Millionaires Control Nearly 40 Percent Of Global Wealth

By Robert Frank of the Wall Street Journal

Here’s another stat that the Occupy Wall Streeters can hoist on their placards: The world’s millionaires and billionaires now control 38.5% of the world’s wealth.

According to the latest Global Wealth Report from Credit Suisse, the 29.7 million people in the world with household net worths of $1 million (representing less than 1% of the world’s population) control about $89 trillion of the world’s wealth. That’s up from a share of 35.6% in 2010, and their wealth increased by about $20 trillion, according Credit Suisse.

The wealth of the millionaires grew 29% — about twice as fast as the wealth in the world as a whole, which now has $231 trillion in wealth.

Read the full post from WSJ here.

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Comments

[splashy]

03:20 PM on 10/23/2011

They have too much, they aren't spending it, and they control too much with it.

[PtownBen]

10:09 AM on 10/23/2011

FORTUNE

Life is undying for Death is Final.

I keep Gold. I’m Wealthy. I’m Affluent.

My family is Relaxed. Entitled. Disdainful.

My God is made of Gold.

My heaven is better than yours.

I keep silver. I’m Wealthy. I’m Evolving.

My Family is Smart. Deserving. Desirous.

My God is made of Stone.

My heaven is mine.

I keep my reality. I’m Wealthy. I’m Loved.

My family is Accepting. Humble. Caring.

My God is made of Faith.

I’m already in heaven.

When I die, I depart to heaven.

Life is transient for Death is Eternal.

http://themahdiblog.wordpress.com/

[Maddog187]

11:09 AM on 10/21/2011

Westerner populations should have paid closer attention to what happened to Africa, India, Latin America and other countries that were colonized. The same methods used to extract wealth from toady's populations were perfected against the inhabitants of so-called developing or third world countries. My personal opinion based on the research i have conducted as it pertains to Africa, is that one of the reasons Africa was destabilized and a propaganda machine used against her (cannibalism,,savages etc) was because the fundamental concept under all African people (The nile valley to Western Africa) was socialism, and the most rigid form of socialism. That is why when Europeans entered Africa her customs had remained unchanged because under their form of socialism the next generation was placed ahead of the current hence long term sustainability as opposed to capitalism which is me at the expense of future generations etc. Capitalism can only exist in the short run it is unsustainable, it is short term profits for the few at the expense of the others (fellow man, the environment, the animals)

[g9]

10:53 AM on 10/21/2011

So its the 99+%...against the less than 1%......IT STILL STINKS

[treehugger5]

05:39 AM on 10/21/2011

it seems like becoming rich is some kind of game. Your are playing with really money. If your take it off the board and just keep it how does that make you a winner? There are countries that show you what happens when a tipping point occurs. Destroying the middle class is tearing down the "firewall".

[treehugger5]

05:40 AM on 10/21/2011

Please ignore my stupid typos.

[StinkyMoBub]

08:56 PM on 10/20/2011

Not surprising and totally unsustainable.

[USA2Sense]

08:15 PM on 10/20/2011

WHY - all of a sudden is this - 'suprising'...????

If you've paid any attention to the financial/economic news over the last few decades....this is not surprising - it is the norm.....

We sure as hull know - it isn't us poor working stiffs - who control the world wealth.....LOLOL....

[jamenta]

08:17 PM on 10/20/2011

The marching is beginning because where before - most Americans could find job and work hard to at least get by, now, the wealthy elites and corporations they own - have taken the jobs off the table.

An increasing number of Americans have nothing left other than to march...

[Scott Leland]

10:17 AM on 10/21/2011

Yes, and there are hundreds of applicants to every job opening available on Career Builder. We have to let the corporations know that we will appreciate them hiring Americans to get the Recovery going:

http://www.flixya.com/blog/3201910/Beautiful-Butterflys

[jweller13]

04:21 PM on 10/20/2011

Gee...YA THINK? This news sure came out of the blue.

[Craig Bovia]

03:16 PM on 10/20/2011

29,000,000 out of 7,000,000,000, own over $89,000,000,000,000, or 38.5% of all the wealth in the World. And they lust for more. Seem fair to You??

[AZLibDem]

05:21 PM on 10/20/2011

Not all of us lust for more; did you ever stop to consider that some of use might even regret the circumstances that put us here?

[MadeinUSAJOBS]

09:41 PM on 10/20/2011

I am not sure i understood correctly that youu were lucky and may have a little extra money. If you do would you please consider starting a business hopefully producing something Made in the USA that we could buy from you or maybe you could be silent partner and let someone else run things.
If you can hire a few people at a little bit over what Wal-mart pays and then as we buy from you you will be able to hire more. If these workers make enough over time , they will be able to pay taxes to local, state and federal government so they will not have to cut as much.

American consumers , if you have to pay a little more for Made in USA , products, you will save on social costs/taxes for unemployed, food stamps medicaid for a worker and save his pride. Most of these unemployed hate to be on these entittlement programs so their family can eat.

Please do not buy new products from American international corporations and send your money overseas,
If you cannot find new product Made in the U. S. Buy used from charity stores, you save money and they will help your neighbors. You will also keep your money circulating locally which will help your small businesses , restaurants, stores etc.

[Blackorpheus]

03:03 PM on 10/20/2011

Yeah. And billionaires control the other other 60 percent.

[Craig Bovia]

03:12 PM on 10/20/2011

I am with you, pal.
F/f

[Ed Baker]

01:21 PM on 10/20/2011

OK, everyone who still thinks $1million is a lot of money raise your hand.

[jamenta]

01:51 PM on 10/20/2011

Raises hand.

The average income for a senior citizen in the bottom 20% is about $7500 a year. #SocialSecurity #OWS

- Independent Senator from Vermont, Bernie Sanders

[Ed Baker]

01:56 PM on 10/20/2011

But $1million net worth is really middle America.....

[Joe Corbett]

02:37 PM on 10/20/2011

Invested at 5% it yields 50,000 a year.... forever.

[Jeff Parfitt]

01:09 PM on 10/20/2011

This probably has more to do with the number of people who have lost jobs and wealth in the present economy. It's not that the rich are getting richer through hard work. All they have to do is sit back and watch as the rest of us slowly lose everything we have to them.

[Don Glenn]

01:07 PM on 10/20/2011

If man can make that kind of money legally than God Bless Him. But I have a real problem with the corporations that rely on huge gov. subsidies and contracts like defense contractors making that kind of money. Same thing with big Pharma and their gov. paid drug programs. That should be the first cut in making gov smaller.

[Ginzu Mawa]

05:44 PM on 10/20/2011

first step in that is ending the legal bribery system - thats the heart of all gov problems.

[fortressfountain]

12:40 PM on 10/20/2011

But what will happen to the elite-as more and more of the citizens refuse to take the huge loans of the world bank and such?
The only reason the elite make more is because it is stolen from the rest. Now so many are collecting welfare-there will be no tax dollars for gov. coffers, no money to pay the banks, fannie, freddie etc.
Keep the presses going 24-7-I guess.

[angelshalo321]

12:16 PM on 10/20/2011

EVERY TIME I TALK ABOUT IMMIGRATION----OUTSOURCING----ILLEGALS --MEXICO---HUFF POST NEVER POST MY COMMENTS , WHY ?

[looneydoone]

01:13 PM on 10/20/2011

Maybe because you don't post to the appropriate thread. This story is about the ultra wealthy controlling much of the world's wealth....stocks, bonds, land.

[mikal haley]

06:25 PM on 10/20/2011

but discussion of ethnically-profiled domestic workers from certain regions could totally be approprriate.
you can see how the world's wealthy have, since ferdinand and isabella, manipulated the mesoamerican peoples who didn't speak Espanol until 'los conquistadores' came from imperial Spain in that period of piracy and conquest.

there is an easy and direct connection to that institutional racism and the richest people on the planet. there, see? now angelshalo321's comments about immigration, outsourcing illegals and mexico are contextually valid in the context of the brief article above. can you see the appropriateness of it now?

[sshelly]

04:17 PM on 10/20/2011

Your not allowed to use all cap's.