“Richest 1% on target to own two-thirds of all wealth by 2030”

Wonder which political party they vote for in the UK?

“The world’s richest 1% are on course to control as much as two-thirds of the world’s wealth by 2030, according to a shocking analysis that has lead to a cross-party call for action.

World leaders are being warned that the continued accumulation of wealth at the top will fuel growing distrust and anger over the coming decade unless action is taken to restore the balance.

An alarming projection produced by the House of Commons library suggests that if trends seen since the 2008 financial crash were to continue, then the top 1% will hold 64% of the world’s wealth by 2030. Even taking the financial crash into account, and measuring their assets over a longer period, they would still hold more than half of all wealth.

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Since 2008, the wealth of the richest 1% has been growing at an average of 6% a year – much faster than the 3% growth in wealth of the remaining 99% of the world’s population. Should that continue, the top 1% would hold wealth equating to $305tn (£216.5tn) – up from $140tn today.

Analysts suggest wealth has become concentrated at the top because of recent income inequality, higher rates of saving among the wealthy, and the accumulation of assets. The wealthy also invested a large amount of equity in businesses, stocks and other financial assets, which have handed them disproportionate benefits. …”

https://www.theguardian.com/business/2018/apr/07/global-inequality-tipping-point-2030

One thought on ““Richest 1% on target to own two-thirds of all wealth by 2030”

  1. Let us look at this from another perspective in the UK.

    Most young people are now unlikely to ever be able to afford to own their own homes without a huge legacy or gift from parents or grandparents. Hence the term “generation rent”.

    But we are all living longer and requiring greatly increased social care in old age – so it is becoming less and less likely that parents or grandparents will have equity to pass on, and if they do it would be unlikely that it would be passed on again to the next generation for these same reasons.

    The inevitable consequence of this is that within a generation or two, 95%-99% of the population will be renting their homes. Or to put it another way, 95%-99% of the housing will be owned by 1% of the population.

    The last time that this was the case was feudal times – and that appears to be where the UK is headed. Yes – a feudal society with an elite at the top running the country and owning everything, and with everyone else scraping a living to pay the rent – that is the future that we, and our children and our grandchildren and our great-grandchildren have in front of us unless something changes radically to redistribute the wealth more fairly.

    Conservatives – for the 1% not the 99%.

    Like

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