The Wealthiest 1 Percent Will Have Almost 70 Percent of the World’s Money by 2030

Once a common appliance retailer, Sears and its sister supermarket, Kmart, shuttered a number of locations and declared bankruptcy this year. After going more than $5 billion in debt, Sears Holdings has decided to throw in the towel — but not before making sure to stick it to their employees.

While the former employees of these closed stores are being laid off en masse ahead of the holiday season, those who made the calls leading to the current bankruptcy are giving themselves a hefty Christmas bonus, splitting $25 million among them. Their reasoning? This “talent” would leave if not given enough incentive to stick around.

This is one of many modern examples of capitalist actions that have led not only the United States but also the rest of the world onto a very precarious path.

Today, there are few people unaware of the significant wealth inequality around the globe. Yet, the severity of this rift between the have and have-nots is only recently starting to come into focus. A recent analysis by a UK government body is a sobering call to action when it comes to the wealth gap.

According to the House of Commons report, trends show that the world’s richest people have been experiencing a wealth growth of 6 percent every year since 2008; by comparison, the rest of the world has, on average, experienced only a 3 percent gain annually.

If these economic trends established following the 2008 financial crisis persist, the wealthiest 1 percent will hold nearly two-thirds of the world’s total wealth by 2030 –  a mere 12 years from now. Even if these trends were to even out to pre-2008 levels, per the report, the top 1 percent would still hold over 50 percent of global wealth.

An Oxfam International study published earlier this year examines what could be accomplished if the world’s richest individuals used their wealth to help others. At the time, it was found that there are now 2,043 billionaires in the world. With their cumulative wealth, the study suggests, global extreme poverty could be completely wiped out seven times over.

Contrary to the popular theory of “trickle-down economics,” the world’s wealthiest people are largely declining to reinvest their capital, instead either buying up valuable assets or simply hoarding their money. The idea that wealth begets wealth is demonstrably untrue, and the globe is rapidly reaching a tipping point — if it hasn’t already.

Great wealth disparity inevitably leads to social and political backlash. In recent history, there have and still are highly visible examples of this – just look to the global Occupy movements earlier this decade, the so-called Arab Spring and, currently, the “yellow vest” protests in France and Belgium.

Regardless of one’s personal economic philosophy, it is difficult to deny the far-reaching negative impact that comes with irrationally excessive wealth accumulation. As it stands in many of the world’s wealthiest nations, including the United States, such individuals are permitted to enjoy unchecked greed.

Take Action!

Next year the United States will have a new Congress with fewer Republicans, those who helped pass President Trump’s outrageous tax cuts for the nation’s wealthiest individuals. It has become abundantly clear that these cuts have only benefited those on the upper economic crust without trickling down; ultimately, it is only hastening the widening of wealth disparity in the United States and around the world.

Add your name to this Care2 petition to call on Congress to take action to repeal these tax cuts so that wealthy Americans pay their fair share!

Concerned about an issue? Want to raise awareness about an injustice? Join your fellow Care2 users by learning how to make your own petition and make your voice heard today!

 

Photo Credit: Paul Stein/Flickr

50 comments

Mely Lu
Mely Lu5 months ago

tyfs

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Brian F
Brian F5 months ago

Meanwhile the greedy CEO of Amazon Jeff Bezos makes 270 million dollars a day while his workers live in poverty. This is why we need to raise taxes to 94%. These greedy CEO's are taking too much money.

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Janis K
Janis K5 months ago

Thanks for sharing.

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Brian F
Brian F5 months ago

Capitalism fails because it is based on greed and it exploits workers. We need a socialist system that works. Taxes need to be raised to their rate in 1945, 94%, and worker coops need to limit all corporate CEO pay to no more than 5 times the average workers pay. The average corporate CEO makes over 400 times the average worker's pay. This should is why most of the wealth goes to the 1%, and should be illegal.

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pam w
pam w5 months ago

Joan E is right....the outright GREED of oligarchs (or would-be oligarchs, such as the Pustulent President) is what keeps this nation from an equitable income/asset spread. The oligarchs don't want you and me to have equal opportunity because they want to keep it all.

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Sherri S
Sherri S5 months ago

The rich get richer and the poor get poorer......

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Paul B
Paul B5 months ago

IT isn't capitalism that is creating this... it is excessive government control and the ability of DC to pick and choose winners and losers. The wealthy pay for their wealth through lobbying efforts and campaign contributions. Cronyism is the key to creating an elite class.
That is what big government creates and why it amazes me that the left only wants more DC control over our lives, furthering the very problem they seek to reduce. Fighting against your own best interests is a very bad idea.

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Joan E
Joan E5 months ago

Just looked up an article about whether there is any evidence Trump donated his salary to charity. It is a Vanity Fair article from the beginning of the Trump Regime in 2017. The reporters found no evidence that Trump donated his salary and apparently kept the money. It is the way he still is, corrupt, stealing all the money he can from the rest of us while refusing to show his financial records and lying about his supposed charity.

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Joan E
Joan E5 months ago

Petition signed. The more Progressives you vote for in every election, the less Americans will suffer from economic inequality, homelessness, food insecurity, poor education and inability to get ahead.

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Dan Blossfeld
Dan Blossfeld5 months ago

For all the talk about income inequality, the Western world has actually worked to lessen the disparity. The countries with the greatest disparity in income are in Latin America, sub-Sahara Arica, and Southeast Asia.

https://en.m.wikipedia.org/wiki/List_of_countries_by_income_equality

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