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.
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.
- Also read:Boom to bust: What makes property prices rise and fall
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Sydney property market forecast for 2024
- Also read:This week’s Australian Property Market Update – Latest Data, State by State November 28th, 2023
- Also read:The Boom and Bust of our Property Cycles: A Journey Through the Investor’s Mind
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.