RICHEST 2% STILL HOLD ALL THE ..$$$$$$$$$

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RICHEST 2% STILL HOLD ALL THE ..$$$$$$$$$

 user 2006-12-06 at 11:27:00 am Views: 73
  • #17234

    Richest 2 Percent Still Hold Half the Wealth
    LONDON
    (Dec. 06) – The richest 2 percent of adults still owns more than half
    of the world’s household wealth, perpetuating a yawning global gap
    between rich and poor, according to research published Tuesday.The
    report from the Helsinki-based World Institute for Development
    Economics Research shows that in 2000 the richest 1 percent of adults -
    most of whom live in Europe or the United States – owned 40 percent of
    global assets.The richest 10 percent of adults accounted for 85 percent
    of assets, the report said.By contrast, the bottom 50 percent of the
    world’s adult population owned barely 1 percent of the world’s
    wealth.”Income inequality has been rising for the past 20-25 years and
    we think that is true for inequality in the distribution of wealth,”
    said James Davies, a professor of economics at the University of
    Western Ontario, one of the report’s authors.”There is a whole group of
    problems in developing countries that make it difficult for people to
    build up assets, which are important, since life is so precarious.”The
    gulf between rich and poor nations has long concerned politicians and
    economists, who say it is one of the biggest obstacles to
    development.But Davies said there are some hopeful signs: China and
    India, which are developing rapidly, are gaining wealth and in
    countries like Bangladesh, the spread of micro-credit institutions is
    helping people to increase their personal wealth, he said.In other
    countries, land registration programs allow the poor to own land for
    the first time, he said.

    According to the report, individual
    assets of $2,200 placed an adult in the top half of the world’s wealth
    distribution in 2000.Those in the richest 10 percent of adults had
    assets of $61,000 or more while those in the top 1 percent – who now
    number 37 million – had at least $500,000.Researchers defined wealth as
    the value of physical and financial assets minus debts.Household wealth
    in 2000 was valued at $125 trillion, equivalent to roughly three times
    the value of total global production, or to $20,500 per person, the
    report said.Average wealth in the United States amounted to $144,000
    per person in the year 2000, and $181,000 in Japan, it said.In India,
    the figure was just $1,100 and in Indonesia, per capita wealth was
    $1,400.00Even among high-income nations, the amounts vary, from $37,000
    per person for New Zealand and $70,000 for Denmark to $127,000 for
    Britain.The world’s wealth is heavily concentrated in North America,
    Europe and the high-income Asia-Pacific countries, which hold nearly 90
    percent of the total world wealth, and where almost all the world’s
    richest individuals live, the report said.Although North America has
    only 6 percent of the world’s adult population, it accounts for 34
    percent of household wealth.China occupies much of the middle third of
    global wealth distribution, while India, Africa and the low-income
    Asian companies dominate the bottom third.Anthony Shorrocks, another of
    the report’s authors, said despite its rapid growth, China does not yet
    feature among the super-rich because average wealth is modest and
    evenly spread by international standards.”However, China is already
    likely to have more wealthy residents than our data reveals for the
    year 2000, and membership of the super-rich seems set to rise fast in
    the next decade,” he said.