Global Divide Of Wealth

[rooster59]

Global Divide Of Wealth

By Pradit Phulsarikij 
Nation Graphics

 

Nation Graphics/Pradit Phulsarikij

 

The number of billionaires worldwide has doubled since the global financial crisis a decade ago, even as hundreds of millions of people live in poverty on less than $5.50 (Bt180) a day.

 

 

Source: http://www.nationmultimedia.com/detail/national/30363402

 

-- © Copyright The Nation 2019-02-02

 

 

[taichiplanet]

as my grandfather used to say way back in the 1960s; "The rich get richer and the poor get the picture". Not sure how long that adage has been around!

 

 

[Lodestone]

[I also posted this in another thread.]

 

I managed to download all the Credit Suisse Global Wealth Databooks from 2011 to 2018 and consolidated the top one percent wealth share data into a single table. As you can see (and has been reported), Thailand ranks number one for the most current year. Looking at the table, you can also see the trend for the past eight years and compare it to other countries. Blanks for particular years and countries are for which there is no data.

 

NOTE: top one percent wealth share = percent of a country's wealth owned by the top one percent of the population.

Wealth Share of Top 1%
Country	2011	2012	2013	2014	2015	2016	2017	2018
Australia	19.5	20.5	20.4	21.1	21.4	22	22.9	22.4
Austria				29.3	29.3	29.5	31.1	28.1
Belgium				17.3	17.6	17.9	17.5	20.1
Brazil		41.4		45.7	48	47.9	43.5
Canada	24	25	24.7	24.4	25.1	25.6	26.1	24.5
Chile	36.4	34.8	43.5	41.1	43.2	43.5	39.8	32.4
China	33.1	32	33	37.2	39.4	43.8	47	32.6
Colombia				32.8	34	32.6	27.4	40.5
Czech Republic	33.4	33.1	33.9	38.6	39	38.6	30.6	40.1
Denmark		22.6	29.6	29.3	29.1	31.2	33.2	28.3
Finland	19.5	20.1	13.5	22	27.2	31	31.3	35.7
France	25.2	25.5	19.9	21.4	23.1	24.8	21.6	20.6
Germany	25.5	27.3	27.6	28.1	29.5	31.5	32.3	29.5
Greece				26.7	27.1	24.3	26.1	27.2
Hungary						17.6	10.6	23.2
India	46.8	48.8	48.7	49	53	58.4	45.1	51.5
Indonesia	43.2	45.6	47.9	50.3	53.5	49.3	45.4	46.6
Ireland	28.1	29.2	27.1	27.3	26.8	28	33.1	34.7
Israel	34.6	37.4	39.3	38.3	38.7	37.3	36	35.1
Italy	17.4	19.3	19.9	21.7	23.4	25	21.5	24.3
Japan	17.4	16.7	18.2	17.9	18.5	18.5	14.6	18.6
Korea		31.4		33.9	34.1	28.3	26.8	25.7
Mexico				33.7	36	38.2	28.4	39.8
Netherlands	27.6	27.8	22.3	22.7	23.8	24.4	22.3	23.2
New Zealand	25.8	26.4	25.1	23.9	17.5	19.8	23.8	25.7
Norway	27.7	28.3	28.1	28.9	25	27.4	30.6	30.5
Poland				33	33.7	31.9	39.2	33.9
Portugal				27.1	27.9	28	28.2	29.7
Romania				30.8			26.7	30.5
Russia		70.9		66.2	70.3	74.5	56	57.1
Singapore	23.1	24.9	28	28.6	30.7	33	34	33.2
Slovakia								13
South Africa	32.2	37.7	41.4	40.1	42.8	41.9	41.2	36.4
Spain	22.6	25.3	25.1	27	27.2	27.4	25.1	24.4
Sweden	31.2	30.6	29.9	30.8	31.6	35.9	41.9	36.7
Switzerland	34.8	35.2	35.3	30.9	34.8	24.8	28.9	28.7
Taiwan	30.5		30.9	32.7	32.4	32.8	29.6	28.2
Thailand	38.5	43.1	50.6	50.5	56	58	56.2	66.9
Turkey								54.4
United Kingdom	21.4	22.2	22.5	23.3	23.2	23.9	24.3	24.6
United States	36.8	37.2	36.6	38.4	37.3	42.1	38.3	35.3

 

[plachon]

5 hours ago, Lodestone said:

[I also posted this in another thread.]

 

I managed to download all the Credit Suisse Global Wealth Databooks from 2011 to 2018 and consolidated the top one percent wealth share data into a single table. As you can see (and has been reported), Thailand ranks number one for the most current year. Looking at the table, you can also see the trend for the past eight years and compare it to other countries. Blanks for particular years and countries are for which there is no data.

 

NOTE: top one percent wealth share = percent of a country's wealth owned by the top one percent of the population.

Wealth Share of Top 1%
Country	2011	2012	2013	2014	2015	2016	2017	2018
Australia	19.5	20.5	20.4	21.1	21.4	22	22.9	22.4
Austria				29.3	29.3	29.5	31.1	28.1
Belgium				17.3	17.6	17.9	17.5	20.1
Brazil		41.4		45.7	48	47.9	43.5
Canada	24	25	24.7	24.4	25.1	25.6	26.1	24.5
Chile	36.4	34.8	43.5	41.1	43.2	43.5	39.8	32.4
China	33.1	32	33	37.2	39.4	43.8	47	32.6
Colombia				32.8	34	32.6	27.4	40.5
Czech Republic	33.4	33.1	33.9	38.6	39	38.6	30.6	40.1
Denmark		22.6	29.6	29.3	29.1	31.2	33.2	28.3
Finland	19.5	20.1	13.5	22	27.2	31	31.3	35.7
France	25.2	25.5	19.9	21.4	23.1	24.8	21.6	20.6
Germany	25.5	27.3	27.6	28.1	29.5	31.5	32.3	29.5
Greece				26.7	27.1	24.3	26.1	27.2
Hungary						17.6	10.6	23.2
India	46.8	48.8	48.7	49	53	58.4	45.1	51.5
Indonesia	43.2	45.6	47.9	50.3	53.5	49.3	45.4	46.6
Ireland	28.1	29.2	27.1	27.3	26.8	28	33.1	34.7
Israel	34.6	37.4	39.3	38.3	38.7	37.3	36	35.1
Italy	17.4	19.3	19.9	21.7	23.4	25	21.5	24.3
Japan	17.4	16.7	18.2	17.9	18.5	18.5	14.6	18.6
Korea		31.4		33.9	34.1	28.3	26.8	25.7
Mexico				33.7	36	38.2	28.4	39.8
Netherlands	27.6	27.8	22.3	22.7	23.8	24.4	22.3	23.2
New Zealand	25.8	26.4	25.1	23.9	17.5	19.8	23.8	25.7
Norway	27.7	28.3	28.1	28.9	25	27.4	30.6	30.5
Poland				33	33.7	31.9	39.2	33.9
Portugal				27.1	27.9	28	28.2	29.7
Romania				30.8			26.7	30.5
Russia		70.9		66.2	70.3	74.5	56	57.1
Singapore	23.1	24.9	28	28.6	30.7	33	34	33.2
Slovakia								13
South Africa	32.2	37.7	41.4	40.1	42.8	41.9	41.2	36.4
Spain	22.6	25.3	25.1	27	27.2	27.4	25.1	24.4
Sweden	31.2	30.6	29.9	30.8	31.6	35.9	41.9	36.7
Switzerland	34.8	35.2	35.3	30.9	34.8	24.8	28.9	28.7
Taiwan	30.5		30.9	32.7	32.4	32.8	29.6	28.2
Thailand	38.5	43.1	50.6	50.5	56	58	56.2	66.9
Turkey								54.4
United Kingdom	21.4	22.2	22.5	23.3	23.2	23.9	24.3	24.6
United States	36.8	37.2	36.6	38.4	37.3	42.1	38.3	35.3

 

OK, so this was the research that showed Thailand as the most unequal country in the world, with the top 1 % of the nation owning nearly 70 % of the wealth. Way to go Thailand! Something to be proud of - the hub of inequality! And way ahead of the competition too - with Putin's Russia coming in in a distant second place at a mere 57.1 % being concentrated with the uber-elite. 

But how did this come about in Thailand, I wonder? What are the conditions that allowed it to become such an unequal society? Was it always like this, or is it a recent phenomenon? The data in the table above suggests the latter, and that since 2011, the ultra-rich in Thailand have really cashed in, moving from owning 38.5 % of the wealth to 66.9 % last year. The trajectory is clear, so where is it going to stop, I wonder? And what are the competing parties for the upcoming elections proposing to do about it? Pretending everything is fine and ignoring the astounding wealth gap, or actually coming up with concrete suggestions and policies about how to level it, and return that accumulated wealth to the rest of the nation? Questions, questions.....  

[ReMarKable]

I am curious how New Zealand is reducing income inequality.  Good info thanks

[george11]

2 hours ago, plachon said:

OK, so this was the research that showed Thailand as the most unequal country in the world, with the top 1 % of the nation owning nearly 70 % of the wealth. Way to go Thailand! Something to be proud of - the hub of inequality! And way ahead of the competition too - with Putin's Russia coming in in a distant second place at a mere 57.1 % being concentrated with the uber-elite. 

But how did this come about in Thailand, I wonder? What are the conditions that allowed it to become such an unequal society? Was it always like this, or is it a recent phenomenon? The data in the table above suggests the latter, and that since 2011, the ultra-rich in Thailand have really cashed in, moving from owning 38.5 % of the wealth to 66.9 % last year. The trajectory is clear, so where is it going to stop, I wonder? And what are the competing parties for the upcoming elections proposing to do about it? Pretending everything is fine and ignoring the astounding wealth gap, or actually coming up with concrete suggestions and policies about how to level it, and return that accumulated wealth to the rest of the nation? Questions, questions.....  

Looking at the top four counties, that are not very democratic. Corruption is the most likely reasons why there is wide inequality.  

[sirineou]

The foxes are running the chicken coop and the chicken are wondering why they are being eaten. But the chicken have it coming because they defend the foxes right to run the chicken coop  in the hope that one day they can also become foxes and enjoy a delicious chicken dinner.

[kannot]

20 hours ago, taichiplanet said:

as my grandfather used to say way back in the 1960s; "The rich get richer and the poor get the picture". Not sure how long that adage has been around!

 

 

id  say the lazy get  poor then complain about the folk who work their knackers off and get rich.

[sirineou]

16 minutes ago, kannot said:

id  say the lazy get  poor then complain about the folk who work their knackers off and get rich.

And you would be wrong. Working hard does not make you rich, what makes you rich is working smart.

Return from labor have being flat hardly keeping pace with inflation, where the stock market has historically average returns of 10% since the 1920s

At 10% annual growth an investment would double in value in 7 years.

Unless there are major economic structural adjustments, expect this trend to continue. And I don't see any significant changes in the relationship of labor and investment and the equitable distribution of profits resulting  from that relationship  happening any time soon.

[howbri]

There will ALWAYS be poor among us. LBJ declared in 1964 "the end of poverty". How'd that work out?  The best way to combat poverty is through the creation of wealth with capitalism which creates jobs which lifts people OUT of poverty. Stop condemning the rich (I'm a poor retiree btw). They create jobs. They don't bury their wealth in the back yard, they invest it. Learn simple economics instead of demagoguery.

[Lungstib]

14 minutes ago, howbri said:

Stop condemning the rich (I'm a poor retiree btw). They create jobs. They don't bury their wealth in the back yard, they invest it. Learn simple economics instead of demagoguery.

True, they dont bury their wealth, they keep it in offshore oversea accounts so they can avoid all tax. U.S. companies want us to believe that nearly half their economic activity is occurring in places like the Cayman Islands.

 From Nick Hanauer (entrepreneur, venture capitalist, and writer).  When the economy is understood in 21st-century terms, as an ecosystem, it becomes obvious that jobs don't squirt out of business-people like jelly from doughnuts. Rather, jobs are the consequence of the feedback loop between customers and businesses. For this reason, it is middle-class consumers and the demand they create that are our true job creators, not rich business-people.

 

 

[BritManToo]

54 minutes ago, Lungstib said:

True, they dont bury their wealth, they keep it in offshore oversea accounts so they can avoid all tax. U.S. companies want us to believe that nearly half their economic activity is occurring in places like the Cayman Islands.

 From Nick Hanauer (entrepreneur, venture capitalist, and writer).  When the economy is understood in 21st-century terms, as an ecosystem, it becomes obvious that jobs don't squirt out of business-people like jelly from doughnuts. Rather, jobs are the consequence of the feedback loop between customers and businesses. For this reason, it is middle-class consumers and the demand they create that are our true job creators, not rich business-people.

 

 

I agree, to create jobs you must stop the wealthy from moving money out of the country.

You must also stop corporations importing goods and services from other countries.

[BritManToo]

2 hours ago, sirineou said:

what makes you rich is working smart.

What made most rich people rich was having the right families and going to the right schools.

Being 100% evil and unscrupulous doesn't hurt either.

[CGW]

3 minutes ago, BritManToo said:

What made most rich people rich was having the right families and going to the right schools.

Being 100% evil and unscrupulous doesn't hurt either.

Aint that the truth! the truly rich families are not going to tell anybody how much money they have 

[bowerboy]

12 hours ago, Lodestone said:

[I also posted this in another thread.]

 

I managed to download all the Credit Suisse Global Wealth Databooks from 2011 to 2018 and consolidated the top one percent wealth share data into a single table. As you can see (and has been reported), Thailand ranks number one for the most current year. Looking at the table, you can also see the trend for the past eight years and compare it to other countries. Blanks for particular years and countries are for which there is no data.

 

NOTE: top one percent wealth share = percent of a country's wealth owned by the top one percent of the population.

Wealth Share of Top 1%
Country	2011	2012	2013	2014	2015	2016	2017	2018
Australia	19.5	20.5	20.4	21.1	21.4	22	22.9	22.4
Austria				29.3	29.3	29.5	31.1	28.1
Belgium				17.3	17.6	17.9	17.5	20.1
Brazil		41.4		45.7	48	47.9	43.5
Canada	24	25	24.7	24.4	25.1	25.6	26.1	24.5
Chile	36.4	34.8	43.5	41.1	43.2	43.5	39.8	32.4
China	33.1	32	33	37.2	39.4	43.8	47	32.6
Colombia				32.8	34	32.6	27.4	40.5
Czech Republic	33.4	33.1	33.9	38.6	39	38.6	30.6	40.1
Denmark		22.6	29.6	29.3	29.1	31.2	33.2	28.3
Finland	19.5	20.1	13.5	22	27.2	31	31.3	35.7
France	25.2	25.5	19.9	21.4	23.1	24.8	21.6	20.6
Germany	25.5	27.3	27.6	28.1	29.5	31.5	32.3	29.5
Greece				26.7	27.1	24.3	26.1	27.2
Hungary						17.6	10.6	23.2
India	46.8	48.8	48.7	49	53	58.4	45.1	51.5
Indonesia	43.2	45.6	47.9	50.3	53.5	49.3	45.4	46.6
Ireland	28.1	29.2	27.1	27.3	26.8	28	33.1	34.7
Israel	34.6	37.4	39.3	38.3	38.7	37.3	36	35.1
Italy	17.4	19.3	19.9	21.7	23.4	25	21.5	24.3
Japan	17.4	16.7	18.2	17.9	18.5	18.5	14.6	18.6
Korea		31.4		33.9	34.1	28.3	26.8	25.7
Mexico				33.7	36	38.2	28.4	39.8
Netherlands	27.6	27.8	22.3	22.7	23.8	24.4	22.3	23.2
New Zealand	25.8	26.4	25.1	23.9	17.5	19.8	23.8	25.7
Norway	27.7	28.3	28.1	28.9	25	27.4	30.6	30.5
Poland				33	33.7	31.9	39.2	33.9
Portugal				27.1	27.9	28	28.2	29.7
Romania				30.8			26.7	30.5
Russia		70.9		66.2	70.3	74.5	56	57.1
Singapore	23.1	24.9	28	28.6	30.7	33	34	33.2
Slovakia								13
South Africa	32.2	37.7	41.4	40.1	42.8	41.9	41.2	36.4
Spain	22.6	25.3	25.1	27	27.2	27.4	25.1	24.4
Sweden	31.2	30.6	29.9	30.8	31.6	35.9	41.9	36.7
Switzerland	34.8	35.2	35.3	30.9	34.8	24.8	28.9	28.7
Taiwan	30.5		30.9	32.7	32.4	32.8	29.6	28.2
Thailand	38.5	43.1	50.6	50.5	56	58	56.2	66.9
Turkey								54.4
United Kingdom	21.4	22.2	22.5	23.3	23.2	23.9	24.3	24.6
United States	36.8	37.2	36.6	38.4	37.3	42.1	38.3	35.3

 

 

Thailand’s  trajectory on this chart is a sad indictment of the junta’s real reason for being in power...this is the result of the army doing the job they were put their to do.

 

if you ever wondered who the mysterious elites are that are the true power here then I guess just look at the list of Thailand’s top 20 richest people.

 

[SoilSpoil]

It all starts with borrowing money from those who issue it. We have become slaves of credit institutions.

[Misty]

5 hours ago, sirineou said:

And you would be wrong. Working hard does not make you rich, what makes you rich is working smart.

Return from labor have being flat hardly keeping pace with inflation, where the stock market has historically average returns of 10% since the 1920s

At 10% annual growth an investment would double in value in 7 years.

Unless there are major economic structural adjustments, expect this trend to continue. And I don't see any significant changes in the relationship of labor and investment and the equitable distribution of profits resulting  from that relationship  happening any time soon.

Well, yes, working hard and smart definitely help in "getting rich", but anyone making billions in one generation had some other help.  See "Winners Takes All The Elite Charade of Changing the World" by Anand Giridharadas for more on that.

 

[Misty]

8 hours ago, plachon said:

Was it always like this, or is it a recent phenomenon? The data in the table above suggests the latter, and that since 2011, the ultra-rich in Thailand have really cashed in, moving from owning 38.5 % of the wealth to 66.9 % last year.

That trajectory is amazing.  I wonder if it looks worse because only in recent years has the the bulk of the real information become available. Thailand began serious efforts to enact effective anti-moneylaundering regulations only in the past few years.  

[kannot]

5 hours ago, sirineou said:

And you would be wrong. Working hard does not make you rich, what makes you rich is working smart.

Return from labor have being flat hardly keeping pace with inflation, where the stock market has historically average returns of 10% since the 1920s

At 10% annual growth an investment would double in value in 7 years.

Unless there are major economic structural adjustments, expect this trend to continue. And I don't see any significant changes in the relationship of labor and investment and the equitable distribution of profits resulting  from that relationship  happening any time soon.

i think you know what I mean though,lazy  buggers   will always blame  those who make some effort in life,on top of that we are NOT  all born equal and NEVER  can be and its  foolish to think we  can, but you can NOT be lazy.

[mokwit]

4 hours ago, howbri said:

There will ALWAYS be poor among us. LBJ declared in 1964 "the end of poverty". How'd that work out?  The best way to combat poverty is through the creation of wealth with capitalism which creates jobs which lifts people OUT of poverty. Stop condemning the rich (I'm a poor retiree btw). They create jobs. They don't bury their wealth in the back yard, they invest it. Learn simple economics instead of demagoguery.

A chicken foot in every pot

[Misty]

4 hours ago, howbri said:

 The best way to combat poverty is through the creation of wealth with capitalism which creates jobs which lifts people OUT of poverty. Stop condemning the rich (I'm a poor retiree btw). They create jobs. They don't bury their wealth in the back yard, they invest it. Learn simple economics instead of demagoguery.

Job creation is sorely needed in many countries.  Not McJobs, but ones that pay at least a living wage.  But the old chestnut that "the rich create jobs" is just not true.  Wish it were.  Given the choice, the rich will invest in technology that destroy jobs, or assets that may appreciate with no job creation at all.  Tax cuts are pocketed, spent on assets, not invested in job creation.  And yes I read Atlas Shrugged, repeatedly and religiously (as a teenager).  While she may have been a persuasive writer, in real life Ayn Rand's "theories" are b******t.

[roobaa01]

the idea behind the global wealth division remain imo always the same...rich is evil, hence wealth has to be equally distributed between have and have nots. it is nothng but a sales person selling communists ideas wrapped up in socialismus. thus given socialismus is always, will be always for losers coz it does not work out. reality shows it in venezuela, nicaragua, cuba , zimbabwe, south africa.....

 

wbr

roobaa01

[vogie]

On 2/2/2019 at 8:20 AM, taichiplanet said:

as my grandfather used to say way back in the 1960s; "The rich get richer and the poor get the picture". Not sure how long that adage has been around!

 

 

There's also another adage that says 'by making the rich poorer, doesn't make the poor richer.

[Misty]

3 minutes ago, roobaa01 said:

the idea behind the global wealth division remain imo always the same...rich is evil, hence wealth has to be equally distributed between have and have nots. it is nothng but a sales person selling communists ideas wrapped up in socialismus. thus given socialismus is always, will be always for losers coz it does not work out. reality shows it in venezuela, nicaragua, cuba , zimbabwe, south africa.....

 

wbr

roobaa01

Not sure about anyone else, but that is not what I am saying.  Extremes - at either end - simply do not end well and are best avoided if having a stable society is desirable.

[Snow Leopard]

4 hours ago, Lungstib said:

True, they dont bury their wealth, they keep it in offshore oversea accounts so they can avoid all tax. U.S. companies want us to believe that nearly half their economic activity is occurring in places like the Cayman Islands.

 From Nick Hanauer (entrepreneur, venture capitalist, and writer).  When the economy is understood in 21st-century terms, as an ecosystem, it becomes obvious that jobs don't squirt out of business-people like jelly from doughnuts. Rather, jobs are the consequence of the feedback loop between customers and businesses. For this reason, it is middle-class consumers and the demand they create that are our true job creators, not rich business-people.

 

 

It's a fair point and has some merit. But the business has to be created in the first place in order to start the ball rolling. 

[CGW]

18 minutes ago, Misty said:

Job creation is sorely needed in many countries. 

Agreed - if that is the path that the "controllers" want to take, I think they have decided "culling" the masses is a better route to go? ????

[Misty]

6 minutes ago, Snow Leopard said:

It's a fair point and has some merit. But the business has to be created in the first place in order to start the ball rolling. 

Agreed.  The most effective job creators are small companies.  Giant multinationals are job destroyers. The wealth they may create is being distilled into the hands of fewer and fewer. The little guy does not stand a chance, the game really is rigged right now - Winners Take All.

 

Governments that want a stable society would look to job creation, and supporting the growth of small businesses.  Not subsidizing the giants.

[dick dasterdly]

44 minutes ago, kannot said:

i think you know what I mean though,lazy  buggers   will always blame  those who make some effort in life,on top of that we are NOT  all born equal and NEVER  can be and its  foolish to think we  can, but you can NOT be lazy.

Reminds me of the song 'Sixteen tons, and deeper in debt', that my dad used to sing every now and again.

 

But I doubt you will ever understand this.

[steve73]

Global average wealth is around $1000 per person (in assets).  Global average annual income is a similar figure.

Now how many of you posting here would be prepared to share any wealth or income you have over these figures to those less well off...? 

[Snow Leopard]

1 minute ago, Misty said:

Agreed.  The most effective job creators are small companies.  Giant multinationals are job destroyers. The wealth they may create is being distilled into the hands of fewer and fewer. The little guy does not stand a chance, the game really is rigged right now - Winners Take All.

I work for a large multi-national company involved in the oil and gas industry. I used to be a staunch free market capitalist, I have since changed my mind. My company made consistently over 5Bn US$ per year for 8+ years up until the crash a few years ago. We had 65,000 global employees in 2015. Today it's at 30,000. Now i am not saying that all the jobs could have been saved but a lot of people got parachutes, a lot of people didnt. The company should have stuck by its employees more.