Be careful with that viral statistic about the top 1% owning half the world's wealth
| In recent days, there's been a startling statistic going around. The number comes from Oxfam, and warns that the combined wealth of the richest one percent will pass that of the other 99 percent next year, at least if current trends hold. |
| At the same time, if you dig into the country-by-country data (page 107 in the Databook), it shows that America has more than 7 percent of the world's poorest inhabitants -- second only to India. That is, to put it lightly, nuts. |
| To see the problem, here's another version of the same number: the combined wealth of my two nephews is already more than the bottom 30 percent of the world combined. And they don't have jobs, or inheritances. They just have a piggy bank and no debt. |
Be careful with that viral statistic about the top 1% owning half the world?s wealth - Vox
Joe Mobley