Pioneering study shows richest 2 percent own half world wealth
posted by Dienekes on Tuesday, December 05, 2006
From the EurekAlert public release:
The richest 2% of adults in the world own more than half of global household wealth according to a path-breaking study released today by the Helsinki-based World Institute for Development Economics Research of the United Nations University (UNU-WIDER).
The most comprehensive study of personal wealth ever undertaken also reports that the richest 1% of adults alone owned 40% of global assets in the year 2000, and that the richest 10% of adults accounted for 85% of the world total. In contrast, the bottom half of the world adult population owned barely 1% of global wealth.
The research finds that assets of $2,200 per adult placed a household in the top half of the world wealth distribution in the year 2000. To be among the richest 10% of adults in the world required $61,000 in assets, and more than $500,000 was needed to belong to the richest 1%, a group which — with 37 million members worldwide — is far from an exclusive club.
And from the BBC:
The richest 2% of adults in the world own more than half of all household wealth, according to a new study by a United Nations research institute.
The report, from the World Institute of Development Economics Research at the UN University, says that the poorer half of the world's population own barely 1% of global wealth.
There have of course been many studies of worldwide inequality.
But what is new about this report, the authors say, is its coverage.
It deals with all countries in the world - either actual data or estimates based on statistical analysis - and it deals with wealth, where most previous research has looked at income.
What they mean by wealth in this study is what people own, less what they owe - their debts. The assets include land, buildings, animals and financial assets.
http://dienekes.blogspot.com/2006_12_01_archive.html