There’s something about these numbers

The richest 0.1% of the world’s population have increased their combined wealth by as much as the poorest 50% – or 3.8 billion people – since 1980, according to a report detailing the widening gap between the very rich and poor.

The World Inequality Report, published on Thursday by French economist Thomas Piketty, warned that inequality had ballooned to “extreme levels” in some countries and said the problem would only get worse unless governments took coordinated action to increase taxes and prevent tax avoidance.

Not sure about this but. The 0.1% have more wealth than the bottom 50%. That’s a reasonably normal feature of wealth distributions by the way.

So, if the amount of the top .1% has risen by as much as that of the bottom 50% then the wealth gap must have fallen, no? Say, 25% (about what they do say) went to the tippy top people, 25% of the increase in wealth. The same also to the bottom 50%. Then the ratio between the two must have fallen.

11 thoughts on “There’s something about these numbers”

  1. So they criticise Zimbabwe and Venezuela then? Where the elite skims off all the wealth?
    No? Just the West, where pensions and free health care mitigate the problem.

  2. OR

    3.8bn of the poorest, lifted by 25% from abject poverty in only 4 decades. Let’s do more of whatever caused this and enrich the lives of all.

  3. A lot of the wealth that the rich own is business related.

    If I own MegaCo Ltd which is worth billions it’s because MegaCo employs people, owns factories or offices, makes profits, pays taxes.

    To the extent that the taxes go to the poor the wealth is being redistributed and you can’t distribute the rest of it.

    It’s a sham comparison.

  4. But all of this. Every day, every report, every news story from the bleating left leads me more and more to conclude that trying to argue or reason or respond to it is a waste of time and that that item Flubber linked to on another thread is the answer; our only way to usefully respond to this tirade of shroud waving bollocks.

    “So, what? Don’t care. Fuck off”.

  5. Dwelling on my point a bit more, the fact that the world population has been able to grow from 4.5bn to 7.5bn in the last 37 years is testament to the vast increase in prosperity.

    Also, that’s a rather frightening figure.

  6. Indeed: so what, don’t care. There is no raise I have ever gotten that sent me door-to-door to make sure my neighbors had not done even better. Income inequality is a vital concern to culture crusaders (also to authors like Piketty, who is not harmed by the Top 0.1% either), but nothing the average person would elect to fund with his own money, like most of the world’s librarians, nutritionists, telescopes, and land use planners.

    Cheers Andrew and Andrew; wish the US Republican party could rebut as you can, rather than just devise cutesy acronyms for their legislative bills.

    Just as no member of the Top 0.1% fondles his money in a vacuum, no attempt to punish them with taxation will keep them from earning an appropriate after-tax return. It is all leftie Virtue Signaling, and the hunger to signal virtue will resist rebuttals.

  7. The rise in student debt reduces the *stated* wealth of the bottom 50% but the increase in state pensions is ignored. So the stated figures are just wrong.
    Allegedly the richest family in the UK are the Hindujas whose 1980 (or in some versions of the story 1984) wealth is excluded from the comparative figures – most of the top of the “UK Rich List” are recent “immigrants” with one house in the UK but more than one – and most of their wealth – overseas so including them in the latest statistic and not the other is either deliberately misleading or horrendously incompetent (or, maybe, both).

  8. Do these numbers include citizen wealth? UK public spending at £814 billion is now about £12,000 per head. You only need to be a UK citizen to have this money spent for your benefit. What is the current capital value of this right which could amount to a total of £960,000 over a lifetime at constant 2017 prices?

  9. ‘the problem would only get worse unless governments took coordinated action to increase taxes’

    Success MUST BE PUNISHED !!!

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