So, a study was released today from the U.N. and mentioned on plenty of different news sites, but the Bloomberg article brought something a little more interesting to my attention. Essentially, the study says that the richest 1% of the world’s adult population comprise 40% of all global wealth. I mean, that alone is pretty nuts, but further on in the article, they get a bit more specific…
Apparently, if you have $61,000 in assets, you’re in the top 10%. That’s not $61,000/yr…that’s assets…so if you own a house, chances are that you’re in the top 10% of all global wealth. These figures come from the fact that the average adult wealth in the U.S. is $144,000, while in places like India, it’s $1000.
Now, my man, Ben, made a similar point on his blog a few days ago, and I’ll reiterate: what exactly does this mean? I mean, isn’t it rather depressing that owning a house means you’re richer than 90% of the world’s population? Billions of people? Can anything be done, or will the rich keep getting richer and the poor continue to get poorer?
I guess we should all just keep stuff like this in mind as we head through the Christmas season… As you think about financial gifts you give to the needy, realize just how good you have it compared with 5.4 billion other people…
I completely agree that we’re pretty darn lucky… but remember, having money does not equal being rich. In the spirit of the season, I will indulge my corny self by saying that being rich is really about having people that you love to share life with. Yeah, some of these people with the McMansions might be rich, but a person in a hut on the plains of Africa might be happier. Especially when they don’t really know what they’re “missing” here. So keep both your monetary and your personal blessings in mind throughout the Christmas season (and always). 🙂
Yes, very corny, Ms. Elizabeth, but also very much agreed! I guess part of the point was mentioning how $61,000 in assets isn’t normally what I would consider to be “rich” (financially, of course)…yet when looking at the percentile that those people represent, I would think that anyone in the top 10% (or heck, 20%?) to be “rich”…so, I guess, these two values don’t mesh with me…
I guess, in the end, we are all “richer” than we may otherwise think…financially and otherwise…
does any of this mean you don’t want presents?
Your Mom cracks me up. I think I’d like her. Does she know I call you Sassy? Because I think she’d like that too : )
I’d like to know what “sassy” means?? And I would like to meet you too! I think you’d be amazed to hear what Andy was like in high school. I don’t think anyone would have called him Sassy back then!! In fact, his drummer buds called him “the ultimate boy scout” if that tells you anything! And since Andy hasn’t responded, I’m assuming he does want presents this year (just guessing)
I hate you all…and I expect a Wii under my Christmas tree this year, Mother, for these shenanigans…
😛
is being rich a sin? i mean, this is a real question. something i’ve struggled with. do you think it’s moral to be in the top ten percent when it’s so easy to give that kind of thing away? i know it wont make much difference if it’s just me- and i know you’d have to be careful about where to give it- but it’s the trying that matters, yeah? and maybe it doesnt mean to be moral you have to give it away? the only way i can see this is maybe it means you have a responsibility- but what is that? there is a moral imperative here for me- i’m just struggling to find its answer.
Agreed Nathan. I’m having a similar moral struggle. I think giving money away is important. I have to give donate money from my paycheck automatically or I know I won’t do it. I will spend it on crap I don’t really need. I also don’t much like giving my money to people in the United States, most of whom I feel like have the opportunity to work their way up if they so choose. The local fastfood places here pay 8 bucks an hour. Plus welfare and other social programs. I would prefer to give to the truly poor people who don’t have that opportunity, except that you know a lot of the money doesn’t actually get to them. People in Africa, India, South/Central America. Is it more moral to give money to an international charity when most of the donation is usurped by the greedy ruling class of said countries on the off chance that at least some of it trickles down to the actual poor? Also why I struggle with the illegal immigration issue. So we have to give some extra people health care and education. Is that really so bad? A lot of the people immigrating have NOTHING and honestly want to work. Some of them probably don’t want to work and they get the benefits too. The rich-poor gap on a worldwide scale is such a serious topic. Its amazing how many people in the world live in houses without walls/roofs/floors/doors. Even people in our own backyard, in driving distance from enormous skyscrapers and billion dollar industries. But we bitch nonstop about trivial things like gas prices (me included). There is a definite disconnect somewhere. Ok, that was a lot of contemplating to no one in particular. Andy – see ya in a few days sucka!