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

ancapailldorcha · 19-01-2015 12:14PM #1

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 · 19-01-2015 12:17PM

Grow dreadlocks and protest at the next G8 meeting.

AndonHandon · 19-01-2015 12:19PM

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 · 19-01-2015 12:22PM

Yeah, but are they happy?

RobertKK · 19-01-2015 12:23PM

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

DoYouEvenLift · 19-01-2015 12:26PM

Fair play to them.

Bootros Bootros · 19-01-2015 12:27PM

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 · 19-01-2015 12:28PM

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 · 19-01-2015 12:28PM

gramar wrote: »

Yeah, but are they happy?

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

Bootros Bootros · 19-01-2015 12:28PM

DoYouEvenLift wrote: »

Fair play to them.

Yes they inherited that wealth in great fashion

Bootros Bootros · 19-01-2015 12:29PM

Iago wrote: »

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

I would have thought it higher tbh.

Satriale · 19-01-2015 12:29PM

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

ancapailldorcha · 19-01-2015 12:30PM

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 · 19-01-2015 12:31PM

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 · 19-01-2015 12:31PM

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 · 19-01-2015 12:31PM

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 · 19-01-2015 12:33PM

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 · 19-01-2015 12:35PM

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 · 19-01-2015 12:35PM

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 · 19-01-2015 12:35PM

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 · 19-01-2015 12:36PM

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 · 19-01-2015 12:36PM

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 · 19-01-2015 12:38PM

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 · 19-01-2015 12:40PM

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 · 19-01-2015 12:41PM

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 · 19-01-2015 12:41PM

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 · 19-01-2015 12:45PM

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 · 19-01-2015 12:45PM

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 · 19-01-2015 12:47PM

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 · 19-01-2015 12:47PM

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 · 19-01-2015 12:49PM

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.

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

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