Look at how the 1% are doing right now, and tell me the system isn’t rigged
But a roaring 20s is actually happening, just not for most of us. According to Oxfam’s annual inequality report, released to coincide with the World Economic Forum meetings in Davos, the richest 1% of people have captured nearly twice as much new wealth as the rest of the world combined since the pandemic. Their fortune soared by $26tn, increasing their share of new wealth from 50% to two-thirds.
Who are the global 1% by wealth? To use a round number, anyone with $1 million in assets.
For no, the report is not about the 1% of each society. It’s about that global 1%.
So, the global 1% includes Polly Toynbee, Will Hutton and Katherine Viner. It includes every GP in Britain retiring early because they’ve hit the pension pot limit – which is currently a little over $1 million, that limit.
Actually, it includes pretty much anyone who owns a flat or house in SE, maybe even South, England mortgage free and also has a decent defined benefits pension. Be a lot of mature nurses and schoolteachers in that group then.
It’s housing equity plus pension pot plus personal belongings plus financial assets minus debts. $1 million. Which includes most British professionals and an awful lot of middle middle class types in their 50s and 60s.
It’ll also, soon enough, include Nesrine Malik. Buy a place in London, keep paying into the Guardian pension fund, write a couple of medium selling books and she’ll be there, right enough.
Woes, eh, we have met the global 1% and it is us.