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Inequality: the purse of the 1%

Global wealth has increased from $117 trillion in 2000 to $262 trillion this year. That comes to $56,000 for each adult on Earth. But the fortune is far from evenly distributed. In 1906 Vilfredo Pareto, an Italian economist, observed that 80% of land was owned by just 20% of his compatriots. Today 94.5% of the world’s household wealth is held by 20% of its adults, according to data from Credit Suisse. Wealth is so unevenly distributed that you need just $3,650 (less debts) to count yourself among the richest half of the world. A mere $77,000 puts you among the wealthiest 10%. And $798,000 places you in the wealthiest 1%. Among the 3 billion adults at the bottom, with less than $10,000 in wealth, 90% reside in developing countries. Yet 15% of millionaires live in developing countries too.

Dec 24th 2014
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