Tuesday, August 17, 2010

Being among the 1 percent richest in the world. me, no way!

I work a lot with development issues and think a lot about inequalities in the world. Still I was shocked to realise how privileged I am when I checked my income on the Global Rich List. A great web site.

Microsoft CEO Bill Gates has more wealth than the bottom 45 percent of American households combined

1 comment:

  1. Global Issues tells us that World gross domestic product was $54.3 trillion in 2008. In 2005, the world’s billionaires - just 497 people- were worth $3.5 trillion (over 7% of world GDP). In 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 estimated, June 2010, that the world population of 6.83 billion generated a GDP of $58 trillion. The World Wealth Report 2010 indicates that there were 10 million individuals worth $39 trillion: 3.1 million in North America 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, shows the combined wealth of the richest 1,000 in the UK stood at GBP 333 billion in June 2009, 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, and in June 2009, this number had reduced to 793 with $2.4 trillion; while by June 2010, Forbes 500 identified 1011 billionaires, worth $3.6 trillion. 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.
    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.
    Based on the American Census reports of wealth distribution in the USA, it is possible to estimate that of this 20%, or 1.30 billion with more than $10 a day..............
    13%, or 884 million, live on $11 to $274 a day;
    6%, or 408 million, live on $275 to $11000 a day;
    1%,or 68 million, live on more than $11,000 a day, or $4 million a year; and 10 million with $39 trillion.
    What is more, 1011 billionaires have $3.6 trillion. This means that about 7%, or 476 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.
    If we accept these estimates, 93% of the people in the world, about 6.3 billion, are poor: with those living on $1 a day in absolute poverty; and those on more than $21 a day, relative poverty.
    The World Wealth Reports of 2010 reveal that the richest continue to get richer e.g. the fortunes of the UK billionaires increased by 33% during 2009! 10 million people, or 0.1% of the global population, are worth $39 trillion, 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 global GDP were divided evenly amongst the 6.80 billion individuals, [children and adults], there would be $8000 per head or $22 a day