The ultra-rich are claiming an increasing share of global wealth
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Re: The ultra-rich are claiming an increasing share of global wealth
#2[dead]
Re: The ultra-rich are claiming an increasing share of global wealth
#3> Together, they now own three times more than the poorest half of humanity, or 2.8 billion adults. While the gap has stabilized since the end of the Covid-19 pandemic, it has grown sharply over recent decades: Back in 1995, the 0.001% held "only" twice as much as the poorest half.
Important context: here debt is counted as negative. This means a person with no debt but zero wealth also owns more wealth than bottom 20% or so cumulatively because the debts of people cancel out with others wealth. I think this is misleading.
Re: The ultra-rich are claiming an increasing share of global wealth
#4Rich people having too much wealth is not necessarily that bad a thing because most of the investment is in productive companies.
It’s not like they are using their wealth on frivolous consumption. Which means redistribution would only change who controls the investment and not the actual consumption patterns of people. Implication is that poor people will consume the same as before after redistribution with perhaps some extra assets. So nothing materially changes other than some security. Poor people will continue to consume the same as before.
Bigger problem is it’s not so clear that redistribution is necessarily a good thing because I feel the people who made money are more likely to make better decisions on their own companies. I don’t know how companies would fare if for example Amazon were redistributed and run like some public company.
Re: The ultra-rich are claiming an increasing share of global wealth
#5Rich people having too much wealth is not necessarily that bad a thing because most of the investment is in productive companies. It’s not like they are using their wealth on frivolous consumption. Which means redistribution would only change who controls the investment and not the actual consumption patterns of people. Implication is that poor people will consume the same as before after redistribution with perhaps…
What is a yacht but frivolous consumption? A supercar? A private jet? Designer clothes? The list goes on for miles.
Re: The ultra-rich are claiming an increasing share of global wealth
#6Yeah and if you make US median income you’re in the top 0.3% of worldwide income. I don’t see all these people giving away to the bottom 99.7%, hahaha.
Re: The ultra-rich are claiming an increasing share of global wealth
#7Yeah and if you make US median income you’re in the top 0.3% of worldwide income. I don’t see all these people giving away to the bottom 99.7%, hahaha.
I'm not sure that's actually all that relevant. Political power and social class are much more determined by the wealth distribution within a society than they are by the worldwide wealth distribution.
Re: The ultra-rich are claiming an increasing share of global wealth
#8Rich people having too much wealth is not necessarily that bad a thing because most of the investment is in productive companies. It’s not like they are using their wealth on frivolous consumption. Which means redistribution would only change who controls the investment and not the actual consumption patterns of people. Implication is that poor people will consume the same as before after redistribution with perhaps…
I'm glad you approve of "most of the investment", unfortunately "productive companies" don't do as well as various financial instruments which operate largely on symbolic capital. Private equity, which is only accessible by "rich people", doesn't exactly worry too much about productivity vs leveraged buyouts. It's interesting that you feel so strongly about other people succeeding though. It might seem strange but other people want to succeed too (weirdly it seems all this "productivity" doesn't actually benefit those outside the privileged circles).
Re: The ultra-rich are claiming an increasing share of global wealth
#9Rich people having too much wealth is not necessarily that bad a thing because most of the investment is in productive companies. It’s not like they are using their wealth on frivolous consumption. Which means redistribution would only change who controls the investment and not the actual consumption patterns of people. Implication is that poor people will consume the same as before after redistribution with perhaps…
Who paid you to make this comment? This is so unbelievably out of touch I have a hard time believing it is anything other than Astro turf.
Re: The ultra-rich are claiming an increasing share of global wealth
#10Rich people having too much wealth is not necessarily that bad a thing because most of the investment is in productive companies. It’s not like they are using their wealth on frivolous consumption. Which means redistribution would only change who controls the investment and not the actual consumption patterns of people. Implication is that poor people will consume the same as before after redistribution with perhaps…
What is a yacht but frivolous consumption? A supercar? A private jet? Designer clothes? The list goes on for miles.
what percentage of billionaires wealth goes into consumption? take a guess.