This page has been archived and commenting is disabled.
Spot The Trend: The Richest 1% Are About To Own Over Half Of Global Wealth
Below is a chronological progression of the famous Credit Suisse global wealth pyramid showing a disturbing trend. Try to spot it.
2010:
2011:
2012:
2013:
2014:
Still not clear? The following two charts should help:
In short: the rich get richer; the poor get poorer, and the middle class is going extinct.
What happens next? The NYT explains in "Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016"
The richest 1 percent are likely to control more than half of the globe’s total wealth by next year, the charity Oxfam reported in a study released on Monday. The warning about deepening global inequality comes just as the world’s business elite prepare to meet this week at the annual World Economic Forum in Davos, Switzerland.
The 80 wealthiest people in the world altogether own $1.9 trillion, the report found, nearly the same amount shared by the 3.5 billion people who occupy the bottom half of the world’s income scale. (Last year, it took 85 billionaires to equal that figure.) And the richest 1 percent of the population, who number in the millions, control nearly half of the world’s total wealth, a share that is also increasing.
The type of inequality that currently characterizes the world’s economies is unlike anything seen in recent years, the report explained. “Between 2002 and 2010 the total wealth of the poorest half of the world in current U.S. dollars had been increasing more or less at the same rate as that of billionaires,” it said. “However since 2010, it has been decreasing over that time.”
“Do we really want to live in a world where the 1 percent own more than the rest of us combined?” Ms. Byanyima said. “The scale of global inequality is quite simply staggering.”
What happens after that, once the world's 99% realize that the "recovery" was nothing but the era of the most brazen middle-class destruction around the globe, one which also saw the greatest wealth transfer period from everyone else to the uber-rich in the history of mankind, covered by endless daily talk of "imminent recovery"? Think French revolution, only on a global scale, and on steroids.
Thank you Fed, and your tenured economist groupies.
Source: Credit Suisse
»
- 37704 reads
- Printer-friendly version
- Send to friend
- advertisements -
and
First Instagram, now the rich kids of Snapchat are ruining my dayand # 20 tells you how they consider you....
I'm in the top 1% but I earned it. I was born rich. I mean I saved my money. Don't hate me.
Here comes another death blow to middle class workers in one of Americans last growing high wage job sectors. " Layoffs are cascading through the oil and gas sector. On Tuesday, the Dallas Fed projected that in Texas alone, 140,000 jobs could be eliminated. Halliburton said that it was axing an undisclosed number of people in Houston. Suncor Energy, Canada’s largest oil producer, will dump 1,000 workers in its tar-sands projects. Helmerich & Payne is idling rigs and cutting jobs. Smaller companies are slashing projects and jobs at an even faster pace. And now Slumberger, the world’s biggest oilfield-services company, will cut 9,000 jobs."
Many of these companies were outspending revenues as they plowed money into expanding production. Meaning they borrowed the balance to keep running. Many spent 120-150% above revenues! Leverage made up the rest. NOW, many of LOCKED OUT of capital markets asnd interst payments are due. All they can do is slash and burn the labor forces while maintaing all the production possible, THUS driving prices even lower. Nobody can afford to cut production! The train is running full blast towards lower prices for oil, and mass layoffs, and default for leveraged oil producers. AND the end of over 140,000 middle class jobs in Texas alone!
The fallout from the oil bubble will be these lost jobs. BUT, the government and Fed will cook up bailouts for the 1% who hold bonds connected to oil and to banks holding loans to oil. Again, workers are screwed by capitalism, and communism will make the 1% financials whole!
Sadly, correct. Folks should start sending canned foods to ND now in anticipation.
Don't worry they will be getting paid what they are worth at there next job.
The dumb, ignorant, lazy, fat and useless, brainless short memoried sheeple get what they elect = what they deserve.
I have no sympathy for them anymore. None, nada, nil.
As this goes on and on - unabated - since Stonage.
On all levels.
STFU, maggot.
If it wasn't for those people who actually work for a living, you wouldn't have anything in which to bury your little parasitic proboscis to grift off the scam while providing nothing to society as a whole.
Well, there's some truth in what trader says. Unlike him I do have sympathy for the people who have lost their jobs but people must take responsibility for their own outcomes. I'll bet that most of them just vegetate in from of the lobotomy box, pass their time with bread and circuses and would label anyone questioning the status quo a a racist or communist depending on their politicial outlook.
And, the Sheeple tomorrow night will buy, hook, line & siinker every word the Criminal Fraud UNITED STATES, CORP. INC. CEO will speak about during his State of the PyOp Address.
That's the kind of message and attitude that saddens me on ZH
trading is a noble endeavior , where success is only rewarded by risk taking , and ultimatly . personal responsability, something that is long gone in today's world. While it is true that price discovery is mainly broken , i'm just a middle class and manage to make a modest living , managing my small money. I pay my fair share in taxes , do not harm the planet with toxic wastes ,nor treat anyone like a slave , and will never cry for help in front of congress to get bailed if i screw up.
I dont think i'm being as parasitic as the whole gang in Washington when doing what i do , and more than happy to give my hard earned money , to get services and skills in whatever "more productive" sectors out there.
Thanks
It hasn't gone on since the stone age. There's been a constant battle between the money lenders and everybody else ever since there's been money and as recently as the Victorian era the banking mafia were tied up in knots by a strong anti-debt culture.
Soon the govt will be making us sell our blood and first born. Oh wait that's called WAR. KILL THE GOVT. The govt is just a parasite.
OH boo fucking hoo. Have these people in the oil biz not been reading the news the last 6 years? For 6 years the only jobs created have been minumum wage. Did they not relealize that it was just a matter of time before it came back and bit them in the ass? How are 9 dollar an hour minmum wage jobs supposed to supprt 4.00/gallon gasoline?The math doesn't compute. And if you didn't realize that it was just a matter of time before your gravy train came to an end, then you're an idiot. Hey roughnecks! Welcome to the shit show bitchez.
Jack,
the first one to frack oil for $20 per barrel wins.
All you need is a cheap secondhand rig and a free license.
Coming to a (free) market soon.
Get rich or die tryin' (that's capitalism baby)
Going by those pyramids I am in the richest 1% of the planet. Now, I drive a 13 year old truck, have no iPhone, dont have a TV, and don't blow my money on nonsense. Almost everyone I know is in the 3rd level down (10k to 100k) but they all flip BMWs every 3 years, buy the latest gadgets nonstop, blow money on a lot of shit, and bitch about their lot in life and how they can't get ahead, while pissing on me for not being like them.
Am not supporting the assholes like the Soros's and Buffets of the world, but there is a big difference between assembling a couple mill thru being shrewd and prudent (like I am) and them, and also between me and everyone I know who is irresponsible with their money.
Human race is light years away from wisdom or "to do it right".
As there is not the slightest interest in doing it right - as everything else (I could add a few zillion more points to your list ...) is more important.
They are all just complaining ... bla, bla, bla ...
With nothing and absolutely nothing behind it.
The point is not money - the point is the truth. To fight and live for the truth. And to do everything necessary for the truth to be the ultimate goal. In such a case or such a world where truth is the highest good - and lies and falsehood the opposite - things would change for the better. Pretty fast.
But the truth the last thing anybody wants.
And so it goes - as it goes.
Hallo next french revolution.
Who cares.
Work hard you muppets! you also can become a member off teh 1% club. Muahahaha....
My share is 0.000001123453%
http://www.reuters.com/article/2015/01/19/us-davos-meeting-predictions-i...
(Reuters) - As the world's business and political elite ascends the Swiss Alps for an annual bout of crystal-ball gazing this week, history suggests the Davos pundits are likely to get plenty of things wrong.
More than 1,500 business leaders and 40 heads of state or government will attend the Jan. 21-24 meeting of the World Economic Forum (WEF) to network and discuss big themes, from the price of oil to the future of the Internet.
This year they are meeting in the midst of upheaval, with security forces on heightened alert after attacks in Paris, the European Central Bank considering a radical government bond-buying program and the safe-haven Swiss franc rocketing.
The mountain air encourages confident pronouncements but the accuracy of Davos predictions has been mixed in recent years.
Dud forecasts from last year include Bank of Japan chief Haruhiko Kuroda declaring the situation in his country was "completely changed". Twelve months on, Japan's economy is back in recession.
And no-one last year saw Russia's annexation of Crimea, the rise of Islamic State or oil at $50 a barrel.
The twin crises in the euro zone and the banking sector have also been notorious for wrong-footing policymakers and pundits.
In 2011 the French finance minister at the time, Christine Lagarde, declared the euro zone had "turned the corner" and told financial markets not to "short Europe". The bloc went on to have an awful year in which short-selling would have been a decidedly smart tactic.
In 2012 the tables were turned when economist Nouriel Roubini, nicknamed Dr Doom after he forecast the U.S. sub-prime mortgage crisis, predicted that Greece would leave the euro within a year. It didn't happen, though "Grexit" talk is back on the agenda in time for this year's Davos shindig.
The nadir for predictions, however, was January 2008. Despite the onset of the U.S. sub-prime crisis, the Davos crowd overwhelmingly failed to spot the coming crash sparked by the collapse of Lehman Brothers only eight months later.
A comment from Kuwait Investment Authority head Bader Al Sa'ad that bargains in the U.S. financial sector represented "a pure investment opportunity" summed up the overconfident mood at the time.
In the technology world, Microsoft co-founder Bill Gates famously promised in 2004 to rid the world of spam email within two years. The world's three billion Internet users are still waiting.
SPOTTING MEGA-TRENDS
But Davos has been good at spotting some mega-trends, such as the rise of emerging markets and, more recently, the shale gas-driven rebalancing of economic growth in the United States. It also flagged future global tensions, such as access to water and cybersecurity.
The Alpine zeitgeist has a better track record when viewed from the perspective of the business community as a whole.
An annual survey of confidence among chief executives, unveiled each year at Davos by PricewaterhouseCoopers, shows that CEOs had a reasonably good idea of what was in store in 2007, 2009 and over the past three years, if not in 2008 and 2011. See graphiclink.reuters.com/muv73w
Of course, for most of the 2,500 participants, the event is more about meeting contacts and swapping ideas than pinning down firm predictions.
"Clearly, there are things that are missed," said Mark Spelman, managing director at consultancy Accenture, who has been coming to Davos for more than a decade. "But it gives me a picture of how 2015 may play out and it's impossible to get the same quantity or quality of interaction in such a condensed period of time in any other place on the planet."
This year worries about international conflict are a major concern for the global community, according the WEF's annual Global Risks report, though economic fears are still very real.
http://www.bloomberg.com/news/2015-01-19/swiss-army-says-it-s-prepared-f...
Swiss security forces said they’re ready to handle any potential terrorist threat to global leaders attending the World Economic Forum in Davos this week.
“Since 9/11 we are always prepared for the worst case, so a terrorist attack'' is a scenario for which we have planned, said Major-General Jean-Marc Halter, who as the head of the armed forces joint staff is in charge of the army’s deployment in Davos. “The teamwork between the intelligence community is very good, so we have so far no evidence or no threat of a direct terrorist attack here in Switzerland.”
Some 3,000 Swiss military personnel will be protecting 2,500 participants including Chinese Premier Li Keqiang, German Chancellor Angela Merkel and U.S. Secretary of State John Kerry, who are gathering at the annual forum in the Alpine town.
The Jan. 7 massacre at the Paris office of Charlie Hebdo magazine by radical Islamists has led to an increase of security across the continent. In Davos, security measures haven’t been changed, Halter said.
You're assuming that Davos 'predictions' are just that. Could be that our rulers are just giving us the Agreed Narrative for the forthcoming year, not what they actually believe will happen.
No, what he is saying is that 1400 'business leaders' and 40 'world leaders' will be in one place.
The 'security' services are happy with the plan they've been using for years.
ATC strike keeps them on the mountain
Snowplough strike stops them leaving
Catering strike lets them starve
It is only 'Title' that keeps them rich.
'Title' is a gift of kings that can be revoked in an instant.
All it takes is for each free man to pronounce himself 'King' and declare all title invalid
I like the cut of his jib!
They created the emerging markets by looting the industrial base and offshoring it. It's easy to spot trends you create.
For us in Europe history is running backwards:
history till 1970s
absolute monarch -> aristocarcy -> meritocracy
history from 1970s
meritocarcy -> aristocracy -> absolute monarch
Power and wealth concentration must eventually lead to an absolute monarch.
And a large part of that wealth will disappear into thin air, from where it came
It is irrelevant that these few people 'own' so much
Do they go out every morning and physically wiegh their gold, count their cars, measure their cocks ?
Just rehypothecate it.
They have so much that they cannot possibly use it all in one go.
So whilst they aren't using it we can give it to people who will.
Decide who has more than they can spend in a lifetime and sequestrate the lot, when they want to spend then just print some up.
None of it is real anyway.
Hey uber-wealthy members of the 1% club, in order to complete your mission to own all the world's wealth, you'll want to check out some of my spectacular listings on Craigslist. If the ad is up, the items are still for sale.
There is not short cut to hard work.
1. Look for good market structure
2. Good price location on entry
3. Take 50% of profits out of brokerage into store of value (fiat cash is a worthless)
With money and investing, do the opposite of whatever you are feeling, especially if you have no structured plan.
OLIGOPOLY PITCHFORK SALES & MOBILE SHARPENING SERVICE Inc.
NATION WIDE Franchise Opportunities - OAC
ON CALL 24/7 MOBILE SHARPENING SERVICE & PARTS
PHONE: 1 800 YOU-STAB (BODY REMOVAL EXTRA*)
PROPOSED IPO DATE: March 10th 2015
*WE ARE NOT AN EQUAL OPPORTUNITY EMPLOYER*
*ONLY REGISTERED 99% CONTRACTORS NEED APPLY*
This actually would not bother me if not for the fact that they gained it purely because of the "state" handing it to them. It's not possible any other way.
Why is 10-100k qualifed as the middle class? It isn't like it is the middle in terms of anything.
I also don't think anyone who may have a net worth of only 10k is deemed middle class nor is anyone with a 1 mil net worth some evil wealthy person.
Basically that pyramid is too simplistic. Break it down more and it'd have far more use.
Oh and of course the higher net worth people will own a disproportionate amount of wealth based on how many qualify for that since it is simple math. If someone has a net worth of say 100 bucks then a person who has a net worth of $10k is the equivalent of 100 of those $100 guys.
It's net worth after debt, how many people do you know on > $100,000 p/a have debt < $90,000
Fact is, if you are a wage slave on $200,000 p/a you owe > $800,000 (nice house, car, blow, hookerz)
Fact is, only those at the top and those at the bottom have no debt.
There is no room for a redundant middle class.
And now there is no 'Room at the Top'
Eat your feckin kippers and STFU
Doesn't help that Asians with barely barely enough rice to feed the current 2bn are breeding like rats.
RadioactiveRant,
with all due respect you are talking out of your arse, when you are old and your wealth is sat in a bank earning -2% you will be glad that there are at least some young people left on the planet to pay your pension (or do you think wealth grows on trees)
Fuckwit, you are going to die like Smorg, surrounded by wortless gold whilst the young around you throw off your pensions chain, don't worry, you will see the light when you drool your last in a pool of piss, it is not what you own but what you give that makes the man.
Salvation lies within.
BobRocket,
Whats your comment got to do with what I posted? Along with the concentration of wealth at the top end, the global bottom isn't helping itself by breeding at a rate beyond which it can feed and educate itself. There is huge negative correlation between GDP/capita and fertility.
While I understand the need for young people to replace todays workers (and pay their pensions) theres no fucking way a kid without any kind of education in Bangladesh is going to be paying for my retirement. They probably have to survive all year on the cost of one weeks meds for a westerner. They need to focus on quality not quantity and provide a decent education for their young.
"...provide a decent education for their young" - yeah, like the USA
I'm all for responsible reproduction.
Wouldn't be too quick to assign all the people in the bottom of the chart to third world status though.
We are right at the 50th percentile for household income in the US, but our net worth is actually something like negative $60,000 for student debt. That is assuming that our house and vehicles are worth at least what we owe on them and I believe they roughly are.
Since this is a net worth chart I expect there are millions like us dragging down those $2 a day third worlders.
NOW WHERE IS MY PITCH FORK?
under your AR!
Well, when most wealth is in financial assets and a dedicated cadre of pseudo-government banks inflate that paper wealth while the real government hampers real wealth creation, what the fuck do we expect?
Dump AU and AG and bring more QE.
Another one (BILLION PEOPLE) bites the dust!
That's so terrible. I'm so angry!!! Oh look a Pottery Barn!!!!!!!!!!!
Off with their FUCKING HEADS!!!
"The Richest 1% Are About To Own Over Half Of Global Wealth"
- and -
No one should expect a good result from that
I'm going to start putting up "Wanted" posters for Rockefeller, Dimon, Blankfein, Summers, Rubin, Soros, Buffet, etc.
Wanted Dead
No bounty just the good feeling you get from killing a piece of shit.
Start with the leftist politicians, they are the enablers and this is exactly what they want.
The destruction of the middle class and the growth of the government dependent.
"What is this? I am chained to a wall! I am George Soros!"
"That's why you are here. Oops, there go your feet."
"Please, I have Billions! Let me go!!!"
"No, I don't think so, George."
Max, inject more coagulant. The hogs are eating their way up his legs...don't worry, Georgie, we'll keep your head and torso to hang on a lamp post. It will be fun to watch your intestines swing in the wind..."
It's easy to tell what's what.
If most of them had got so rich through good ideas and innovation everyone else would be richer also.
If most of them got so rich through money-lending or regulatory capture everyone else would be poorer.
Simple.
Hunger games coming real soon the wage slave plantation
+
I'm no racist, but you have to wonder what % of the 1% are Jews?
Fuck You
90% Zionists.
People making $10,000 are not the middle class. These charts are bogus.
Net worth chart, not an income chart.
Anyday now it'll start trickling down.
It is fascinating to me how many people are obsessed with what OTHER people have and earn, rather than with what they have and earn.
FLASH:
The poorest 99% own 60% of government spending !!!
That is the Hoax and Chains American demanded, and that is The Hoax and Chains America got.
A tactical Nuke at the right time might shake things up, when all these spawns of Satan are in one place.
Watching a video of Bill Gates stumbling from the ruins with fatal radiation poisoning would be...Karma.
"Kill...me, don't let me suffer."
"I don't think so, Bill. Your Genocidal Plans for Africa are too Evil. I think I will watch you die a horrible death. Then I will feed you to some pigs, after we cut you up with this chain saw."
"No! I saw what you did to Mario. Please!"
"Hahhahahhaha, motherfucker. The chain saw is dull. You'll be able to watch all your blood spurt out. We'll start with your dick and balls. Look how hungry those hogs are. What a tasty treat. Next, your skinny buttocks......how long can you stay conscious? Maybe this methamphetamine will help....I really hope you are still with us when they get to your legs...
Davos?
What do you think the Islamic State is? Once they break out of their current box, they will be an unstoppable conqueror.
**What happens after that, once the world's 99% realize that the "recovery" was nothing but the era of the most brazen middle-class destruction around the globe, one which also saw the greatest wealth transfer period from everyone else to the uber-rich in the history of mankind, covered by endless daily talk of "imminent recovery"? Think French revolution, only on a global scale, and on steroids.**
I love you guys