Wealth inequality continues. The top 1% own half of the world’s wealth. The trend suggested it would happen, but it happened sooner than expected. The trend accelerated.
“The report shows that a person needs only $3,210 (£2,100) to be in the wealthiest 50% of world citizens. About $68,800 secures a place in the top 10%, while the top 1% have more than $759,900.” – The Guardian
The greatest shift in wealth has been the reduction of the middle class, globally. The good news is that the number in extreme poverty has fallen dramatically, but their influence is small because extreme poverty is so extreme. For the next segment up the wealth scale;
“About 3.4 bn people – just over 70% of the global adult population – have wealth of less than $10,000.” – The Guardian
That means, if the ultra-wealthy are increasing their wealth, the money has to come from the middle class, which has been shrinking. As the lower and middle classes have less money, there’s less money circulating in the economy. As it accumulates with the ultra-wealthy, there’s less liquidity in the market, the majority reduce spending, and the economies suffer.
(Click on the chart for the link.)