Eight billionaires 'as rich as world's poorest half' • Hacker News Board

Re: Eight billionaires 'as rich as world's poorest half'

#11

Post by Ericson2314 » Mon, Jan 16, 2017, 2:31 AM UTC

apsec112 wrote: post #5

I'm richer than the poorest two billion people in the world combined, and I'm an upper-middle-class programmer with some modest savings. Please stop adding up the wealth of the poor: http://blogs.reuters.com/felix-salmon/2014/04/04/stop-adding...

Excellent post. It's never ceases to amaze how hard this stuff is to quantify.

Re: Eight billionaires 'as rich as world's poorest half'

#12

Post by mindcruzer » Mon, Jan 16, 2017, 2:33 AM UTC

Ok, but unlike the title implies, them being rich isn't what's making those people poor.

Re: Eight billionaires 'as rich as world's poorest half'

#13

Post by andrewmutz » Mon, Jan 16, 2017, 2:34 AM UTC

refurb wrote: post #3

If we're worried about improving inequality, it would be helpful to have some historic data. I would assume if you went back 100 years it was far worse since much of the developing world (e.g. China, India) had far more poverty.

You can see data about long-term economic inequality here:

https://ourworldindata.org/income-inequality/

Re: Eight billionaires 'as rich as world's poorest half'

#14

Post by starchild_3002 » Mon, Jan 16, 2017, 2:34 AM UTC

Misleading & annoying title. Those billionaires' wealth are all invested in wealth-producing assets. And the billionaries I know do plenty of philantropy. Power to the billionaires!

Re: Eight billionaires 'as rich as world's poorest half'

#15

Post by Tycho » Mon, Jan 16, 2017, 2:35 AM UTC

How did the Zara guy get so rich?

Re: Eight billionaires 'as rich as world's poorest half'

#16

Post by cekvenich3 » Mon, Jan 16, 2017, 2:38 AM UTC

If the left killed the 8 and spread out the money so poor have double... the poor would be worse of.

Re: Eight billionaires 'as rich as world's poorest half'

#17

Post by aianus » Mon, Jan 16, 2017, 2:39 AM UTC

Tycho wrote: post #15

How did the Zara guy get so rich?

He didn't get diluted much through outside investment like Gates and Buffet. He still owns something like 70%+ of his company.

Re: Eight billionaires 'as rich as world's poorest half'

#18

Post by chiefalchemist » Mon, Jan 16, 2017, 2:39 AM UTC

wildmusings wrote: post #9

kolbe wrote: post #6

Earlier quoted context omitted.

really? i always assumed most were just very poor, not net in debt.

I just looked it up and it's actually something like 20% of the US that has a negative net worth. Not half, but my point stands.

I would imagine that if you factored in "home ownership" it's much higher. That is, you don't actually own your home til the mortgage is paid. So that equity is a ruse of sorts.

Re: Eight billionaires 'as rich as world's poorest half'

#19

Post by chiefalchemist » Mon, Jan 16, 2017, 2:42 AM UTC

starchild_3002 wrote: post #14

Misleading & annoying title. Those billionaires' wealth are all invested in wealth-producing assets. And the billionaries I know do plenty of philantropy. Power to the billionaires!

Perhaps you're misreading it? Is the issue wealth, or the concentration? If diversity in investment is a positive, wouldn't we all benefit from less concentration/more diversity?

Re: Eight billionaires 'as rich as world's poorest half'

#20

Post by jsmeaton » Mon, Jan 16, 2017, 2:45 AM UTC

mindcruzer wrote: post #12

Ok, but unlike the title implies, them being rich isn't what's making those people poor.

Isn't trickle down economics supposed to redistribute portions of that wealth? If you agree that trickle down isn't working because the elite are capturing it for themselves, then you could conclude that them being rich is a contributing factor to these people being poor. No?