85 Super Wealthy People Have More Money Than The Poorest 3.5 Billion Combined

Tyler Durden's picture

Submitted by Michael Snyder of The Economic Collapse blog,

The global economy is structured to systematically funnel wealth to the very top of the pyramid, and this centralization of global wealth is accelerating with each passing year.  According to the United Nations, 85 super wealthy people have more money than the poorest 3.5 billion people on the planet combined.  And 1.2 billion of those poor people live on less than $1.25 a day.  There is something deeply, deeply broken about a system that produces these kinds of results.  Seven out of every ten people on the planet live in countries where the gap between the wealthy and the poor has increased in the last 30 years.  Despite our technological advances, somewhere around a billion people go to bed hungry every single night.  And when our fundamentally flawed financial system finally does collapse, it will be the poor that will suffer the worst.

Now, let me make one thing clear at the outset.

Big government and more socialism are not the answer to anything.  Big government and more socialism almost always result in increased oppression and increased poverty.  If you want to see where that road ultimately leads to, just look at North Korea.

What we need is a system that empowers individuals and families to work hard, be creative, build businesses and to take care of themselves.

But instead, we have a system where all power and all wealth are increasingly controlled by giant banks and giant corporations that are in turn controlled by the global elite.  The "financialization" of the global economy has turned almost everyone on the planet into "deft serfs", and the compound interest on all of that debt enables the global elite to constantly increase their giant piles of money.

As I have written about previously, the total amount of government debt in the world has increased by about 40 percent since the last recession.

And when you consider all forms of debt, the grand total for the planet is now up to a whopping 223 trillion dollars.

This enables the super wealthy to constantly become even wealthier.  It is like a giant vacuum cleaner that sucks wealth out of all of our pockets and transfers it to them.

It has been reported that the global elite have approximately 32 trillion dollars stashed in offshore banks around the globe.

But that is only what we know about.

What we don't know about is probably far greater.

Just like most people don't realize that men like Bill Gates and Carlos Slim are not the wealthiest men on the planet.

The people that are really at the top of the food chain are masters at hiding wealth and they absolutely do not want their names being thrown around in the media.

Meanwhile, those at the bottom of the pyramid continue to suffer.

For example, it was been widely reported that there are more people in slavery today than ever before in human history.

That is an absolutely amazing statistic.  It is hard to comprehend how that could be possible, and yet it is.  A new UN report says that there are 21 million slaves around the globe right now...

Nearly 21 million people are working as modern day slaves, falling victim to trafficking, forced labor and sexual exploitation, a new UN report finds. The illicit market in exploited people generates billions of dollars in profit worldwide.

 

The report by the International Labour Organization (ILO), which draws on information gathered in a 2012 survey, also found that annual profits stemming from forced labor are three times higher than previous estimates.

 

“Put into perspective, the 21 million victims in forced labor and the more than US$150 billion in illegal profits generated by their work exceeds the population and GDP of many countries or territories around the world,” the ILO says.

This is an utter abomination, but this is actually happening all over the planet.  The following is one story that I recently came across out of India...

Dialu Nial’s life changed forever when he was held down by his neck in a forest and one of his kidnappers raised an axe to strike.

 

He was asked if he wanted to lose his life, a leg or a hand.

 

Six days earlier, Nial had been among 12 young men being taken against their will to make bricks on the outskirts of one of India’s biggest cities, Hyderabad.

 

During the journey, they got a chance to escape and ran for it – but Nial and a friend were caught and this was their punishment.

And yes, he did end up losing his hand.

Fortunately, most of us are not facing that kind of oppression.

But that doesn't mean that we aren't slaves.  The borrower is the servant of the lender, and over the past four decades the total amount of debt in America has gone from about 2.2 trillion dollars to nearly 60 trillion dollars.  Many of us work as "debt serfs" our entire lives, and we never even know the names or the faces of those that we are making rich as we slowly pay off our debts.

And all of this debt is one of the primary factors destroying the middle class in America.  Just this past week, the New York Times reported that the wealth of "the typical household" in the United States has declined by 36 percent over the past decade...

The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.

 

The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 94 percent of the population had less wealth and 4 percent had more.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households.

Does that upset you when you read that?

It should.

And the outlook for the next generation is even worse.  Most of our young adults are absolutely drowning in student loan debt and other forms of debt, and wages for new college graduates are terrible.

Sadly, most people don't even realize how the global financial system works or why the gap between the super wealthy and the rest of us continues to grow so rapidly.

It has been estimated that the wealthiest one percent currently have 110 trillion dollars.

That is 65 times more wealth than the bottom half of the global population combined.

They are hoarding wealth as we approach some of the most unstable days in all of human history.

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BOPOH's picture

Dust to dust.

American Dreams's picture

Okay Mike.  Name names and quit fucking around.  To stir the pot without giving a list of the so called 85 is nothing but mental masturbation which seems to be your motis.  I agree that the world is controlled by a select few but are you just trying to give a fatalist picture that says lay down and accept your masters or do you wish to give a motivated individual just a bit of direction.  Direction that may lead him or her to their oppressor, a face to face meeting of minds or swords.  Enough of the hyperbole give us meat to chew on man. 

No more lies, no more lies

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flacon's picture

"I know, I know, I know... pick me, pick me! It's CAPITALISM's fault!"

/sarc

 

Drunk In Church's picture

Who knows?  Maybe Karl Marx was right after all.  You can't have this type of wealth disparity mixed with the internet.  People are too smart these days.  Eventually, you'll end up with a revolution.  Bitchez.

sylviasays's picture

"Who knows?  Maybe Karl Marx was right after all.  You can't have this type of wealth disparity mixed with the internet.  People are too smart these days.  Eventually, you'll end up with a revolution.  Bitchez."

Karl Marx was right? Bitch, only a delusional Marxist would believe that. Look at the wealth disparity in every communist country on the planet where communist party hacks and their cronies have all the wealth and the masses struggle to survive. The communist party censors the internet. They silence any discension and brutally eliminate any opposition.  

 

Occident Mortal's picture

Let's be clear...

3.5 billion people have nothing... NOTHING.

 

The poorest people in the world do not own any wealth at all. 

 

 

What do you get when you add a lot of zero's together?

 

 

The real challenge isn't dethroning the rich, it's how to get the poorest people in the world to be able to earn and save their first $1,000. Opportunity is not universal.

Agstacker's picture

And hopefully that $1000 will be in gold or silver, not federal reserve promissory note toilet paper.

Ben Dover's picture

Capitalism is just like communism is just like socialism is just like any religion - it all works great on paper but Gods forbid you expect it to work as planned once people get their mitts on em.

People just lob a monkey wrench into the works.

Renewable Life's picture

Marx wasn't right about shit, capitalism didnt create this wealth disparity, central bank socialism/fascism did!!!!

Capitalism would have straightened this shit out through competition, innovation, and deregulated small government, a long time ago and it wouldn't have ever gotten this bad in the first place! But these national socialist motherfuckers had to interject their fantasy currencies and massive debt/fiat creation, and crush capitalism!!!

So now the obligarchs and fascist and socialist have their boot on the neck of every citizen!! And though very few will say it out loud, most know what it will take to get a boot off your throat, and it won't be talking and begging!

Skateboarder's picture

Yo his source was CBC News. Click and read the article. Have a paper bag handy, you might hurl at the State-written piece.

statelessman's picture

That's paper, not wealth.

 

Urban Redneck's picture

and wealth is denominated in paper...

overmedicatedundersexed's picture

the truly wealthy are those that own the goverment. then the .gov works for them..the truly smart do not want this known so they also own the media. like any good parasite the truly smart and wealthy, want healthy hosts, to feed from. but this last part is where all forms of .gov break down..it seems one cannot be a parasite and also not weaken the hosts (serfs, citizens, comrades)..the greater the concentration of power and wealth the greater the poverty for the undermenchen.

Urban Redneck's picture

But wealth and power are not the same thing, which why the more psychopathic among the wealthy spend their wealth (as little as possible) to obtain more power.

Ghordius's picture

(I disagree on psychopathic). after you have accumulated enough money, power is the only "game left in town". and it's a powerful aphrodisiac which you can still enjoy when sex has left all attraction

further, power is a defense. plenty of oligarchs have been toppled because they played the power game the wrong way or refused to play it (see Yukos Affair)

and of course most of the greatest fortunes could only be gained by power play in the first place, usually by cronyst/oligopolistic measures

Urban Redneck's picture

I actually agree, which is why didn't write that to exclude rational participants engaging the same behavior. However, if someone isn't giving back (which yields influence and power even if that is not the primary objective) long before their net worth hits nine digits, then as far I'm concerned - they are a psychopath (at least in the non-clinical sense).

(Playing to the home crowd in both posts above... and then insulting them below... people with a proclivity for simple dichotomies might get confused... and if I were an extrovert I might care...)

Ghordius's picture

(I have no clue what you are talking about, but it sounds interesting)

Redhotfill's picture

Yes who are these 85?  When the SHTF I wanna visit their pad.

mkkby's picture

How can 85 people control billions?  Name the names and let the hangings being.

Urban Redneck's picture

Mike can't name names, because he is full of shit and demonstrates that he doesn't have slightest comprehension of either what a bank is or what a US dollar is.

"It has been reported that the global elite have approximately 32 trillion dollars stashed in offshore banks around the globe. But that is only what we know about."

Here as some simple an facts (accurate as of July 24, 2014):

M0 (banknotes in circulation) is USD 1.2 trillion

Outside of this measly 1.2 trillion, the only place that a USD can exist is on one of the 12 Federal Reserve computer servers (and their backups). Any non-paper/coin dollar (which is the vast majority of dollars) only exists as a simple debit and credit entry between the FED account and a member banks account. These debit and credit entries on the books of the 12 Federal Reserve banks amount to USD 14 trillion (USD 11.3 trillion + excess reserves of USD 2.7 trillion).

That's all the dollars there are. PERIOD. Saying there are are 32 trillion dollars stashed in offshore banks is both STUPID and WRONG. What is deposited in a lot of banks (not just off shore banks) is worthless future promises to pay from money that does not exist that are marked to mythical valuations, hence the misnomer financial asset.

According to Fed US households and non-financial business have 145 trillion in assets (financial business assets is somewhat of a rehypothecated/double counted oxymoron but it is another 12-figure number). Looking simply at US households they have - 95.5 trillion in assets of which 22.8 trillion is real estate, as long as the great ponzi scheme is maintained they can continue to believe their median home has value of $273,500. The minute the music stops and the ponzi collapses there is only USD 15 trillion to support 145 trillion in "notional" private assets, and that house with a notional value of $273,500 suddenly becomes worth $50,000 (and the mortgage/financial asset tied to the house will be defaulted on, along with any credit derivatives tied to the mortgage), the wipeout of the housing assets valuation is actually far better performance than the 67.2 trillion in financial assets that those same households own is likely to experience. About the only thing likely to perform worse when the ponzi collapses are exotic financial assets of financial institutions.

The only way one could count to 32 trillion in financial assets (not dollars) deposited in foreign financial institutions, is by first accepting that JPM has 70 trillion in derivative assets, and then accepting they are actually worth USD 70 trillion.

rbg81's picture

And 50 journalists can generate more meaningless facts than the other 7,999,999,950 billion people combined.

assistedliving's picture

Totally agree AD.  sick n tired hearing faux news et al mention this or that bill loaded with pork and never once the senator sponsoring it

Handful of Dust's picture

Too po for the dolla sto......

 

America's Poorest Shoppers Are Putting Discount Stores Out Of Business

 

http://finance.yahoo.com/news/americas-poorest-shoppers-putting-discount...

Skateboarder's picture

They can keep the price at a dollar by offering sweet deals like 1/2-ply toilet paper and 25 squares to a pack (rolls? Where we're going, we don't need... rolls).

Of course, you may notice when each pack starts coming with only 20 squares.

Yes_Questions's picture

 

 

While middle-class shoppers have enjoyed economic recovery...

 


Never One Roach's picture

The Diocunt Stores have already priced the Middle Class out of the market. The remaing handful of MC peeples cannot afford Family Dollar anymore. It's Petco for them now an donly the BOGO deals at that!

SF beatnik's picture

We now need a two dollar store.

Inflation has made it hard to sell good stuff for a dollar.

And so corners are cut.  Once good dollar stuff is made with less raw material. 

I've shopped these stores for twenty years. Bargains are now hard to find. 

lasvegaspersona's picture

It is not called slavery when it hapens in Islamic countries. It is called something else...so 'slavery' problem resolved.

Actually India has a bit going on too and it might not all be Muslims doing it.

As for the rich, just how does Michael know that there are all these 'hidden' wealthy? are we back to the 'Rothchilds have trillions' bit again?

NidStyles's picture

Slavery is everywhere. Not sure how you figured it was only a "Muslim" thing while ignoring what is already known.

Kirk2NCC1701's picture

Soon 500 million people will own 100%, and the rest will own 0%.

See Georgia Guidestones for details.

sleigher's picture

I am gonna drive over there one of these days and piss on it.

Yes_Questions's picture

 

 

there are a number of us who found the system did not function as promised ("hard work" yada, yada) and began to ask questions about that disconnect in the Tacit Agreement, the social contract..

 

some of us learned that from the beginning, Deceit crowded out Dignity and that all along, this has been the plan.  

 

some resigned to DWTS and the like.

 

The Guide Stones, with the unfortunate 500 million commandment, however coincidental, remind us of this line of thinking and you're right to bring it up.

 

Thanks Jim!

 

on a lighter note, you should see the Weird Al cover of Royals...

 

 

stacking12321's picture

total rubbish!

-1 to you and to jim, and to all the alex jones / sgt / nwo / ufo / chemtrail crowd

try actually reading the georgia guidestones, they are not in any way "commandments", they are suggestions, and good ones at that!

i don't know who made them, but someone made a suggestion about try living in harmony with nature, and the infowars wingnuts are all like, conspiracy! al gore is trying to enslave us! jesus wants us to make as many babies as possible, so anyone who says otherwise must be satan!

Yes_Questions's picture

 

 

chemtrail crowd..

 

now that's fucking funny right there! 

 

wtf does "sgt" mean?

 

 

 

 

 

stacking12321's picture

sgtreport.com

natural news

beforeitsnews

etc, etc

 

SF beatnik's picture

I think he means Sgtreport dot com... see on youtube.

Kirk2NCC1701's picture

If you knew me (by now), you'd have figured out that I was being ironic/sarcastic with my GA Guidestone comments.

I have NO issue with them, but do worry about it coming about by sociopathic human design, rather than a natural population reduction, to a level that the other species on the planet can tolerate.

stacking12321's picture

oh, yeah?

well, if you knew me, you'd have figured out that i was playing along with your ironic/sarcastic comments, but now you're just out of character, you messed it all up.

unfortunately humans don't have predators any more, we don't know how to live in balance, so unless an ET predator starts landing on the planet soon, we will end up doing the work ourselves.

 

Son of Loki's picture

Amgen to cut at least 2,400 jobs, close plants

 

The layoffs will happen this year and next, eliminating 2,400 to 2,900 jobs, mostly in the U.S. Amgen also plans to close two sites in Colorado, primarily manufacturing plants, and two in Washington state that focus on research and development.

 

http://www.latimes.com/business/la-fiw-amgen-earns-20140729-story.html

juangrande's picture

Colorado and Washington gotta new kinda pharma bidness. Don't need those bitches!

Son of Loki's picture

juan, the Rekovery gets even moar Bullish [unless u work for jpm]:

 

JPMorgan to cut tech support jobs as revenue dips

 

(Reuters) - JPMorgan Chase & Co , the biggest U.S. bank by assets, is slashing its technology support workforce in corporate and investment banking division following a revenue dip, Bloomberg News reported, citing people familiar with the matter.

 

http://finance.yahoo.com/news/jpmorgan-cut-tech-support-jobs-revenue-dip...

American Dreams's picture

What news of Jamie the King.  Has he been miraculously cured by the same hands that cured the Great Chris Todd?

Know your enemy

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juangrande's picture

When it collapses, those 3.5 billion will be looking for those 85.....

suicidalpsychologist's picture

and those 85 will pay mercenaries to protect them and blast the 3.5 billions into oblivion.

juangrande's picture

Do the math. You can't blast 3.5 billion away in some isolated, won't affect you, way.

stacking12321's picture

the math is *exactly* what will blast them away: the power of the exponential function, a debt-based economy, just-in-time delivery services, and limited resources.

 

yrbmegr's picture

History teaches that if the superwealthy take their eyes off the ball, the masses eventually destroy them.  See, e.g., Romanov, Bourbon, Hapsburg, Ceausescu.

darteaus's picture

And?!

Putin seems pretty rich to me.  So does Obammy.  They have their own countries and armies.