January 21, 2014
The World’s 85 Richest People Are As Wealthy as the Poorest 3 Billion

The report that everybody’s talking about this morning is Oxfam’s opus on global inequality, which leads with an eye-popping statistic: The richest 85 people own more wealth than the bottom half of the world’s population.
Yes, that equation works out to: 85 > 3,000,000,000.
Before we dig into the document, a programming note about wealth inequality. Wealth isn’t income. Salary is income. But investments—stocks, houses, or equity in a business—build wealth. Wealth comes from the money you don’t immediately spend. Since poor people spend more of their income immediately, and rich people save/invest more of their income immediately, it’s predictable that wealth inequality be much worse than income inequality.
Read more. [Image: Reuters]

The World’s 85 Richest People Are As Wealthy as the Poorest 3 Billion

The report that everybody’s talking about this morning is Oxfam’s opus on global inequality, which leads with an eye-popping statistic: The richest 85 people own more wealth than the bottom half of the world’s population.

Yes, that equation works out to: 85 > 3,000,000,000.

Before we dig into the document, a programming note about wealth inequality. Wealth isn’t income. Salary is income. But investments—stocks, houses, or equity in a business—build wealth. Wealth comes from the money you don’t immediately spend. Since poor people spend more of their income immediately, and rich people save/invest more of their income immediately, it’s predictable that wealth inequality be much worse than income inequality.

Read more. [Image: Reuters]

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