Monday, May 27, 2024

The Margin: Wealth inequality is 100 times worse than income inequality


As the world’s elite gather in the Swiss Alps at the World Economic Forum in Davos this week to press the flesh and discuss critical global issues, the increasing divide between the haves and have-nots promises to remain a hot topic.

On Monday, Oxfam published a report on how rising inequality continues to pose a profound challenge for political leaders. Last year, just 62 people held wealth equivalent to the amount owned by 3.6 billion, about half the world’s population, according to the anti-poverty charity.

Max Galka of the Metrocosm blog, using government data, added some visual context in a post entitled, “Income inequality is big, wealth inequality is 100 times bigger.” He said much of the focus tends to be on the growing disparity between incomes, when the real measure is wealth.

Galka then drilled down to focus on just the tip-top of the rich list, showing that the combined net worth of four U.S. billionaires is almost as much as the total wealth of the bottom 40% of U.S. households, which amounts to about 128 million people.

Galka also pointed out that his post isn’t an indictment against the wealthy. “In fact, there are few people I have more respect for than Bill Gates,” he said. “The world would be a very different place if it weren’t for entrepreneurs like him. And on top of it, he is now using his money to help others.”

Curious about where you stand among the global rich? You might be surprised. Enter your numbers here and see how you stack up.

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Author: Red

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