Its being widely reported that the legally richest 85 people in the world (excluding drug dealers, and state asset appropriation), a group who could fit in one rail carriage (or to use another analogy, would comfortably fit onto a single London double-decker bus), have a total combined wealth of $1.65tn (£1tn), that is the equal of the entire combined wealth of the poorest half of world.
That is simply shocking when you think about it .....
The study also found that the top one percent of the world's richest families are worth a total of $111.5tn (£67.3tn), amounting to 46 percent of the world's total wealth. We at PC towers have touched on this subject before and we believe that the period in the mid to late 1970's, when the wealthiest 1%, took about 6% of the national wealth was about the right proportion (give or take a percentage point), and that its the move away from those socially progressive economic policies that have led to the current situation.
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| Trickle Down Economics At Work |
That is simply shocking when you think about it .....
I
mean if they had said the richest 85,000 people in the world, it would
have still been eyebrow raising, but its simply 85 individuals, who are
equal in wealth to 3.5 billion people.
Here's the richest ten of those 85 individuals ..... noticeably the UK has none of them:
Here's the richest ten of those 85 individuals ..... noticeably the UK has none of them:
- France - Bernard Arnault - $29bn
- France - Liliane Bettencourt - $30bn
- Hong Kong - Li Ka-shing - $31bn
- USA Charles Koch And David Koch - £34bn
- USA - Larry Ellison - $43bn
- USA - Warren Buffett - $53.5bn
- Spain - Amancio Ortega - $57bn
- USA - Bill Gates - $67bn
- Mexico - Carlos Slim Helu and Family - $73bn
The UK's richest man/woman resident is Srichand Parmanand Hinduja - $19.6bn (£11.90bn). But the actual richest Briton by birth is The Duke of Westminster - $14.00bn (£8.5bn) .... well down the list of rich people.
The study also found that the top one percent of the world's richest families are worth a total of $111.5tn (£67.3tn), amounting to 46 percent of the world's total wealth. We at PC towers have touched on this subject before and we believe that the period in the mid to late 1970's, when the wealthiest 1%, took about 6% of the national wealth was about the right proportion (give or take a percentage point), and that its the move away from those socially progressive economic policies that have led to the current situation.
So maybe its no surprise that most people polled around the globe feel that legislation and economics are slewed in favour of the rich, who compound their wealth by often paying few or no taxes after taking 'legal' avoidance measures such as declaring asset losses to lower taxes.
We have said it once, and we will say it again ..... 'Trickle down Economics' is theft by the rich.
We have said it once, and we will say it again ..... 'Trickle down Economics' is theft by the rich.
Well said. It's obscene that even the idea of Trickle-down economics could be suggested. Apart from the fact that it's morally void, it's on a par with "we must pay [stupid salaries - and perks - and bonuses] to get the best" : they are obviously last ditch efforts to justify unjustifiable policy and some people buy it !??
ReplyDeleteI can imagine those concerned in bemusement about how much they can get away with.
I suspect that most of our current financial crises stem from that false economic doctrine in the 1980s and 1990's
DeleteRolling back the boundaries of the states activities was in many ways a laudable aim, as by the end of the 1970's many functions of the westeren democracies looked remarkably like watered down versions of the Soviet Blocs stated policies. Electric, Gas, Water, Health, and in fact most aspects of daily life were 'state performed'.
ReplyDeleteBut there is no doubt that the economic ideas that Thatcher and Reagan espoused were plain wrong, and that now too much wealth is held in too few hands. Death duties in the UK no longer claw back that accumulated wealth to the degree that causes redistribution to occur and we now face the strong possibility that by the end of the current century virtually all wealth will be in just a few families hands.
Revolutions have started (Russia) when this last occurred, so actually, redressing this imbalance now would be in even the riches interests. It just needs some political bravery.
Can't argue with your logic, but I suspect that the rich wouldn't see redistribution as in their interests. Thanks for the comment.
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