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70% of the world population has less than $10k
Old 11-14-2017, 09:50 PM   #1
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70% of the world population has less than $10k

And less than 1% are millionaires




Mod note - link to copyrighted source http://publications.credit-suisse.co...E43EA2A731A4ED
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Old 11-14-2017, 10:25 PM   #2
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Without more details it could be misleading as 22.8% of USA population are under the age of 18, and I would think it's normal for them to not have $10,000 saved.

Persons under 18 years, percent, July 1, 2016, (V2016) = 22.8%
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Old 11-14-2017, 10:38 PM   #3
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The population figures seem to be high for US only.... I think this is the world....

The bottom section has almost 3.5 billion people in it....
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Old 11-15-2017, 03:34 AM   #4
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World population is north of 7 billion so it still doesn't add up.
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Old 11-15-2017, 03:40 AM   #5
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Since the OP linked no source for his graphic we have no way to determine the accuracy of the information.

Move along, nothing to see here...
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Old 11-15-2017, 04:19 AM   #6
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Different numbers but same format.
Perhaps from another year/article.
http://www.businessinsider.com/credi...yramid-2016-11
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Old 11-15-2017, 04:51 AM   #7
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It appears that the graph is global and from the Credit Suisse Global Wealth Report 2017, p21.
http://publications.credit-suisse.co...E43EA2A731A4ED
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Old 11-15-2017, 05:01 AM   #8
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Originally Posted by Tadpole View Post
It appears that the graph is global and from the Credit Suisse Global Wealth Report 2017, p21.
http://publications.credit-suisse.co...E43EA2A731A4ED
Yes. Here's the graphic including global notations. Maybe the mods will correct the thread title and change US to Global...
Attached Images
File Type: jpg pyramid.JPG (38.2 KB, 62 views)
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Old 11-15-2017, 05:02 AM   #9
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Whenever Bill Gates walks into a bar, the average patron is a millionaire.

So what?
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Old 11-15-2017, 05:06 AM   #10
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It appears that the graph is global and from the Credit Suisse Global Wealth Report 2017, p21.
http://publications.credit-suisse.co...E43EA2A731A4ED
Thank you. I will save that document for future bedtime reading.

I do not think the forum allows naked links; neither should it allow images taken out of context, and in this case, inaccurate and highly misleading. This thread would be made more useful if the moderators would change the title.

The US is not the world.
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Old 11-15-2017, 05:17 AM   #11
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Source is important Credit Suisse global wealth pyramid - Business Insider

And it is world population. Which is clearly indicated in the title. Was that edited later?

So it would be far less confusing to readers to post a link to where you found the graphic presented.

Quote:
Originally Posted by Tadpole View Post
It appears that the graph is global and from the Credit Suisse Global Wealth Report 2017, p21.
http://publications.credit-suisse.co...E43EA2A731A4ED
Thanks! My link's graphic numbers didn't quite match as it was for 2016 and not 2017.
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Old 11-15-2017, 05:25 AM   #12
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Quote:
Originally Posted by audreyh1 View Post

And it is world population. Which is clearly indicated in the title. Was that edited later?
Yes, the thread title was changed shortly after post #8.

Quote:
Originally Posted by audreyh1 View Post
So it would be far less confusing to readers to post a link to where you found the graphic presented.
Absolutely.
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Old 11-15-2017, 05:29 AM   #13
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And the point is?
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Old 11-15-2017, 05:31 AM   #14
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Quote:
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Yes, the thread title was changed shortly after post #8.
Quote:
Originally Posted by audreyh1 View Post
Source is important Credit Suisse global wealth pyramid - Business Insider

And it is world population. Which is clearly indicated in the title. Was that edited later?

So it would be far less confusing to readers to post a link to where you found the graphic presented.
Yes, the thread title was changed, and thanks to Tadpole and Audrey1for providing the source of the chart. Reproducing material without attribution is a violation of copyright law.
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Old 11-15-2017, 05:32 AM   #15
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World population is north of 7 billion so it still doesn't add up.
3.5 billion adults.

See also: Global Rich List

As soon as you save up a 10k safety net you are in the top 30% of the world, congratulations.

That thing that irks me a little bit in the related wealth inequality discussion is that there are a whole bunch of people with negative or zero net worth, and there are no pensions, entitlements, children or family members taking care of you etc .. taken into account. Sometimes houses, land rights are excluded too.

In my home country even in the worst case scenario you end up with ~1000USD of monthly welfare income. In terms of capital that's easily worth 200k+. Not saying that's an easy life, but it isn't the same as having no net worth in some other countries.

Oh well.
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Old 11-15-2017, 08:02 AM   #16
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And the point is?
Usually, the point is that some people think that it's unfair that some people are allowed to be massively successful. So, to correct this, no one should be allowed to be successful...
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Old 11-15-2017, 08:36 AM   #17
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Usually, the point is that some people think that it's unfair that some people are allowed to be massively successful. So, to correct this, no one should be allowed to be successful...
Standards, wage levels, etc are so different all over the world, it's pretty meaningless to compare.

I may have more money than the average world person, but my expenses are also much higher.

Example: for Polio vaccine:

Drug companies charge USA residents a LOT more than developing countries (about 30->40 times as much).

The wholesale cost is about US$0.25 per dose for the oral form as of 2014.[8] The Global Alliance for Vaccines and Immunization (GAVI) supplies the inactivated vaccine to developing countries for as little as 0.75 (about US$0.83) per dose in ten-dose vials.[85] In the United States, the inactivated form costs between $25–50
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Old 11-15-2017, 08:48 AM   #18
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From the Credit Suisse report regarding the bottom 70% base of the global wealth pyramid:
Quote:
Looking at the bottom of the wealth distribution, 3.5 billion people – corresponding to 70% of all adults in the world – own less than USD 10,000. Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets, but we find that Millennials face particularly challenging circumstances compared to other generations. Although relatively less severe in some emerging markets, capital losses during 2008–2009, high unemployment, tighter mortgage rules, growing house prices, increased income inequality, less access to pensions and lower income mobility have dealt serious blows to young workers and savers and hold back wealth accumulation by the Millennials in many countries. With the baby boomers occupying most of the top jobs and much of the housing, Millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of well-being assessed in this report. While Millennials are more educated than preceding generations (we see an increase of more than 20% in tertiary education across OECD countries), we expect only a minority of high achievers and those in high-demand sectors such as technology or finance to effectively overcome the “millennial disadvantage.” We also note that entrepreneurship, as measured by the fraction of self-employed workers, has been declining across OECD countries since the turn of the century, including Millennials who are generally touted as a generation of entrepreneurs.
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Old 11-15-2017, 09:53 AM   #19
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From the Credit Suisse report regarding the bottom 70% base of the global wealth pyramid:

"...we find that Millennials face particularly challenging circumstances compared to other generations. ...less access to pensions and lower income mobility have dealt serious blows to young workers and savers and hold back wealth accumulation by the Millennials

...With the baby boomers occupying most of the top jobs and much of the housing, Millennials are doing less well than their parents"
Some of Credit Suisse's reasoning is silly. Even if pensions were common, what would that have to do with Millennials accumulating wealth? None of them is old enough to be collecting pensions. The absence of a pension won't affect their wealth for another two decades.

And why is it news that the prior generation which hasn't yet retired is occupying the top jobs? This isn't some strange new phenomenon that only affects Millennials. Surely it's been this way since the dawn of mankind.

If I submitted a paper at w*rk with such obvious blunders, my management would tell me to re-do it until I got it right before releasing it to the world. Mistakes like these raise questions about the motivations behind this report.
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Old 11-15-2017, 10:38 AM   #20
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Usually, the point is that some people think that it's unfair that some people are allowed to be massively successful. So, to correct this, no one should be allowed to be successful...
Funny, I just came across this: Does Wealth Create Poverty

https://www.quora.com/Does-wealth-cr...ohn-Soroushian

He has written several other good articles.
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