Richest 1% may soon own more than the rest of the world

ancapailldorcha

I'd read before that 40% of the world's wealth is concentrated in the hands of 1% of the population so this comes as no surprise. There'll always be a gap between rich and poor but it's getting wider and wider by the year and will only get worse unless something is done.

http://www.bbc.co.uk/news/business-30875633

kneemos

Grow dreadlocks and protest at the next G8 meeting.

AndonHandon

Better ensure I'm not in the 99% or else I'll have a self-entitlement attitude where I expect to receive wealth for minimal excursion.

gramar

Yeah, but are they happy?

RobertKK

Some of us here are probably in the 1% given it is 70 million people.

DoYouEvenLift

Fair play to them.

Bootros Bootros

AndonHandon wrote: »

Better ensure I'm not in the 99% or else I'll have a self-entitlement attitude where I expect to receive wealth for minimal excursion.

Very little chance you won't be in the 99%.

Apologies if you are a multi millionaire or a billionaire.

( and the self entitlement of tax payers?).

Iago

RobertKK wrote: »

Some of us here are probably in the 1% given it is 70 million people.

Not too many, net worth of €5m+ needed to get you there

kneemos

gramar wrote: »

Yeah, but are they happy?

If Carlsberg did unhappiness they would be part of the 1%.

Bootros Bootros

DoYouEvenLift wrote: »

Fair play to them.

Yes they inherited that wealth in great fashion

Bootros Bootros

Iago wrote: »

Not too many, net worth of €5m+ needed to get you there

I would have thought it higher tbh.

Satriale

They probably wont enjoy it though, when the poorest 1% take it from their soft white little hands.

ancapailldorcha

Bootros Bootros wrote: »

Yes they inherited that wealth in great fashion

Bill Gates is actually leaving most of his fortune to charity:

http://www.dailymail.co.uk/news/article-2584748/Our-children-wont-left-billion-dollar-trust-funds-Bill-Gates-says-opens-parent-worlds-richest-family.html

Fair play to him and others who think their kids shouldn't be born with silver spoons in their mouths.

jimgoose

According to the Pedia of Wiki, Ireland was ranked 15th in the list of World nations GDP per-capita in 2012. That, in short, means that this 1% is us. So take it hawndy noy a while with the dreadlocks and protesting an' shiz-nit. Be careful what you wish for!

techdiver

http://www.globalrichlist.com/

Here you go.

Put you NET income in here and you'll see most people in Ireland are in at least the top 5%, if not higher. I'm in the top 1% and I'm not in a particularly high paid job.

kneemos

Iago wrote: »

Not too many, net worth of €5m+ needed to get you there

Not a lot.Quite a lot of farmers,anybody with a reasonably priced house and a small to medium sized company.
A plant hire company for example would easily have 5 million sitting in the yard.

Iago

Bootros Bootros wrote: »

I would have thought it higher tbh.

Well having assets of €5m+ clear and free of debt is a hell of a bankroll tbf.

The numbers are massively skewed by the super rich, but in the USA for example, you enter the top 1% of households once you have in excess of $1.2m in net worth, or earn in excess of $300k per year in your household.

Average net worth in the 1st world is actually very low.

thelad95

Apparently coming into a large sum of money can be one of the most stessful experiences in someones life. Think of all the choices you'd have to make, the potential guilt at having gotten a load of money for doing nothing, various people dropping subtle hints that they want money and potential falling outs with people over same.

Iago

kneemos wrote: »

Not a lot.Quite a lot of farmers,anybody with a reasonably priced house and a small to medium sized company.
A plant hire company for example would easily have 5 million sitting in the yard.

Assets aren't the same as net worth. Those who have €5m+ in net worth after all debts are paid are very much in the minority imo.

Bootros Bootros

jimgoose wrote: »

According to the Pedia of Wiki, Ireland was ranked 15th in the list of World nations GDP per-capita in 2012. That, in short, means that this 1% is us. So take it hawndy noy a while with the dreadlocks and protesting an' shiz-nit. Be careful what you wish for!

No it doesn't. Since we are not all muti millionaires. And GDP is not given out equally.

There are billionaires in Russia, Nigeria and Mexico. In fact the richest people in the world come from there. You've basically averaged out irelands GDP and assumed we all earned it and therefore are richer than all Russians. Like Abramovich.

Maths is tough.

DoYouEvenLift

Iago wrote: »

Not too many, net worth of €5m+ needed to get you there

That's actually very achievable to be fair, thought it would've been far higher. There are definitely some 1%ers amongst boards in that case. Still not too many as you say, though.

jimgoose

Bootros Bootros wrote: »

No it doesn't. Since we are not all muti millionaires. And GDP is not given out equally.

There are billionaires in Russia, Nigeria and Mexico. In fact the richest people in the world come from there.

Maths is tough.

It sure is. :pac::pac::pac:

Bootros Bootros

DoYouEvenLift wrote: »

That's actually very achievable to be fair, thought it would've been far higher.

And how do you expect to get it? Fantasy land.

Boardnashea

RTE news is showing €2.3M needed to get into the club. I am very surprised if it is this low. Even €5M seems low. but thereagain are there 40,000 at this level in Ireland?

TerrorFirmer

Evening putting in a minimum wage net salary ranks you in the top 6%.

Someone on the dole getting rent allowance etc is still in the top 7-8% according to that calculator as well. Just to put it into perspective.

kneemos

Iago wrote: »

Assets aren't the same as net worth. Those who have €5m+ in net worth after all debts are paid are very much in the minority imo.

Net worth would be after the realisation of assets I'd have thought.
Nobody has five million sitting around doing nothing.

DoYouEvenLift

Bootros Bootros wrote: »

And how do you expect to get it? Fantasy land.

I forgot that you know every member of boards careers and financial situations.


To all you young, intelligent and financially stable members amongst us: if you have hopes and aspirations of becoming wealthier through good career and business choices throughout your life then forget about it, Bootros Bootros here has great input: you are in 'fantasy land.'

Bootros Bootros

Boardnashea wrote: »

RTE news is showing €2.3M needed to get into the club. I am very surprised if it is this low. Even €5M seems low. but thereagain are there 40,000 at this level in Ireland?

Presumably it's world wide. Ireland doesn't have very many ( if any) billionaires.

Calibos

ancapailldorcha wrote: »

Bill Gates is actually leaving most of his fortune to charity:

http://www.dailymail.co.uk/news/article-2584748/Our-children-wont-left-billion-dollar-trust-funds-Bill-Gates-says-opens-parent-worlds-richest-family.html

Fair play to him and others who think their kids shouldn't be born with silver spoons in their mouths.

IIRC himself and the Missus along with another few billionaires like Warren Buffet are trying to kickstart a new breed of philanthropists like back in the Rockerfellar and Carnegie days. Those titans of industry back in the day were at each other's throats for decades trying to out-net-worth each other. After a certain amount of money it stops being about power or securing the future of your descendants and becomes purely a net worth willy waving contest. Eventually one gave up and started donating to philanthropic causes to beat the band and the net worth willy waving became a race to see how much money they could give away and how charitable each of them could be. Still willy waving but at least the rest of the world benefited.

RobertKK

Networth is assets minus loans, mortgages or any other expense attached to the assets.
http://www.globalrichlist.com/wealth puts the top 1% as having around 700k+ Euro networth.

TerrorFirmer

DoYouEvenLift wrote: »

I forgot that you know every member of boards careers and financial situations.


To all you young, intelligent and financially stable members amongst us: if you have hopes and aspirations of becoming wealthier through good career and business choices throughout your life then forget about it, Bootros Bootros here has great input: you are in 'fantasy land.'

He said that your implication that achieving a net worth of 5m is 'very achievable' for the average joe is a fantasy...and to be fair he's right.

Bootros Bootros

DoYouEvenLift wrote: »

I forgot that you know every member of boards careers and financial situations.


To all you young, intelligent and financially stable members amongst us: if you have hopes and aspirations of becoming wealthier through good career and business choices throughout your life then forget about it, Bootros Bootros here has great input: you are in 'fantasy land.'

Well there's always the lottery. And people born rich.

Everybody else is mostly in fantasy. Because earning 100k a year isn't and paying 50% a year isn't going to allow you to save 5M. And the house prices are not going to go from 30k to 5M as they did from 1962 to 2008. So property is out for the Young.

So no. The vast majority don't have a "very achievable chance".

There is the lottery this week.

ancapailldorcha

TerrorFirmer wrote: »

He said that your implication that achieving a net worth of 5m is 'very achievable' for the average joe is a fantasy...and to be fair he's right.

It's that sort of attitude that had Americans opposing a proposed estate tax just in case they happened to become worth $5 million some day.

The world has far more peaceful well off societies that it ever has in the past. In a way the rich getting richer doesn't matter because the amount of people living in absolute poverty is decreasing all the time as well.

coffeepls

techdiver wrote: »

http://www.globalrichlist.com/

Here you go.

Put you NET income in here and you'll see most people in Ireland are in at least the top 5%, if not higher. I'm in the top 1% and I'm not in a particularly high paid job.

Oooh! Rich me!

RobertKK wrote: »

Networth is assets minus loans, mortgages or any other expense attached to the assets.
http://www.globalrichlist.com/wealth puts the top 1% as having around 700k+ Euro networth.

0h! Bubble burst.

Status quo returned.....

RobertKK

Bootros Bootros wrote: »

Well there's always the lottery. And people born rich.

Everybody else is mostly in fantasy. Because earning 100k a year isn't and paying 50% a year isn't going to allow you to save 5M. And the house prices are not going to go from 30k to 5M as they did from 1962 to 2008. So property is out for the Young.

So no. The vast majority don't have a "very achievable chance".

There is the lottery this week.

Some people are good at investing their money. If you are good, it is very possible.

DoYouEvenLift

Bootros Bootros wrote: »

Well there's always the lottery. And people born rich.

Everybody else is mostly in fantasy. Because earning 100k a year isn't and paying 50% a year isn't going to allow you to save 5M. And the house prices are not going to go from 30k to 5M as they did from 1962 to 2008. So property is out for the Young.

So no. The vast majority don't have a "very achievable chance".

There is the lottery this week.

You seem to come across very bitter towards people who inherited money. Even from the first post of mine you quoted you were being negative towards them. It's not like they chose to be born into a rich family but if they went on to use that money to get richer then still, fair play to them. Even though they had no issues getting start up funds for whatever businesses they established they still took the risks and in turn received the benefits. Not every wealthy family spoon feeds their children.

The average Joe has the internet nowadays and one can start multiple small businesses through that for very little. If they work their arses off, educate themselves and put what they learn to use and make smart choices they could grow the best business to the point of either continuing to grow it or sell it for a large profit and from there either be smart and invest wisely or take another risk and use it for startup funds for another business.

AndonHandon

Bootros Bootros wrote: »

Very little chance you won't be in the 99%.

Apologies if you are a multi millionaire or a billionaire.

( and the self entitlement of tax payers?).

I just do not understand the begrudgery of people against this mythical 1%. Comments like "trust fund" and "inheritance" ring hollow. Want to become part of the 1%? Then make an effort.

DoYouEvenLift

AndonHandon wrote: »

I just do not understand the begrudgery of people against this mythical 1%. Comments like "trust fund" and "inheritance" ring hollow. Want to become part of the 1%? Then make an effort.

It's a lot easier for most people to just begrudge those who try and succeed than join them. This holds true to a lot of things in life, unfortunately.

The Strawman Argument

Wow, everyone gets so fixated on what the minimum possible figure required to get into the 1% is. It's hardly some extremely precise mathematical number where you stop being okay enough to being absolutely f*cking loaded. No one needs billions in their personal wealth, you sure as f*ck don't need to inherit it, the core point of the whole 1% shenaningans is to highlight that the extremely wealthy could spend their money on better things to the world as a whole than just becoming wealthier.

Not sure why neither side seems to be able to cop on that the dude worth millions who's either earned it all or even just maintained it doesn't deserve too much begrudgery at all, it'd be fairly hard for just about anyone to say they'd be more charitable when they still have to work all the time. Meanwhile the notion that an oligarch or some other arsehole billionaires like that (and there's plenty of them!) shouldn't be looked upon with some level of disdain is completely baffling.

KomradeBishop

The narrative on these threads is telling:
Upward redistribution of wealth, from the rest of society towards the wealthy = Good on them. They earned it (apparently, the rest of society didn't earn the share being taken from them).

Downward redistribution of wealth, from the wealthy, to the rest of society = Begrudgers 'stealing' from the wealthy.


It's odd that people don't understand, that upward redistribution of wealth, means making the rest of society poorer and more indebted - the increase in wealth, is not merely due to growing economies, it's actually being redistributed, being taken from the rest of society.

steddyeddy

AndonHandon wrote: »

Better ensure I'm not in the 99% or else I'll have a self-entitlement attitude where I expect to receive wealth for minimal excursion.

You're last sentence is a good description of inherited wealth and educational advantage actually.

Caliden

Profit should be a dirty word.

DarkyHughes

Time for the Russell Brand revolution.

smash

If you can't beat em, join em. Or at least try to join them by getting off your ass and trying to make more money instead of sitting down whinging about others having something that you don't.

diomed

Caliden wrote: »

Profit should be a dirty word.

Good idea. Let's hope Ireland can have lots of loss-making companies going bankrupt. We will all benefit from the distribution.

Iwasfrozen

Fair play to them.

Areyouwell

AndonHandon wrote: »

Better ensure I'm not in the 99% or else I'll have a self-entitlement attitude where I expect to receive wealth for minimal excursion.

Yes you'll find plenty of self-entitlement in the 1% club. You'll be taxed less, get away with more and the State will even bail out your incompetence when you fúck up. It's the perfect win-win.

The_Valeyard

DarkyHughes wrote: »

Time for the Russell Brand revolution.

But I don't want to act like an obnoxious pr*ck.

steddyeddy

Do people really think that the hardest workers in the world are the 1%? Are there other factors involved?

Caliden

diomed wrote: »

Good idea. Let's hope Ireland can have lots of loss-making companies going bankrupt. We will all benefit from the distribution.

Ah now, let's just have companies make an obscene amount of profit and pay a minuscule amount of tax (0.14% for Google) while actual workers pay 51% of their earnings in tax.