New inequality report reports old news
Not that the news shouldn’t be reported again, or again and again for that matter. Increasing inequality is serious business (pun acknowledged though not planned ahead of time) but not, unfortunately, the kind of issue that gets real traction. Thanks to Pizzigati for keeping track and to AlterNet for helping spread the word.
A new business study on global household wealth documents how the world’s wealth is continuing to concentrate in the pockets of the awesomely affluent.
The world’s non-wealthy households haven’t done so well over the last half-dozen years, says a new report released last week by a major global business consulting company.
From 2001 through 2006, reports the Boston Consulting Group, the non-wealthy of the world — those households holding less than $100,000 in financial assets — saw the total value of their assets slightly decline.
Over those same years, the consulting group’s new Global Wealth 2007 documents, total world wealth actually increased, up a brisk 7.5 percent just last year alone
So where did all that new wealth end up? At the top. So far this century, the 16.5 percent of global households with at least $100,000 to invest have seen their assets soar 64 percent in value, to $84.5 trillion.