Imagine lining up all the riches in the world and distributing them evenly to adults across the globe. Every adult on Earth would end up with $63,100, according to the 2018 Global Wealth Report from the Swiss bank Credit Suisse. The figure puts global adult average wealth at a record high.
But, of course, our world’s riches aren’t distributed evenly. The boom in global wealth over recent years has lined the pockets of the already rich, particularly those with fortunes worth at least $50 million. The ranks of these “ultra-high net worth” individuals have quadrupled since our new millennium began. (Chuck Collins, for the Institute for Policy Studies Inequality.org team).
Climate change is already causing political upheaval and mass migration. Massive amounts of public money will be needed to help the hungry and displaced, if violence is not to grow. The super-rich have fixed the system so that they pay minimal tax, but do “contribute “ to the expenses of politicians everywhere, and thus have huge political power. We can expect them to continue to shrug their shoulders. Anyone who has studied history knows that this is unsustainable and will end in tears. Stupid? yes.