What does "99% of the world's wealth is owned by 1% of people" mean?

Discussion in 'Business & Economics' started by wynn, Nov 15, 2011.

  1. wynn ˙ Valued Senior Member

    Messages:
    15,058
    What does the frequently made statement that "99% of the world's wealth is owned by 1% of people" actually mean?

    How did they arrive at these numbers?
     
  2. elte Valued Senior Member

    Messages:
    1,182
    I'd put it as being a sign that civilization has devolved back toward Feudalism.
     
  3. nietzschefan Thread Killer Valued Senior Member

    Messages:
    7,721
    I have been screaming on this very forums how, society has regressed into economic feudalism for at least 5 years now.
     
  4. wynn ˙ Valued Senior Member

    Messages:
    15,058
    Where are the 70 million people who own 99% of the world's wealth? Who are these people? How much does one of these people actually own?
     
  5. cosmictraveler Be kind to yourself always. Valued Senior Member

    Messages:
    30,920
    Here are 400 of them who live in America.

    http://www.forbes.com/400richest/
     
  6. Cifo Day destroys the night, Registered Senior Member

    Messages:
    685
    99% of the world's personal wealth is owned by the richest 1% of the people.

    Seeing as how the world's population is 7 billion, 1% of it is 70 million. Obviously, "they" did not gather data on the personal wealth of the world's 7 billion people, and not even on the richest 70 million people, but most likely, they collected and analyzed statistical data, found a pattern, and using a statistical method, gave the estimate you quoted.
     
  7. River Ape Valued Senior Member

    Messages:
    1,033
    As there is no conceivable basis of calculation under which it is true,
    it doesn't much matter what it means.
     
  8. scheherazade Northern Horse Whisperer Valued Senior Member

    Messages:
    3,853
    While the means of arriving at the figures may be by debatable formulas and extrapolation, there would seem to be little argument that the personal wealth and more importantly the resources needed for basic survival, are not equitably distributed.

    How to address the situation remains the challenge.
     
  9. adoucette Caca Occurs Valued Senior Member

    Messages:
    7,829
    Nothing, since there is no way to compute "the world's wealth".

    96.5% of all statistics are simply made up.

    (just kidding)

    If you want to discuss issues like this, then you usually have to narrow your scope.

    Like limit it to personal wealth, and not public wealth (meaning we don't count aircraft carriers, roads, dams, airports, land improvements that sort of thing)

    And you might want to discuss one country, like the US or a reasonable collection for which there is data, like the EU.

    For instance the top 1% hold ~38% of the personal wealth in the United States
     
  10. adoucette Caca Occurs Valued Senior Member

    Messages:
    7,829
    What is equitable and how is that determined?

    Should Steve Jobs have a bigger piece of the pie than the alcohol addict who now sits on the street corner all day asking working stiffs for "cab fare"?
     
  11. cosmictraveler Be kind to yourself always. Valued Senior Member

    Messages:
    30,920
    The person that has the biggest heart of gold is the richest person there is for money can never buy that, you must learn it from lifes experiances and what you do to others.
     
  12. nietzschefan Thread Killer Valued Senior Member

    Messages:
    7,721
    No but Steve should pay the same % taxes someone making 50K a year makes. Fact is, he pays less % taxes.

    The real criminals are bankers and old corporations that pay nearly 0% taxes.
     
  13. wynn ˙ Valued Senior Member

    Messages:
    15,058
    That statistics that "99% of the world's wealth is owned by 1% of people" is bandied about in the media all the time. I wondered what they mean by it.
     
  14. Me-Ki-Gal Banned

    Messages:
    4,641
    I see My good buddy neighbor is still on the List . He lives up the Rattle Snake If Occupiers by the droves are interested I can show a couple of you were he lives. He pays his people pretty good and a job with Washington Corp. is considered a very good job for any Missoulian , but you know he sits on a lot cash so just saying. He has not made a big donation to Wood For Haiti and that is stupid . I guess he don't know the Christ in town is making a strong suggestion. I am not the pushy type . Hey it is up to you if you want to go to heaven or not . Fuck I don't care . Hell has been good to me some what . No real complaints . The pussy is good
     
  15. fedr808 1100101 Valued Senior Member

    Messages:
    6,706
    Or it came from the same place that the oft quoted fallacy "Humans only use 10% of their brains" came from... from someone that thought it sounded good at the time.

    Its such an old saying that its origins are from a time (a few decades ago) where there was no way to find that out statistically.
     
  16. Me-Ki-Gal Banned

    Messages:
    4,641
    What they mean is they are stingy . We know they give a lot to charities yet they hold onto the human instinct of self preservation and if they rose from poverty to great heights as you you have opportunity in America to do you can . There only fault is they still have hoarding instincts just like the rest of you .
    A human flaw in the modern world we live in . Fear not for we are in proceed of birth pangs of chance . To bad so many people have to feel the pain , but hey birth hurts . Should of got the Epidermal
     
  17. Syzygys As a mother, I am telling you Valued Senior Member

    Messages:
    12,652
    Let's say 100 Sciforum members are in a room with 100 candies. I get everyone's candy, but yours. Then I, the 1% own 99% of the candies in the room.

    Clear enough for you? I arrived at those numbers by counting the candy and beating up everyone to get them, except you....
     
  18. adoucette Caca Occurs Valued Senior Member

    Messages:
    7,829
    Not on income from normal salary earnings.

    For these the top earners pay far more in taxes.

    Corporations don't actually pay any taxes.
    The people who buy their products do.

    If you TREBLE the tax on the oil companies for instance, all that would mean is the price you pay for gas would go up.

    Arthur
     
  19. spidergoat alien lie form Valued Senior Member

    Messages:
    46,869
    It means that cash rules everything around us.
     
  20. nietzschefan Thread Killer Valued Senior Member

    Messages:
    7,721
    Didn't you watch Tropic Thunder? Never go full retarded dude.

    [​IMG]

    http://www.economist.com/blogs/dailychart/2011/10/income-inequality-america
     

Share This Page