[Peace-discuss] Tipping point for the 1% ?

[Szoke, Ron]

The richest 1% are on track to control two-thirds of the world’s wealth by 2030

WSJ, Apr 21, 2018 7:36 p.m. ET
By
QUENTIN<https://www.marketwatch.com/topics/journalists/quentin-fottrell>
FOTTRELL<https://www.marketwatch.com/topics/journalists/quentin-fottrell>
PERSONAL FINANCE EDITOR

Based on 6% annual growth in wealth, they would hold assets worth approximately $305 trillion
[cid:daa7567c-e322-428d-9b2e-bf47356d79b6 at mx.uillinois.edu]
Getty Images
Just eight billionaires have as much wealth as 3.6 billion people — the poorest half of the world.

Inequality around the world has reached an irreversible tipping point.
The U.K.-based House of Commons Library<https://commonslibrary.parliament.uk/?s=1%25+and+2030> said this month that, if current trends continue, the richest 1% will control nearly 66% of world’s money by 2030. Based on 6% annual growth in wealth, they would hold assets worth approximately $305 trillion, up from $140 trillion today, the Guardian reported. <https://www.theguardian.com/business/2018/apr/07/global-inequality-tipping-point-2030> This follows a report released earlier this year by Oxfam, which said that just eight billionaires have as much wealth as 3.6 billion people — the poorest half of the world.
The U.S. actually has a greater gap between rich and poor than many European countries. The divergence in the levels of inequality has been “extreme” between Western Europe and the U.S., according to a separate report<http://wir2018.wid.world/files/download/wir2018-summary-english.pdf>, released earlier this year by the World Inequality Lab, a research project in over 70 countries based at the Paris School of Economics, and co-authored by the French economist Thomas Piketty. “The global middle class has been squeezed,” it said.

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