Global wealth falls – a first since 2007

http://www.financialexpress.com/news/global-wealth-falls-a-first-since-2007/1018143/0
Paris: The combined wealth of all individuals has fallen this year for the first time since the financial crisis of 2007-08, with a drop in austerity-hit Europe outweighing a small increase in China, a Credit Suisse report has found. The study found the wealth of all individuals - defined as assets such as income, real estate, savings and investments less debt - fell 5 percent in dollar terms to $223 trillion by mid-2012 from the same time the year before.
The main driver of the decline was crisis-hit Europe, where wealth fell 14 percent in dollar terms. But the study also attributed the fall to economic recessions in a broader range of countries, lower equity prices and relatively subdued housing markets.

As if we didn't know already, even the rich aren't as rich as before...

Deleted User

Deleted User wrote: »

As if we didn't know already, even the rich aren't as rich as before...

Capitalism has failed!

What capitalism

jester77

mariaalice wrote: »

Capitalism has failed!

Socialism ftw

Ghandee

Dravokivich

So... we're all poor?

mariaalice

mariaalice wrote: »

Capitalism has failed!

It's really down to limits to growth, "capitalism" requires an infinitely increasing supply of capital (money) to buy and sell an infinitely increasing supply of material/fuel/food to an infinitely increasingly wealthy population.

So in those terms, yes it's failing.

Ghandee

Dravokivich wrote: »

So... we're all poor?

Marginally poorer than the Chinese it seems.

Ghandee

Ghandee wrote: »

Marginally poorer than the Chinese it seems.

But considerably richer than the average Chinese, most are still dirt poor.