Quantcast
Popular

These 6 Men Have as Much Wealth as Half the World's Population

By Paul Buchheit

Yes, inequality is getting worse every year. In early 2016 Oxfam reported that just 62 individuals had the same wealth as the bottom half of humanity. About a year later Oxfam reported that just eight men had the same wealth as the world's bottom half. Based on the same methodology and data sources used by Oxfam, that number is now down to six.

How to account for the dramatic increase in the most flagrant and perverse of extreme inequalities? Two well-documented reasons:

1. The poorest half (and more) of the world has continued to lose wealth; and

2. The very richest individuals—especially the top thousand or so—continue to add billions of dollars to their massive fortunes.

Inequality deniers and apologists say the Oxfam methodology is flawed, but they're missing the big picture. Whether it's six individuals or 62 or 1,000 doesn't really matter. The data from the Credit Suisse Global Wealth Databook (GWD) and the Forbes Billionaire List provide the best available tools to make it clear that inequality is extreme and pathological and getting worse every year.

How It's Gone from 62 to Six in One Year

As of Feb. 17, the world's six richest individuals (all men) had $412 billion. Tables 2-4 and 3-4 of the 2016 GWD reveal that the poorest five deciles of the world population own just .16 percent of the $256 trillion in global wealth or $410 billion. That latter figure is based on mid-2016 data, but since then the status of the bottom 50 percent has not improved and has in fact likely worsened, as both global debt and global inequality have increased.

Just a year ago, on March 1, 2016, the world's six richest men had $343 billion. They're the same men today, although slightly rearranged as they play "king of the hill": Bill Gates, Warren Buffett, Jeff Bezos, Amancio Ortega, Mark Zuckerberg, Carlos Slim Helu (with Larry Ellison jockeying for position). The wealth of these six men increased by $69 billion in just one year.

Just a year ago, according to the 2015 GWD, the poorest five deciles of the world population owned much more than today, close to $1.5 trillion. What happened? It's very clear: the world's richest 10 percent (mostly the richest 1 percent) gained nearly $4 trillion while every other segment of the global population lost wealth.

That's worth a second look. The world's total wealth is about $256 trillion and in just one year the richest 10 percent drained nearly $4 trillion away from the rest of civilization.

It's Not Just the Bottom Half: A 500-Seat Auditorium Could Hold As Much Wealth as 70 percent of the World's Population

According to the Forbes Billionaire List, the world's richest 500 individuals have $4.73 trillion in wealth. Tables 2-4 and 3-4 of the GWD reveal that the poorest seven deciles of the world population own just 1.86 percent of the $256 trillion in global wealth or $4.76 trillion. That's more than two-thirds of all the people on Earth. That means 5,000,000,000 people—five billion people—have, on average and after debt is figured in, about a thousand dollars each in home and property and savings.

In the U.S., the Forbes 400 Own as Much as 3/5 of the American People

The bottom 60 percent of Americans, according to Table 6-5 in the GWD, own three percent of the nation's $85 trillion in total wealth or $2.55 trillion. The Forbes 400 owned $2.4 trillion in October 2016 and that's been steadily increasing.

So as apologists like the National Review refer to "a growing upper-middle class" of people earning more than $100,000 a year, they're inadvertently offering an explanation for the demise of the middle class: Some are moving up, way up; many others are dropping to the lower-middle-class or below. The once sizable and stable middle of America is splitting into two.

The Deniers Are Lurking

The Boston Globe's Jeff Jacoby calls the Oxfam analysis "irrelevant." Reuters contributor Felix Salmon calls it a "silly stat."

Jacoby's column includes some stunning assertions. He said, "Just as capitalism made it possible for Gates, Zuckerberg and the others to reach the highest rung on the economic ladder, it is making it possible for billions of men and women to climb up from the lowest rung. Oxfam's billionaires are richer than they used to be. So is almost everyone else." And he quotes writer Johan Norberg: "Poverty as we know it is disappearing from our planet."

Billions moving up? Almost everyone getting richer? Poverty disappearing?

While we keep hearing about the world "climbing out of poverty," much of the alleged improvement is due to rapid economic growth in China and creative math on the part of the UN. And yes, many Americans have negative wealth because of debt. A human being doesn't have to live in a third-world slum to be impoverished.

Yet as inequality ravages the American and world economies, denial grows right along with it. Cato's Michael Tanner suggests that "even if inequality were growing as fast as critics claim, it would not necessarily be a problem." George Will, of course, agrees. But like the other deniers, they all protest too much as they try to explain away reality.

Paul Buchheit is a college teacher, an active member of U.S. Uncut Chicago. His latest book is, Disposable Americans: Extreme Capitalism and the Case for a Guaranteed Income. He is also founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org) and the editor and main author of American Wars: Illusions and Realities (Clarity Press). He can be reached at paul [at] UsAgainstGreed [dot] org. Reposted with permission from our media associate Common Dreams.

Show Comments ()
Sponsored
Popular
Desperate for water, Puerto Ricans are resorting to any available sources, such as this stream in Cayey. Angel Valentin / NPR

Desperate Puerto Ricans Are Drinking Water From Hazardous Waste Sites

The ranking Democrat on the House Homeland Security Committee called for an investigation into the availability of potable water in Puerto Rico following reports Friday that residents are scrounging for water from hazardous waste sites.

After the U.S. Environmental Protection Agency (EPA) confirmed residents were trying to access water from three Superfund sites, and following a CNN story Friday featuring Puerto Ricans taking water from a fourth site, Rep. Bennie Thompson (D-MS) wrote a letter to acting DHS Secretary Elaine Duke asking if she knew about the situation and calling the reports "beyond disturbing."

Keep reading... Show less
Brant at Izembek Lagoon. Kristine Sowl / USFWS

Groups Slam Zinke's 'Backroom Deals' to Build Road Through Alaskan Wildlife Refuge

Ryan Zinke's Interior Department is working behind the scenes to build a controversial and long-contested road through the heart of Alaska's Izembek National Wildlife Refuge, documents show.

The refuge was established more than 30 years ago to conserve wetlands and habitats for migrating birds, brown bears and salmon and other wildlife. 300,000 of its 315,000 acres has been designated as Wilderness in 1980 under the Alaska National Interest Lands Conservation Act.

Keep reading... Show less
FAO / Giulio Piscitelli

On World Food Day, Pope Francis Says Link Between Climate Change and Hunger Is Undeniable

By Andrew McMaster

Speaking at the United Nations Food and Agriculture Organization (FAO) on World Food Day, Pope Francis addressed the need for governments around the world to acknowledge that climate change and migration were leading to increases in world hunger.

Francis received a standing ovation after a stirring speech in which he said all three issues were interrelated and require immediate attention.

Keep reading... Show less
The pallid bat is native to the western U.S., where the spread of white-nose syndrome is a threat. Ivan Kuzmin / Shutterstock

Why Are America's Bats Disappearing?

By John R. Platt

It's Friday evening in Pittsburgh, and the mosquitoes are out in force. One bites at my arm and I try to slap it away. Another takes the opportunity to land on my neck. I manage to shoo this one off before it tastes blood.

I'm at Carrie Furnaces, a massive historic ironworks on the banks of Pennsylvania's Monongahela River. Stories-tall rusting structures loom all around me, as do the occasional trees poking their way out of the ground. A tour guide, leading a group from the Society of Environmental Journalists conference, tells me the soil here is full of heavy metals and other pollutants from the factory, which operated for nearly a century before closing in 1982.

Keep reading... Show less
Sponsored
The Amur tiger is the extinct Caspian tiger's closest living relative. Mathias Appel / Flickr

After a Half-Century, Tigers May Return to Kazakhstan

Wild tigers may be on their way back to Kazakhstan.

This news is surprising for a few reasons. First, most people associate tigers with the jungles of India or Sumatra, even the snowy slopes of eastern Russia—not the dry landscapes of Central Asia. But Iran, Turkey and Kazakhstan were once home to thriving populations of Caspian tigers. Unfortunately, sometime between the 1940s and '70s, this subspecies went extinct due to widespread trapping, hunting, poisoning and habitat degradation.

Second, Kazakhstan isn't a nation that often comes up in conversations about conservation. In fact, if Americans recognize the world's largest landlocked nation for anything, it's probably the movie Borat.

Keep reading... Show less
www.youtube.com

California Wildfires: One of 'Greatest Tragedies' State Has Ever Faced

With aid from easing winds, the 11,000 firefighters beating back the Northern California wildfires are making "good progress," as the number of major blazes dropped to 15, the state's fire agency Cal Fire announced Sunday.

But as Cal Fire noted‚ "Sadly, the death toll has risen to 40 people."

Keep reading... Show less
Sponsored
Bonn Climate Change Conference, June 4 2015. UNclimatechange / Flickr.

UN Urges World Leaders to Heed Climate Risk, Warns of More Severe Disasters

By Paul Brown

The hurricanes and wildfires that have severely damaged large areas of the U.S. in recent weeks have had no impact on President Donald Trump's determination to ignore the perils of climate change and support the coal industry.

In a deliberate denial of mainstream science, the Trump administration has issued a strategic four-year plan for the U.S. Environment Protection Agency that does not once mention "greenhouse gas emissions," "carbon dioxide" or "climate change" in its 48 pages.

Keep reading... Show less
Popular
www.youtube.com

Oil Rig Explodes in Louisiana: 7 Injured, 1 Missing

An oil rig exploded on Lake Pontchartrain, Louisiana Sunday night, injuring seven crew members, with an eighth believed to be missing, authorities said.

The explosion was reported at 7:18 p.m. near St. Charles Parish and the city of Kenner. The platform, located in unincorporated Jefferson Parish, is owned by New Orleans-based Clovelly Oil Company.

Keep reading... Show less
Sponsored

mail-copy

Get EcoWatch in your inbox