We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://www.google.com/+EricAu118)
Wednesday, November 23, 2016
The top 0.1% of American households hold the same amount of wealth as the bottom 90%
It's no secret that the US has an inequality problem. But actually looking at the disparity between the top and the bottom can still be staggering.
Deutsche Bank's chief international economist Torsten Sløk sent around a chart in a recent note to clients showing the share of US household wealth by income level. Notably, the top 0.1% of households now hold about the same amount of wealth as the bottom 90%.
"US wealth ownership has changed significantly over the past several decades," Sløk wrote.
The Gini coefficient is a measurement of the income distribution within a country that aims to show the gap between the rich and the poor. The number ranges from zero to one, with zero representing perfect equality (everyone has the same income) and one representing perfect inequality (one person earns the entire country's income and everyone else has nothing.) A higher Gini coefficient means greater inequality.
Developed-market economies such as those in Germany, France, and Sweden tend to have a higher GDP per capita and lower Gini coefficients. On the flip side, emerging-market economies in countries like Russia, Brazil, and South Africa tend to have a lower GDP per capita but a higher Gini coefficient.
The US, however, is a big outlier. Its GDP per capita is on par with developed Northern European countries like Switzerland and Norway, but its Gini coefficient is in the same tier as Russia's and China's. Read »