURE FOR HUMANS

PEOPLE! WAKE UP AND SMELL THE URANIUM!

WHY
IS
NO
ONE
INTERESTED
IN
EXTREME
PAY
INJUSTICE
KILLING
US
ALL
AND
THIS
PLANET?????

WHERE IS THE SOBER, SANE ATTENTION TO THIS MATTER?????

WHERE ARE YOUR VOICES ON THIS MOTHER OF ALL MATTERS??????

WHERE HAVE ALL THE RESPONSE-ABLE ADULTS GONE?????

WHO WILL HELP MURDER THE IDEA OF ALLOWING UNLIMITED PERSONAL FORTUNES???????

YOUR SILENCE WILL GET YOUR FAMILY KILLED!

99% OF PEOPLE ON THIS PLANET ARE UNDERPAID!

THE WORLD WILL EXPLODE IF 99% OF PEOPLE DO NOT AGREE TO TAKE A BIG PAYRISE!

THINK! THINK AGAIN!

THE LEGAL THEFTS ARE DRIVING ALL THE VIOLENCE POLLUTION THAT HAS DESTROYED HAPPINESS AND SAFETY FOR ALL HUMANS!

THINK! THINK HARD!

WE ARE IN A GLOBALOCAL EMERGENCY!

WE ARE IN A RACE BETWEEN EDUCATION AND CATASTROPHE!

THERE IS A WAY OUT!

THE CHOICE YOU ARE MAKING RIGHT NOW MATTERS TO SURVIVAL, TO SAFETY, TO HAPPINESS - TO EVERYONE'S EVERYTHING!

THINK! BE RATIONAL! BE AN ASTONISHING HERO TO HUMANITY!

MURDER THE WORLD'S WORST IDEA EVER!

START RIGHT NOW!

MURDER THE BOGUS AND FATAL IDEA TO ALLOW UNLIMITED PERSONAL FORTUNES!

If you don't love life, this message is not for you.

 

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