Home Topics in Depth Economics World’s richest increased their wealth by $237 billion in 2016

  • leftcoastmountains (1913 posts)
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    World’s richest increased their wealth by $237 billion in 2016

    The world’s wealthiest 200 billionaires increased their net worth by $237 billion in 2016, taking their total wealth to $4.4 trillion as of the close of trading on Tuesday, an overall increase for the year of 5.7 percent, according to calculations by Bloomberg.

    The major factor in the wealth increase is the surge in the US stock market since the election of Donald Trump on November 8, with the Dow Jones Industrial Average heading towards 20,000, an increase of close to 9 percent in seven weeks, or 69 percent on an annualized basis.

    The accumulation of wealth at the heights of society is mirrored in income statistics. A recently completed study by economists Thomas Piketty, Emmanuel Saez and Gabriel Zucman found that the share of national income received by the bottom half of the US population has been reduced from 20 percent in 1980 to 12 percent, while the income of the top 1 percent has risen from 12 percent to 20 percent. In other words, some 8 percent of national income has been transferred from the bottom half of the population to the top 1 percent.

    https://www.wsws.org/en/articles/2016/12/29/lead-d29.html

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  • GZeusH (1056 posts)
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    1. They make it sound so nice and neat.

    I don’t think it ALL came from the bottom half.  I’ll bet there were people with good paying factory jobs in 1980, who might have been in the top fifth or top quarter of the income distribution, but are now barely scraping by in the gig economy.   I’ll bet the bottom 9/10 are the ones paying into the wealth of the top 1/10.

    Policy:  The mistaken notion that bossy people have that they can influence other people's behavior through majority rule.
    • Akallabeth (2234 posts)
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      2. The rising graph of the 0.01% vs bottom 99.99% distribution of income growth

      during expansions is pretty stark. Guess who won that one.  During the last period of expansion, more than 40 percent of ALL the gains went to just the sliver at the top. The top 0.01%  Up from around 25% in 2001-2007. But when you figure in taxes, the growth isn’t quite as big.

       

      Will Donald Trump make it go up again?

      "Out of many, one"