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It's a Great Time to be Wealthy

gold2.jpgMSNBC story:

Suppose all of the world's wealthiest people got together and pooled their assets into one lump sum. How much money would that be?

According to a report released Wednesday, the combined wealth of the globe's richest individuals rose more than 11 percent to a grand total of $37.2 trillion last year.

The rise marks the first double-digit increase in seven years.

Has your income gone up 11% this year?


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Rating: 3.4/5 (5 votes cast)


Comments (7)

Nacho Momma:

>Has your income gone up 11% this year?

No, it went up about 50%. I decided to expand my small business and I'm making more money than I ever have in my life. ...

As long as Hillary doesn't get elected and take it all away I can probably mange to retire about age 58 in stead of 65.

Life is good.

Lee Ward:

Mmmm... Nachos.

ke_future:

actually...yes it has.

but, you've mis-read the article. the number of millionaires has grown by 11%. this is a good thing.

prt the article:
Wealth among the world's rich is expected to hit $51.6 trillion by 2011, growing at an annual rate of 6.8 percent, the study stated.

so the number of rich increased by 11% and the amount of wealth grew 6.8%. this says to me that the per 'rich person' amount of wealth has gone down....

also...
In the annual study's first breakdown of philanthropic giving, individuals worth $1 million or more donated an estimated total of $285 billion in 2006.

Paul Hamilton:

KE, it says that the *wealth* of those people has risen by 11%, not that the number of wealthy *people* has risen by 11%. I read that as meaning that the gap between rich and poor is increasing.

ke_future:

the combined wealth of the globe's richest individuals rose more than 11 percent to a grand total of $37.2 trillion last year.

Thanks to a strong global economy, 9.5 million people held at least $1 million in financial assets -- excluding the value of their primary homes -- in 2006, up from 8.7 million in 2005, according to the 11th annual World Wealth Report compiled by Merrill Lynch & Co. and the consulting firm Capgemini Group.


this is a bit confusing. especially since later on it says

Wealth among the world's rich is expected to hit $51.6 trillion by 2011, growing at an annual rate of 6.8 percent, the study stated.

umm...is it just me, or has this article gotten some revisements through the day?

i keep hearing that the gap between the rich and the poor is growing and that this is a bad thing. but no one has ever been able to explain to me exactly *why* this is a bad thing

Paul Hamilton:

KE, I believe it's a bad thing because a pyramid is only stable if the base is broader than the summit. When wealth continually flows uphill, the economy becomes more unstable because more members of the society have less purchasing power. If you were to give a thousand dollars to a thousand people and they all spent in on consumer goods, the benefit would be greater than if you gave one person a million dollars, even though the sum is the same.

So if middle class incomes rise, these folks will spend and invest their money and there will be widespread wealth -- like in the 50s. Compare that to things like the dot-com boom and the real estate boom, both of which enriched a few people vastly, but also both of which ended up with a big bust that harmed more people than were helped earlier.

So although the idea of "sharing the wealth" gives a lot of conservatives the hives, it really is the most sound economic policy.

As for that article, it really wasn't very well written, was it. They were saying that it rose 11% last year they the PROJECT that the rise will be an average of 6.8% through 2011.

kim:

I agree the article is sloppily written, but it appears to me that they are adding people. Thus the total number is rising more because of more people being added rather than because the ones on it are getting richer themselves.

So if you don't like this, Paul, you don't think people should accumulate wealth.

Yes, if we were all still migratory, I guess Anthropogenic Global Warming wouldn't be much of a problem.
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Publisher: Kevin Aylward

Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

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