A Travesty Of Grandiose Proportions

Posted By on October 27, 2013

Never before has the world seen such disparity of wealth between rich and everyone else.  Out comes the pen and off goes another letter to our worthless Congress.  Will they even read it?

John Maudlin, in his new book Code Red, (to be released on Monday, Oct. 28) reviewed the latest key figures concerning record wealth disparity, and it’s a doozy….  the wealthiest few (0.6% , YES, .06%…control 40% of the world’s wealth) and the remaining 99.4% (with a diminished middle class on the path to extinction), along with a rapidly rising class of poor –  fight over the scraps.

Here are some  interesting numbers from Credit Suisse:

The bottom line: 29 million, or 0.6% of those with any actual assets under their name, own $87.4 trillion, or 39.3% of all global assets.

Included in the top of the pyramid pictured below is: 29 million US dollar millionaires, a group which contains less than 1% of the world’s adult population,  but collectively owns nearly 40% of all global household wealth.

At the start of the millennium, financial assets accounted for well over half of the household portfolio, but the share declined until 2008, at which point the global wealth portfolio was equally split between financial and nonfinancial assets (mostly property). In the period since 2008, the balance has again tipped slightly towards financial assets.

Sources: Wise Dog Research, Credit Suisse, John Mautlin

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