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.snot, Shlabotnik, historylovr and 1 otherdaleanime like this#CalExit #Trumpdoesn'tpaytaxeswhyshouldwe
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