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.
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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