Global wealth and local poverty: The latest evidence

Three reasons why we should be worried about growing contrasts in the fortunes of global rich and local poor…

Niall Cooper

Two stories from today’s news reinforce the picture of gross inequalities and growing contrasts in the fortunes of global rich and local poor.  Things can only get better?

north_southStory One: “Soaring property prices and confident stock markets help swell ranks of global super-rich.” 

More than 1.7 million people joined the ranks of the global super-rich last year.  To qualify as ‘super-rich’ requires ‘investable assets’ of more than $1 million (£600,000) – not including your main home, art collection or vintage car(s).

In Britain the numbers in this elite ‘club’ went up by more than 10 percent just in the past 12 months, to 527,000.  This equates to just under one percent of the total population.   Unsurprisingly, the majority of Britons joining the club have done so as a result of rising property prices.

Just in case you think the UK is an exception, the total number of ‘High…

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