It’s that time of year again when Oxfam point a bony finger, and say that the richest 1% of the world’s population now has as much wealth as the rest of the world combined. It further makes the remarkable claim (well unless you read last year’s report), that the richest 62 people in the world had as much wealth as the poorest half of the global population (last year it was 85 people).
Of course the accusations about the top 10% and top 1% carry a caveat or two:
Of course the accusations about the top 10% and top 1% carry a caveat or two:
- Firstly: Credit Suisse (who do the maths for Oxfam) suggests that its estimates of the proportion of wealth held by the 10% and the 1% is "likely to err on the low side".
- Secondly: It makes guesstimates of levels of wealth in countries from which accurate statistics are not available.
- Finally: The figures required to get in to the top 10% and top 1% (but not the top 62 people, obviously), are remarkably low by West European/North American standards .... cash and assets worth just $68,800 (£48,300) to get into the top 10%, and only $760,000 (£533,000) to be in the top 1%.
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| New Top 65 Ultra Rich .... Much The Same As Old Rich 85 |
