By the end of 2021, in USD, according to the 13th Global Wealth Report, in 2021, global wealth totalled an estimated $463.6 trillion. Switzerland ranks highest in terms of wealth per adult at $696,600, followed by the United States, Hong Kong SAR and Australia, the more relevant median wealth per adult criterion places Australia, Belgium and New Zealand in the top three positions with $273,900, $267,890 and $231,260, respectively.
Just under half of all the world’s wealth - $221.7 trillion - is in the hands of 1% of it’s citizens. Conversely, just over half of the world’s citizens share only $5 trillion. The top 10% of adults hold 85% of the world's wealth, while the bottom 90% hold the remaining 15% of the world's total wealth.
There are many issues with wealth imbalance - and they don't really have much to do with envy. The reasons are way more pragmatic than that. One of the greatest - and most ridiculous pragmatic reasons, beyond the abject misery of poverty, is that the the health, infrastructure, climate issues created by the actions of many of the most wealthy, impact all of us - and ironically, are not generally funded by those who create the issues in the first place.
One of the most stark examples of the plight of poor countries and peoples is that it has taken until now to get the subject of how poor countries, disproportionately impacted by climate change, will be compensated / assisted by the wealthier businesses and countries responsible.
World leaders, policymakers and delegates from nearly 200 countries are in Egypt at the COP27 U.N. climate summit, which was delayed as delegates argued about a deal to discuss compensating poor nations for mounting damage linked to global warming. Gaston Browne Prime Minister of Antigua and Barbuda:
"THE OIL AND GAS INDUSTRY CONTINUES TO EARN ALMOST 3 BILLION UNITED STATES DOLLARS DAILY IN PROFITS. IT IS ABOUT TIME THAT THESE COMPANIES ARE MADE TO PAY A GLOBAL CARBON TAX ON THEIR PROFITS AS A SOURCE OF FUNDING FOR LOSS AND DAMAGE."
Shehbaz Sharif, Prime Minister of Pakistan
"LOSS AND DAMAGE NEEDS TO BE PART OF THE CORE AGENDA OF COP27 TO MEET THE PRESSING HUMANITARIAN NEEDS OF THOSE THAT ARE TRAPPED IN A CRISIS OF PUBLIC FINANCING FUELLED BY DEBT AND YET HAVE TO FUND CLIMATE DISASTERS ON THEIR OWN. THIS IS SIMPLY UNJUST AND UNFAIR TO SAY THE LEAST."
One of the emergent shifts of this century are been the eye watering wealth that is concentrated in the hands of just the top 10 people. According to Forbes, the latest List of Top 10 Richest People in the World 2022 control $1.3 trillion of the world's wealth:
Many individuals on this list invest heavily in foundations, climate mitigation and rescue and use their technological capacity to help solve and support research, disaster management, the world's poor and in many cases, supporting governments alongside NGOs and other efforts. It is important to recognise however that size of the power this wields. When Elon Musk chose to support Ukraine with Starlink, he literally changed the course of a war affecting millions or people - within the war itself and around the world. When he threatened to withdraw Starlink unless the USA government paid for it, you start to see how wealth and the technology that built it, affords power way beyond even the biggest political institution on the planet.
Workers, as participants in a scheme of cooperation that produces national income, have a claim to a fair share of what they have helped to produce. No one has reason to accept a scheme of cooperation that places their lives under the control of others, but real wages for most workers have increased little if at all since the early 1970s, but in Australia for instance, wages for the top 1 percent of earners have risen 165 percent, and wages for the top 0.1 percent have risen 362 percent.
Support local wherever you can. When purchasing any product like coffee or chocolate, always buy fair trade. Take the time to understand who made your clothes and that the maker is not a known user of slaves.
Infographic: Statista