Richest 2% Own Half the World's Wealth

kop writes "The richest 2% of adults in the world own more than half of all household wealth, according to a new study by a United Nations research institute. Most previous studies of economic disparity have looked at income, whereas this one looks at wealth — assets minus debts. The survey is based on data for the year 2000. Many figures, especially for developing countries, have had to be estimated. Nonetheless, the authors say it is the most comprehensive study of personal wealth ever undertaken." The study itself is available from the World Institute for Development Economics Research.

Comments

Mod kdawson -1, A$$hole

[aquatone282]

How is this "news for nerds?"

Re:Not just true for humans

[morgan_greywolf]

The reason the cost of living is far less in 3rd World countries is because they don't pay for the same facilities which you pay for in the 1st World. Things like free healthcare, honest impartial police forces, standards agencies, road construction, rubbish collection, planning laws, pensions, sick pay and maternity leave, social security etc etc etc.

You have free healthcare? Where do I sign up. I currently pay nearly $1,000 a month for health care, not including my out-of-pockets and co-pays.

Honest impartial police forces? Hmmm...I'll bet you don't live in a major city like Detroit or Los Angeles, do you?

Pensions? Yeah, right. Sick pay? My employer doesn't pay sick days, but I do get a generous allotment of vacation days that I can use.

Social Security? Look, unless you're like 50-60, I'm betting that you won't see $0.01 of your Social Security.

Like it or not, our government and our corporations are pushing us towards 3rd World standards of living due to greed. "Let's outsource everything to 3rd World countries where that measly $1,000 a year seems like a lot. Then we get to pocket the difference."