Since I have been on a bit of an infographic kick lately, here is yet another interesting chart courtesy of The Economist, which measures an issue dear to my heart: wealth inequality. The contrasts inherent in it are quite sobering:
To recap, there are around 35 million millionaires in the world, constituting just 0.7 percent of the adult population — yet together, they hold 44 percent of the world’s total wealth of $262 trillion (up from $117 trillion in 2000). This is an increasingly common arrangement in most parts of the world, so it is little surprise that the same plays out on the international stage, especially as globalization proliferates the systems and trends that contribute to this top-heavy concentration of wealth.
Here are some additional details from the article:
Today 94.5% of the world’s household wealth is held by 20% of the adult population, according to new data from Credit Suisse. Wealth is so unevenly distributed, that you need just $3,650 (less debts) to count yourself among the richest half of the world’s population. A mere $77,000 brings you among the wealthiest 10%. And just $798,000 puts you into the ranks of the 1%—within the reach of many white-collar urban professionals in the West. Hence, more than 35m people carry such a plump purse. Among the three billion adults at the bottom with less than $10,000 in wealth, 90% reside in developing countries. Yet 15% of millionaires live in developing countries too.
Such a stark contrast in fortunes, especially with so much of the world remaining poor despite all the growth in wealth, does not bode well for the economic and sociopolitical stability of this planet (much less of many individual nations, where circumstances are even more dire). What are your thoughts and reactions?