As the Rich Get Richer, the Poor Get Richer [video]

The rich are getting richer, and the poor are… also getting richer.

There’s a lot written about how the rich are getting richer, about income inequality  and about how much wealth “the top 1 percent” own. rich-and-poor1

This typically examines wealth in the context of a single country.

But when you consider a global perspective, you’re already in the1%.

Compared to you, the vast majority of people who have lived on this planet were desperately poor.

And, bear in mind that the world is more prosperous than it has ever been in the past.

According to last year’s Credit Suisse Global Wealth Report Australia’s wealth per adult in 2017 is US$402,600, the second highest in the world after Switzerland.

And the proportion of Australians with wealth above US$ 100,000, at 68%, is the fourth highest of any country, and almost eight times the world average.

This web tool lets you find out which income percentile you belong to relative to all the other people in the world. If you make more than $32,400 per year, you are in the top 1 percent of the richest people in the world!

In this video, Daniel Hannan explains why it is capitalism — and capitalism alone — that has led to the unprecedented enrichment that is the central fact of Western life.

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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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