REPORT: Credit Suisse Confirms That 1% Own Half Of World’s Wealth
The bank of the super-rich, Credit Suisse, has released the latest survey of global wealth, and what they have found is not just alarming, but outright damning of the global elites. What the report shows is that the worlds global elite, the top 1% of the wealthiest in the world, fewer people than we can find in many cities, control over half of the world’s wealth and income, with the growth of wealth worldwide going from 44% in 2010 to today’s 50%.
What this mean is that the 1% in 2010 controlled $96.8 trillion of the global wealth. That same 1%, today, controls $125 trillion, a gain of almost $30 trillion.
Everyone else had their value go from $123.8 trillion to $124.3 trillion, meaning they effectively did not grow at all. Put these together, and realize that the wealthiest 1% have effectively gained all of the growth in the world economy.
And, based on the numbers reported, this rate is accelerating. The worlds wealthiest are getting so by stealing the earned value from those who actually generate that wealth, the workers. Because the lower 99% have not gained anything over the past 5 years, the global imbalance is putting the entire economy at risk. Without consumers, economies collapse. Simply put, the wealthy do not spend as much as the workers. After all, how many hamburgers can Bill Gates eat in a meal?
By the wealth concentrating, the super rich, the global wealthy, these oligarchs have created the seeds of their own destruction. They are the top of the pyramid, and if the base becomes too narrow, it will collapse right out from under them. This is basic mathematics, detailed out in Karl Marx’ Das Kapital in the 19th century, yet the trickle down advocates continue to hype their false god of voodoo economics. Eventually someone needs to say enough is enough. After all, they only call it class warfare when we fight back.
It is election season in the US along with other nations, and is it not time for the people to step back and ask if it is fair for their added value to go to someone else. A mere election is insufficient, however. It requires waking up from this financial coma we live within. The financial elites have forgotten that when this happened before, heads literally did roll. Perhaps it is time for someone to remind them of these words from Maximilien Robespierre from his speech given on December 3, 1792.
[The king] must die so that the country can live.
Cover image – Shiny Gold Bar Reflecting Coins, by Bullion Vault
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