Credit Suisse Report Ironically Complains US Has Too Many Millionaires


Susanne.Posel-Headline.News.Official- richest.1.percent.credit.suisse.01_occupycorporatismSusanne Posel ,Chief Editor Occupy Corporatism | Co-Founder, Legacy Bio-Naturals
October 16, 2015

 

The Credit Suisse Global Wealth Report (GWR) released a report which claims the US has more millionaires per capita than any other country in the entire world.

Forty – one percent of the world’s millionaires called America home in 2014 and their kind multiplied by 46% in 2015.

Since 2008, the wealthy have become even wealthier with millionaires topping 15.7 million in the United States.

The UK came in second with 2.4 million millionaires, and Japan came in 3rd with 2.1 million.

Susanne.Posel-Headline.News.Official- richest.1.percent.credit.suisse_occupycorporatismIt is shocking to know that having a net worth of $68,800 puts a person into the top 10% of global wealth holders; however once debts are accounted for, it only takes having $759,900 to be in the top 1%, according to the report.

Thanks to “fluctuations in exchange rates were partly responsible for weak median wealth” and the “rising inequality” has been the driving force behind the plummeting average wealth median which redirected the money to the top 1%.

Another factor was the “share market recovery was likely to have played a significant role in the resurgent wealth of the 1%.”

Although “wealth inequality changes slowly over time” the report back – peddled when they claimed “it is difficult to identify the drivers of these trends; however the value of financial assets – especially company securities – is likely to be an important factor because wealthier individuals hold a disproportionate share of their assets in financial form.”

The report concluded: “While the number of millionaires has risen quickly, median wealth has stagnated since the financial crisis. Unlike the trend in median wealth, the number of millionaires recovered quickly after 2008 and new records were set every year from 2011 until 2014.”

This news is nothing new.

A report produced in 2015 by the Organization for Economic Cooperation and Development (OECD) explains how wealth inequality is growing across the globe.

Of the 34 member states in the OECD, 10% of the wealthiest population earn 9.6 times above the income of the poorest 10%. This includes:

• Japan
• Canada
• United States
• Australia
• European Union

Without a measurement of inequality, the OECD predicts that economic growth is being threatened because of a widening gap in education which leads to an ineffective workforce.

The “non-standard work” is a factor in the mounting inequality which includes self-employment and outsourced contractors.

For more than 2 decades, job creation has been “non-standard work”; leaving “households dependent on such work” which has the effect of “higher poverty rates than other households and that this has led to greater inequality.”

Government taxation and benefit systems have failed at redistributing income while the increasing number of women going to work has proven a slight limitation to growth in inequality.

And in January of this year, the non-governmental organization (NGO) Oxfam has released a report explaining how the wealthy are continuing to get wealthy and will soon “own more than the rest of us put together.”

Oxfam states that the richest 1% will have acquired “as much wealth as the other 99% combined” by 2016.

The richest 1% currently owns 48% of the total world’s wealth and “of the remaining 52% of global wealth, 46% is owned by the rest of the richest fifth of the world’s population.”

Shockingly, the rest of the world’s population own 5.5% of the total global wealth which translates to $3,851 per adult.

Conversely, the wealthiest “global elite” averaged $2.7 million in 2014.

The report reads: “The richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% in 2014. At that rate, the wealthiest will own more than 50% by next year.”

In 2014, Oxfam released a report stating that 85 people in the world hold and control the same amount of the wealth as half of the world’s population.

The report findings include breakdowns of how this wealth is unequally distributed:

  • Globally, the richest individuals and companies hide trillions of dollars away from the tax man in a web of tax havens around the world. It is estimated that $21 trillion is held unrecorded and off-shore
  • In the US, years of financial deregulation directly correlates to the increase in the income share of the top one per cent which is now at its highest level since the eve of the Great Depression
  • In India, the number of billionaires increased tenfold in the past decade, aided by a highly regressive tax structure and the wealthy exploiting their government connections, while spending on the poorest remains remarkably low
  • In Europe, austerity has been imposed on the poor and middle classes under huge pressure from financial markets whose wealthy investors have benefited from state bailouts of financial institutions
  • In Africa, global corporations – particularly those in extractive industries – exploit their influence to avoid taxes and royalties, reducing the resources available to governments to fight poverty

Oxfam expressed their “concerned that, left unchecked, the effects are potentially immutable, and will lead to ‘opportunity capture’ — in which the lowest tax rates, the best education, and the best healthcare are claimed by the children of the rich. This creates dynamic and mutually reinforcing cycles of advantage that are transmitted across generations.”

This translates to the 3.55 billion poor people must live on what only 85 people possess monetarily.

In other words those 85 richest people in the world have access to the same amount of resources as 42 million poor people on a global scale.

And just for measure, 42 million people equal roughly the populations of Canada combined with the populations of the states of Kentucky and Kansas.

The report reads: “The past quarter of a century has seen wealth become ever more concentrated in the hands of fewer people. The wealth of the 1 percent richest people in the world amounts to $110 trillion. That’s 65 times the total wealth of the bottom half.”

According to the findings, “Two hundred and ten people joined the ranks of billionaires last year, bringing to around 1,400 the people who hold that status. While the recent financial crisis was an enormous burden on the world’s poor, it ended up being a huge benefit to the rich elite. The very wealthiest people on Earth collected 95 percent of the post-crisis growth.”

In the report, it explained there is a “trend pronounced in the United States than in other nations, but hardly limited to the U.S. Only two countries, Colombia and the Netherlands, had the share of income received by the wealthiest 1 percent not increased between 1980 and 2012.”

Indeed, the US, China and Portugal have the wealthiest 1%.

The report explains: “To give an indication of the scale of wealth concentration, the combined wealth of Europe’s 10 richest people exceeds the total cost of stimulus measures implemented across the European Union between 2008 and 2010.”

To control this obvious shift in wealth, Oxfam said: “When there is growth and diminishing inequality, the rules governing markets are working in favor of the middle classes and the poorest sections of society. However, when only the rich are gaining, the rules start bending towards their interests exclusively.”

And to top off this wave of information, 4 years ago, the Swiss Federal Institute (SFI) in Zurich released a study entitled “The Network of Global Corporate Control” that proves a small consortiums of corporations – mainly banks – run the world.

A mere 147 corporations which form a “super entity” have control 40% of the world’s wealth; which is the real economy.

These mega-corporations are at the center of the global economy. The banks found to be most influential include:

• Barclays
• Goldman Sachs
• JPMorgan Chase & Co
• Vanguard Group
• UBS
• Deutsche Bank
• Bank of New York Melon Corp
• Morgan Stanley
• Bank of America Corp
• Société Générale

However as the connections to the controlling groups are networked throughout the world, they become the catalyst for global financial collapse.

James Glattfelder, complex systems theorist at the SFI explains: “In effect, less than one per cent of the companies were able to control 40 per cent of the entire network.”





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