Morbid Inequality: Now Just SIX Men Have as Much Wealth as Half the World’s Population

April 11th, 2017

By Paul Buchheit

While the United States is ranked 37th in the world in education spending, the 14 richest Americans earned enough money from their investments in 2015 to hire two million preschool teachers.

Yes, inequality is getting worse every year. In early 2016, Oxfam reported that just 62 individuals held the same wealth as the bottom half of humanity. About a year later Oxfam reported that just 8 men had the same wealth as the world’s bottom half. Now, based on the same methodology and data sources used by Oxfam, that number is down to 6.

How do we account for the dramatic increase in the most flagrant and perverse of extreme inequalities? There are two well-documented reasons: (1) The poorest half (and more) of the world has continued to lose wealth; and (2) The very richest individuals — especially the top thousand or so — continue to add billions of dollars to their massive fortunes.

Inequality deniers and apologists say the Oxfam methodology is flawed, but they’re missing the big picture. Whether it’s 6 individuals or 62 or 1,000 doesn’t really matter. The data from the Credit Suisse Global Wealth Databook (GWD) and the Forbes Billionaire List provide the best available tools to make it clear that inequality is extreme and pathological and getting worse every year.

CONTINUE READING:

Recommended reading by Paul Buchheit:

• Overwhelming Evidence that a ‘Guaranteed Basic Income’ Will Work
• The Real Terrorists: The 0.01%
• 5 Signs of a Dying Society
• Why Do So Many Americans Defend the Failed Capitalist Experiment?
• Five Great American Hypocrisies
• Capitalism at Its Worst: 5 Deadly Sins of Big Pharma
• 6 Ways Capitalism Kills… and May Be About to Get Deadlier

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