Are you a HNWI? If so you are one of 10 million guys controlling one third of all assets. And while the world economy went into recession your wealth increased some 19 percent.
The most commonly quoted figure for "membership" in the high net worth "club" is $1 million in liquid financial assets.
The world’s population of high net worth individuals (HNWIs) grew 17.1% to 10.0 million in 2009.The world’s population of high net worth individuals (HNWIs) returned to 10 million in 2009, increasing by 17.1% over 2008. HNWI financial wealth increased 18.9% from 2008 levels to $39 trillion. After losing 24.0% in 2008, Ultra-HNWIs saw wealth rebound 21.5% in 2009. Ultra-HNWIs increased their wealth by 21.5% in 2009. In terms of the total Global HNWI population remains highly concentrated with the U.S, Japan and Germany accounting for 53.5% of the world’s HNWI population, down slightly from 2008. Source: World Wealth Report 2010. The World Wealth Report covers 71 countries in the market-sizing model, accounting for more than 98% of
global gross national income and 99% of world stock market capitalization.
World GDP, also known as world gross domestic product or GWP - gross world product, calculated on a nominal basis, was estimated at $65.61 trillion in 2007 by the CIA World Factbook
Global household wealth amounted to $125 trillion in the year 2000. The richest 2% of adults in the world own more than half of global household wealth according to a path-breaking study released today by the Helsinki-based World Institute for Development Economics Research of the United Nations University (UNU-WIDER).
well there are many different ways one can present the data of world inequality - they all have one thing in common. It is appalling.
In 2005, the world’s billionaires, just 497 people, were worth $3.5 trillion (over 7% of world GDP).
ReplyDeleteIn 2007 [according to the World Wealth Report of MerrilLynch/CapGemini] there were 10.1 million $millionaires including 103,000 $billionaires, worth in total $42 trillion [76% of world GDP].
The World Bank and the IMF estimate, June 2010, that the world population of 6.83 billion generates a GDP of $58 trillion. The World Wealth Report 2010 indicates that there were 10 million individuals worth $39 trillion: of which 3.1 million in North America are worth $10.7 trillion; 3 million in Europe worth $9.5 trillion; 3 million in Asia-Pacific worth $9.7 trillion.
53.5% of the world's richest people lived in US, Japan, and Germany.
477,000 millionaires lived in communist China!
448,000 millionaires were counted in the UK.
The Sunday Times Rich List, April 2010, reported the combined wealth of the richest 1,000 in the UK stood at GBP 333 billion with 53 billionaires in the country - three times as many as in 2003.
In 2008, Forbes.com tells us that there were 1,125 billionaires with $4.4 trillion, globally. By June 2009, this number had reduced to 793 with $2.4 trillion, as a result of the Credit Crisis.
Forbes Russia [April 2010] reports that in 2009 there were 62 billionaires in Russia, controlling $297 billion in total - out of a population of 139 million. Russia has successfully enriched a minority and impoverished the majority as the result of corporate capitalism! And state capitalism.
Global Issues[Oct 2008] reported that of the 6.8 billion people living on earth, 80% live on less than $10 a day; and 20% on more than $10 a day.
If we use the American Census reports of wealth distribution in the USA as a model, it is possible to estimate that, in 2008, out of the 1.36 billion people living on earth with more than $10 a day..............
13.85% live on $11 to $274 a day;
6% live on $275 to $11000 a day;
less than 1% live on more than $11,000 a day.
This means that about 418 million people earn in excess of $100,000 a year and have more than $275 a day, enjoying 82% of export trade, and 68% of direct foreign investment. Free market capitalism is organized by 418 million wealthy individuals for their benefits, and the continuing enrichment of 10 million $millionaires.
In 2008, if less than 00.15% of the population owned $42 trillion, it follows that 99.85% had $12.3 trillion. This population includes the 5.4 billion on less than $10 a day and the 1.36 billion on more than $10, but less than $11000 a day.
The World Bank [2008] reports that a global average wage was $7985 a year or $21 a day. The majority of the people in the world, about 6.8 billion, are poor: with those living on $1a day in absolute poverty; and those on more than $21 a day, relative poverty.
The evidence of 2010 does reveal that the richest continue to get richer e.g. the fortunes of the UK billionaires increased by 33% during 2009! 10 million people are worth $39 trillion, each managing to thrive on more than $11000 a day.
How much more evidence do we need of the inequality of the global societies? and the prevalence of poverty?
If the $58 trillion GDP were divided evenly amongst the 6.83 billion individuals, [children and adults], there would be $8000 per head or $22 a day; and no poverty.