#186: When rich is not wealthy
With so many people feeling financial pain, expect much to be written again about income inequality. Yet, the distribution of wealth is far more unequal.
Income is the flow of money to you; wealth is what you have accumulated.
The latest figures by the World Institute for Development Economics Research (for the year 2000) show that more than half of all wealth is owned by just 2% of the world's adults. This means that for each person with one-thousand-dollars, there are nine with only one dollar each.
If you had more than two-thousand-one-hundred-and-sixty-one dollars in the year 2000, you belonged to the wealthier half. Congratulations.
But here’s the funny thing: Although many people in poor countries own almost nothing, a lot of people in rich countries have less than nothing: they owe more than they own.
So much for income inequality.
I’m james@nonsenseatwork.com
Copyright: 2008 James Henry McIntosh
James can be heard on Public Radio, 88.9 FM WCVE, Richmond VA.
Monday - 7:19am and Saturday - 8:19am
Income is the flow of money to you; wealth is what you have accumulated.
The latest figures by the World Institute for Development Economics Research (for the year 2000) show that more than half of all wealth is owned by just 2% of the world's adults. This means that for each person with one-thousand-dollars, there are nine with only one dollar each.
If you had more than two-thousand-one-hundred-and-sixty-one dollars in the year 2000, you belonged to the wealthier half. Congratulations.
But here’s the funny thing: Although many people in poor countries own almost nothing, a lot of people in rich countries have less than nothing: they owe more than they own.
So much for income inequality.
I’m james@nonsenseatwork.com
Copyright: 2008 James Henry McIntosh
James can be heard on Public Radio, 88.9 FM WCVE, Richmond VA.
Monday - 7:19am and Saturday - 8:19am
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