Last January OXFAM International issued a report, “Working for the Few, Political Capture and Economic Inequality“. The report details how just 85 individuals own half of the world’s wealth. Yesterday, Alternet published a piece describing how 47 wealthy Americans own more than half of the wealth in the United States. We think that this is a good reminder for today. This is one day after a major American election that transferred the balance of power in the United States Congress to the Republican Party.
We remind ourselves of the politics and economics that are driving America and the American political process.
By Paul Buchheit, Alternet. 4 November 2014
A recent posting detailed how upper middle class Americans are rapidly losing ground to the one-percenters who averaged $5 million in wealth gains over just three years. It also noted that the global 1% has increased their wealth from $100 trillion to $127 trillion in just three years.
The information came from the Credit Suisse 2014 Global Wealth Databook (GWD), which goes on to reveal much more about the disappearing middle class.